We posted earlier this week about DFC Global’s appeal to the Delaware Supreme Court, challenging Chancellor Bouchard’s award to stockholders of a premium over merger price. Yesterday, a group of law and corporate finance professors from various universities moved the Supreme Court to allow them to file so-called amici curiae briefs as non-party “friends of the court” who opine on the case. As set forth in their proposed brief, these academics intend to urge the Supreme Court to defer to the transaction price when it was reached as a result of an arm’s-length auction process.
If the Supreme Court allows the professors to file their brief, then the stockholders have a chance to respond, as do other non-party friends of the court who believe that Chancellor Bouchard’s opinion was correctly decided and that merger price should not be deferred to or otherwise awarded presumptive or conclusive weight in appraisal cases.
Update: See Bloomberg’s January 4, 2017, coverage of the Professors’ brief here.