Judicial Appraisal Lacks Valuation Evidence and Gets Dinged on Appeal
Appeals court scraps judicial appraisal, finding it was not based on competent evidence; in valuing dissenting shareholder’s interest in auto dealership, trial court ignored expert opinions but failed to detail methodology supporting its valuation.
Chancery Recognizes Reality of Control Premium in Third-Party Offers
Court says special committee’s accepting controlling shareholder’s lower bid over third-party’s higher offer is not sign of bad-faith dealing but of reality that “buyers of corporate control will be required to pay a premium” to acquire the whole company.
Judicial Appraisal Lacks Valuation Evidence and Gets Dinged on Appeal
Appeals court scraps judicial appraisal, finding it was not based on competent evidence; in valuing dissenting shareholder’s interest in auto dealership, trial court ignored expert opinions but failed to detail methodology supporting its valuation.
Lally Orange Buick Pontiac GMC, Inc. v. Sandhu
Appeals court scraps judicial appraisal, finding it was not based on competent evidence; in valuing dissenting shareholder’s interest in auto dealership, trial court ignored expert opinions but failed to detail methodology supporting its valuation.
In re Books a Million Stockholders Litig.
Court says special committee’s accepting controlling shareholder’s lower bid over third-party’s higher offer is not sign of bad-faith dealing but of reality that “buyers of corporate control will be required to pay a premium” to acquire the whole company.
Chancery Recognizes Reality of Control Premium in Third-Party Offers
Court says special committee’s accepting controlling shareholder’s lower bid over third-party’s higher offer is not sign of bad-faith dealing but of reality that “buyers of corporate control will be required to pay a premium” to acquire the whole company.
Zelouf Court Reasserts Its Objection to DLOM
New York court rejects majority owners’ post-trial objection to prior ruling against DLOM based on unlikelihood of sale of the business; court is guided by fairness, noting “a DLOM here would be the economic equivalent of imposing a minority discount.”
Zelouf International Corp. v. Zelouf (II)
New York court rejects majority owners’ post-trial objection to prior ruling against DLOM based on unlikelihood of sale of the business; court is guided by fairness, noting “a DLOM here would be the economic equivalent of imposing a minority discount.”