The Harvard Law School Forum on Corporate Governance and Financial Regulation has posted a paper by Matthew Schoenfeld, “The High Cost of Fewer Appraisal Claims in 2017: Premia Down, Agency Costs Up,” which considers the preliminary results of an ongoing effort to discourage appraisal litigation. During the first half of 2017, the number of deals challenged fell by 33%, and the year-to-date average U.S. target premium of 22.4% is the lowest of any year in recent history.
Extra: The Delaware Chancery Court has selected Lowenstein Sandler LLP as lead attorneys and consolidated class demands for a stock appraisal from shareholders seeking a higher payout from the $2.2 billion sale of Stillwater Mining Co. The court also clarified rights and responsibilities of law firms collaborating in class appraisal proceedings, according to Law360.
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