Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship
This chapter provides an overview of stockholder appraisal activity—including recent data—together with an evaluation of recent legal developments, both judicial and legislative. The year 2015 was a record year for stockholder appraisal in terms of the number of mergers challenged and the dollar amounts involved. The evidence shows, however, that appraisal remains relatively rare and continues to be focused on deals with abnormally low merger premia and sales processes marked by conflicts of interest. As this chapter explains, developments in Delaware suggest a growing acceptance of the recent blossoming of appraisal arbitrage as an investment strategy, coupled with sensible prophylactic measures against potential abuses of the appraisal remedy.
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