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Appraisal Rights Litigation Blog

Monthly Archives: April 2016

The Market-Out Exception: Delaware’s Unique Twist on a Commonly Used Anti-Appraisal Device

Posted in Appraisal-Eligible Deals, Arizona Appraisal Rights, Fair Value, Market-out Exception, Massachusetts Appraisal Rights, Stock Market Price

The so-called market-out exception precludes appraisal where the target’s stock trades in a highly liquid market.  In other words, appraisal is normally available to shareholders except, as the rationale goes, where the M&A target’s stock trades in such a liquid, highly efficient market that its stock price naturally reflects its fair value, and any M&A… Continue Reading