Blog World of Securities Regulation has this extensive breakdown of the recent Columbia Pipeline decision. The author notes that the Columbia Pipeline analysis goes through each factor, or sub-analysis, that the Delaware courts have considered relevant (to varying degrees) in appraisal proceedings recently. These include:
- Sales process;
- Deal price (and the reliability of it);
- Signing-closing valuation increase;
- Trading price (which the Court rejected);
- The discounted cash flow methodologies of petitioners and respondents.
The post provides a comparatively short synopsis of an otherwise one-hundred-plus page decision.