Merion Capital L.P. v. Lender Processing Servs.

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December 16, 2016

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8999 Services, NEC
541990 All Other Professional, Scientific, and Technical Services
shareholder dissent/oppression
beta, discount rate, expert testimony, fair value, mergers and acquisitions (M&A), size premium, weighted average cost of capital (WACC), appraisal action, discounted cash flow (DCF), going concern, merger price, synergy, projections, terminal value, valuation date, arm's length
Merion Capital L.P. v. Lender Processing Servs.
2016 Del. Ch. LEXIS 189
US
State Court
Delaware
Court of Chancery
Prof. Jerry A. Hausman (petitioner); Daniel Fischel (respondent)
Laster

Summary

In appraisal action, Chancery says final merger consideration best represents fair value, noting sales process led to “meaningful price discovery”; court says with DCF too much depends on assumptions; small changes may have outsize impact on value range.
Merion Capital L.P. v. Lender Processing Servs.
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See Also

Chancery Says Solid Sales Process Lends Credibility to Deal Price

Court Case Digests
December 16, 2016

In appraisal action, Chancery says final merger consideration best represents fair value, noting sales process led to “meaningful price discovery”; court says with DCF too much depends on assumptions; small changes may have outsize impact on value range.

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