Yet Again, Delaware Looks to DCF in Appraisal Action

Business Valuation UpdateVol. 12 No. 1
Legal and Court Case Update
January 2006

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6282 Investment Advice
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breach of fiduciary duty
control premium, fair value, appraisal action, discounted cash flow (DCF), going concern, minority discount, initial public offering (IPO), earnings before interest, taxes, depreciation, amortization (EBITDA), comparable companies method
Andaloro v. PFPC Worldwide, Inc.
2005 Del. Ch. LEXIS 125
August 19, 2005
US
State Court
Delaware
Court of Chancery
Bradley W. Voss, Cathy L. Reese, Kevin R. Shannon, Paul D. Brown, Robert K. Payson, Theodore N. Mirvis, Titania R. Mack
Dr. Brett Margolin (for minority shareholders)<br>Dr. Donald Puglisi (for corporation)
Strine

Summary

PNC Financial Services Group Inc. (PNC), the parent of PFPC Holding Corp. (Holding), had planned to take Holding’s subsidiary, PFPC Worldwide Inc. (PFPC), public via an initial public offering (IPO), but the opportunity did not arise.

See Also

Andaloro v. PFPC Worldwide, Inc.

Full Text of Court Cases
August 19, 2005

PNC Financial Services Group, Inc. (PNC), the parent of PFPC Holding Corp. (Holding), had planned to take Holding's subsidiary, PFPC Worldwide, Inc. (PFPC), public via an initial public offering (IPO), but the opportunity did not arise.