Flaws in North Carolina Court’s Appraisal of Reynolds American

Business Valuation UpdateVol. 26 No. 8
August 2020
Gilbert E. Matthews, MBA, CFA
shareholder dissent/oppression
expert testimony, fair value, cash flow, comparable companies analysis, statutory appraisal, stock price, discounted cash flow analysis, projections, deal price, precedent transactions analysis, efficient market, unaffected market price, perpetual growth rate


The wrong valuation date, a faulty reliance on other cases and the disregard of projections highlight the court’s opinion in a shareholder dissent case involving two tobacco giants.