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Appraisal Rights Litigation Blog

Category Archives: Appraisal Conditions

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Understanding DTCC and Share Ownership – An ABA Business Law Program

Posted in Appraisal Conditions, Continuous Holder Requirement, Share-Tracing Not Required

The ABA Business Law Section, Spring Meeting, shared this presentation, laying out some useful information regarding the Depository Trust & Clearing Corporation. The material is of particular relevance to those interested in appraisal rights; the continuous holder requirement – which requires appraisal seekers to have continuously held their stock from the time of making their… Continue Reading

Will Appraisal Benefit From Blockchain?

Posted in Appraisal Conditions, Continuous Holder Requirement, Share-Tracing Not Required

Blockchain: The idea of distributed ledger technology – usually associated with “cryptocurrency” like bitcoin – may be coming to the world of appraisal rights in the near future. As reported by Bloomberg BNA, Delaware’s legislature is considering facilitating the use of blockchain technology with respect to share ownership. As recent cases have shown, pursuit of appraisal rights… Continue Reading

“Appraisal Risks Factor High”

Posted in Appraisal Conditions, August 2016 Amendments, Entitlement to Appraisal, Merger Price

Cooley LLP highlights that increased appraisals are being factored into mergers.  Following up on a previous piece, Cooley LLP notes that appraisal costs can be large, referencing the over $50 million added to the merger price in Dell, and further comments on the rise of appraisal claims, which Cooley calculates as a 267% increase from… Continue Reading

Blow Provisions: A Threat to Appraisal?

Posted in Appraisal Conditions, Blow Provisions

We posted recently about attempts by M&A buyers to include a closing condition in the merger agreement that would relieve the buyer from closing if a triggering percentage of appraisal rights are exercised.  As an illustration of such a condition, CBOE Holdings — which owns the Chicago Board Options Exchange — succeeded in including a so-called… Continue Reading

Appraisal Conditions

Posted in Appraisal Conditions

Cleary Gottlieb’s M&A blog’s recent post, Negotiating Appraisal Conditions in Public M&A Transactions, analyzes attempts — sometimes successful — by acquirors of Delaware public companies to include a closing condition in the merger agreement that would relieve the buyer from closing if a certain triggering percentage of appraisal rights are exercised.  Their post discusses the… Continue Reading