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Appraisal Rights Litigation Blog

Monthly Archives: January 2015

Lawyers Who Lost Ancestry.com Ruling Call for Legislative Reform of the Appraisal Rights Statute

Posted in Appraisal Arbitrage, Merger Vote, Record Date

We recently posted about the two related January 5, 2015 arbitrage decisions, in which the Delaware Chancery Court refused to impose share-tracing requirements or other obligations on beneficial stockholders and reaffirmed that only record owners bear the burden to no-vote their shares and otherwise perfect their appraisal rights. This week the lawyers defending Ancestry.com, whose… Continue Reading

How Appraisal Rights Litigation Adds Value to Deals

Posted in Appraisal Arbitrage, Fair Value, Interest on Appraised Value, Merger Price, Number of Appraisal Rights Filings

A new piece by Reuters Breakingviews, M&A at Last Finds a Way for Lawsuits to Pay, covers last week’s rulings on appraisal arbitrage by the Chancery Court in Ancestry.com and BMC (which we posted about last week), and also observes generally that appraisal actions are “surprisingly successful” and are thus witnessing a surge in filings… Continue Reading

Delaware Chancery Reaffirms Appraisal Arbitrage Strategy

Posted in Appraisal Arbitrage, Fair Value, Merger Vote, Notice of Demand for Appraisal, Record Date

In two separate rulings on January 5, 2015 — In re Appraisal of Ancestry.com., Inc., and Merion Capital LP v. BMC Software, Inc., both by Vice Chancellor Glasscock — the Delaware Chancery Court reaffirmed the legitimacy of the appraisal arbitrage strategy and refused to impose share-tracing requirements or other obligations on the beneficial stockholder, continuing… Continue Reading