May 2017

Conyers Dill & Pearman, a firm whose work we’ve noted before has a further update on Cayman appraisal rights. Examining the over 100 page decision in In the matter of Shanda Games Limited (FSD 14 of 2016, 25 April 2017), Conyers Dill recaps the case, including the valuation approach, discount rate,  as well as the Cayman court’s consideration of Delaware law.  Of particular interest to U.S. appraisal, Conyers Dill notes that the Cayman court determined that the Cayman appraisal statute and the Delaware statute had similar “core concepts and terms” – and the Cayman court referenced Delaware decisions in its ruling.


** Lowenstein Sandler LLP does not practice in the Cayman Islands. We thank Bernadette Carey of Conyers Dill for bringing this work on Cayman appraisal to our attention and thank the authors at Conyers Dill for their coverage of this area.

The Faculty of Law at the University of Oxford are holding an event on May 12th entitled “Valuation, Growth, and Appraisal Arbitrage” with Professor Richard Booth of Villanova Law School.  We’ve previously posted on Professor Booth’s work regarding appraisal.  If your company, firm, university, or otherwise is holding an event regarding appraisal, please do feel free to let us know by emailing or