In re Appraisal of Columbia Pipeline Grp., Inc.

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August 12, 2019

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4924 Natural Gas Distribution
221210 Natural Gas Distribution
shareholder dissent/oppression
expert testimony, fair value, discounted cash flow (DCF), going concern, statutory appraisal, synergy, growth rate, deal price, terminal value, unaffected market price
In re Appraisal of Columbia Pipeline Grp., Inc.
2019 Del. Ch. LEXIS 303
US
State Court
Delaware
Court of Chancery
William Jeffers (petitioners); Mark Zmijewski, (respondent)
Laster

Summary

In statutory appraisal action featuring publicly traded company, court relies on deal price for fair value; although flawed, sale process, when compared to process in three key high court decisions endorsing deal price, does not undermine validity of deal price; no adjustment for synergies.
In re Appraisal of Columbia Pipeline Grp., Inc.
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See Also

Court Endorses Unadjusted Deal Price as Fair Value Indicator Despite Flaws in Sale Process

Court Case Digests
August 12, 2019

In statutory appraisal action featuring publicly traded company, court relies on deal price for fair value; although flawed, sale process, when compared to process in three key high court decisions endorsing deal price, does not undermine validity of deal price; no adjustment for synergies.