Fried Frank, The Appraisal Landscape: Key Points, Open Issues, and Practice Points

 2017年のデラウェア州最高裁による株式買取請求権に関する2つの事件(DFC GloblとDell)に関する法律事務所のメモランダムです。著者の一人であるScott Luftglass氏とは、Davis Polk時代に一緒に働いたことがあります。典型的な訴訟弁護士で、訴訟弁護士は、事務屋よりも緻密だと感じました。今回の記事もよく纏まっています。

via Harvard

Guhan Subramanian, Using the Deal Price for Determining `Fair Value’ in Appraisal Proceedings

This Essay presents new data on appraisal litigation and appraisal outs. I find that appraisal claims have not meaningfully declined in 2016, and that perceived appraisal risk, as measured by the incidence of appraisal outs, has increased since the Dell appraisal in May 2016. After reviewing current Delaware appraisal doctrine, this Essay proposes a synthesizing principle: if the deal process involves an adequate market canvass, meaningful price discovery, and an arms-length negotiation, then there should be a strong presumption that the deal price represents fair value in an appraisal proceeding; but if the deal process does not have these features, deal price should receive no weight. This approach would represent a middle-ground between the competing approaches advanced by twenty-nine law, economics, and finance professors in the DFC Global appraisal, currently on appeal to the Delaware Supreme Court.

わが国の有力説(通説?)に近い意見のように思えます。

via Lowenstein Sandler

Professors Weigh In On DFC Global Appeal

〔2017年1月1日追記〕

The Law Professors admit that they “have no financial interest or direct personal interest in this case.” Mot. ¶ 1. Rather, they are interlopers desperately seeking a forum in which they can pursue their academic fantasy by suggesting that this Court rewrite Delaware’s judicial appraisal statute, 8 Del. C. § 262(h), and effectively overrule settled law concerning the Chancery Court’s broad discretion in determining the fair value of dissenting stockholders’ shares in an appraisal action.

〔2017年1月9日追記〕

via Lowenstein Sandler, Lowenstein Sandler