Research Handbook on Representative Shareholder Litigation
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Research Handbook on Representative Shareholder Litigation

Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship

Written by leading scholars and judges in the field, the Research Handbook on Representative Shareholder Litigation is a modern-day survey of the state of shareholder litigation. Its chapters cover securities class actions, merger litigation, derivative suits, and appraisal litigation, as well as other forms of shareholder litigation. Through in-depth analysis of these different forms of litigation, the book explores the agency costs inherent in representative litigation, the challenges of multijurisdictional litigation and disclosure-only settlements, and the rise of institutional investors. It explores how related issues are addressed across the globe, with examinations of shareholder litigation in the United States, Canada, the United Kingdom, the European Union, Israel, and China. This Research Handbook will be an invaluable resource on this important topic for scholars, practitioners, judges and legislators.
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Chapter 14: Appraisal rights in complete tender offers in Israel: a look into Israeli case law

Ruth Ronnen

Abstract

This chapter examines two ways in which courts appraise share value: via expert testimony on a company’s “objective” value, and by reference to market prices. Surveying Israeli case law, and with frequent reference to Delaware Chancery court rulings, the chapter offers insights into how judges make appraisal decisions. In so doing it discusses numerous relevant concepts, some of which are grappled with by commercial courts worldwide, others of which are more prominent in Israel (where controlling shareholders predominate). These concepts range from discounted cash flow analysis to market checks, consent of the majority of the minority shareholders, consent of sophisticated shareholders, and the presence of actual price negotiations.

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