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Appraisal Rights Litigation Blog

Supreme Court to Review DFC Global Award

Posted in Award Premium, Discounted Cash Flow Analysis, Merger Price, Supreme Court

We’ve posted before about the DFC Global decision, in which Chancellor Bouchard awarded a 7% premium over merger price, and then further increased that uplift by 9 cents in a ruling on reconsideration.  That ruling is now on appeal to the Delaware Supreme Court, and the appellant’s brief was submitted last week.

As reported in Law360, DFC Global has argued to the Supreme Court that the lower court’s decision “undermines confidence in Delaware appraisal actions.”  The Delaware Supreme Court has not heard an appraisal case since its February 2015 ruling in CKx; their ruling in this case will be closely watched.