In re AOL Inc.

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February 23, 2018

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shareholder dissent/oppression
fair value, cash flow, discounted cash flow (DCF), market approach, merger, synergy, projections, growth rate, terminal value, arm's length, working capital, ''Dell compliant'', operative reality
In re AOL Inc.
2018 Del. Ch. LEXIS 63
US
State Court
Delaware
Court of Chancery
Dr. Bradford Cornell (petitioners); Prof. Daniel Fischel (company/respondent)
Glasscock

Summary

In statutory appraisal, court finds sales process was not “Dell compliant” and declines to assign any weight to deal price; court agrees with parties’ experts that DCF best captures fair value on valuation date and arrives at final value below deal price.
In re AOL Inc.
PDF, Size: 286 KB

See Also

Chancery Relies on DCF Where Deal Process Is Not ‘Dell Compliant’

Court Case Digests
February 23, 2018

In statutory appraisal, court finds sales process was not “Dell compliant” and declines to assign any weight to deal price; court agrees with parties’ experts that DCF best captures fair value on valuation date and arrives at final value below deal price.

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BVR Guide to Management Projections and Business Valuation: Analysis and Case Law