Wilmington partner Michael J. Maimone was quoted in a Law360 article titled, “Del. Justices Poised To Reappraise Stock Appraisal Suits.”
On June 7, the Delaware Supreme Court heard one matter (DFC Global) that addresses how the Delaware Chancery Court considers deal price in stock appraisal actions and will hear another (Dell) similarly focused. The court’s rulings are likely to have significant impact on similar actions going forward, though Mike noted that other Chancery Court opinions have provided somewhat of a road map for decision-making.
He observed that, “Appraisal is a two-step analysis. The first step is to look at the deal, and if there is a questionable process, then the Chancery Court has a lot of discretion.”