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 15: Recent developments in stockholder appraisal

Charles R. Korsmo and Minor Myers

Abstract

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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