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Vanderbilt Law Review

Jarden Appraisal: Delaware Supreme Court Affirms Chancery Court’s Exclusive Reliance on Unaffected Market Price in Determining “Fair Value” Under DGCL § 262

Posted by on Wednesday, August 11, 2021 in Delaware Corporate Law Bulletins, En Banc, Volume 74.

Robert S. Reder & James H. Ryan | 74 Vand. L. Rev. En Banc 241 (2021) |

For (at least) the fourth time since 2017, the Delaware Supreme Court (“Supreme Court”) has weighed in on the proper analysis for determining “fair value” in an appraisal proceeding under Delaware General Corporation Law § 262 (“DGCL § 262”). In Fir Tree Value Master Fund, LP v. Jarden Corp., 236 A.3d 313 (Del. 2020) (“Jarden”), the Supreme Court affirmed the decision by Vice Chancellor Joseph R. Slights III of the Delaware Court of Chancery (“Chancery Court”) to rely exclusively on a target company’s “unaffected market price” in determining its “fair value.” 

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AUTHORS:

Robert S. Reder & James H. Ryan