Merger Price and Process Win the Day Yet Again In Delaware Appraisal Action

“As the Court observed, “[m]uch has been said of litigation-driven valuations, none of it favorable.” Where management prepares financial projections in response to a hostile bid or other potential transaction or in advance of litigation, courts are likely to give those projections little to no weight in their determination of fair value. While Delaware courts generally favor a DCF model in an appraisal proceeding, that is not the case where the “data inputs used in the model are not reliable.”

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