We previously wrote about the Interoil decision, where the Yukon Court of Appeal overturned a decision applying a discounted cash flow analysis to a Canadian appraisal proceeding, holding that the trial court failed to give proper consideration of merger price. Discussion of the Interoil decision has been significant among Canadian and international law firms, including pieces discussing:

• Interoil may provide a “roadmap” for Canadian appraisal decisions.
• Assuming a market is efficient, objective market evidence will be relevant in Canadian appraisal.
• Check whether the transaction involves a negotiation by “sophisticated arm’s length parties” and a “widely-held publicly-traded company” when considering market evidence of fair value.