Why isn’t the merger price necessarily fair value? Listen to Delaware Chancery Court vice chancellor Travis Laster as he talks about Dell, DFC Global, and appraisal actions in a podcast from the Columbia Law School. Topics include the history of appraisal, when markets may depart from fair value, how appraisal may act as a reserve price, the discovery burden in appraisal, interest rates and the relevance of interest, how to determine fair value, and the future of appraisal.