We previously posted about Domini Investment Trust’s proxy guidelines in favor of appraisal – the 2020 version reaffirms prior guidance, indicating Domini will “[v]ote for proposals to restore, or provide shareholders with, rights of appraisal.”

We previously posted about Domini Investment Trust’s proxy guidelines in favor of appraisal – the 2020 version reaffirms prior guidance, indicating Domini will “[v]ote for proposals to restore, or provide shareholders with, rights of appraisal.”
Per JDSupra, 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. Citing factors that would be familiar to a US practitioner, including the deal process, the existence (or lack thereof) of…
The Principal Funds, a provider of a suite of investment products including ETFs and mutual funds, recommends voting for appraisal rights in its proxy guidelines. When it comes to mergers themselves, the Principal Funds take a case-by-case approach, considering a litany of factors, including “(1) prospects of the combined companies; (2) anticipated financial and…
Global asset manager Artisan Partners’ proxy guidelines, like those of other asset managers we’ve covered, include a recommendation to vote for appraisal, specifically, to “Vote FOR proposals to restore, or provide shareholders with, rights of appraisal.”
Innovator, a provider of ETFs, provides proxy guidelines regarding how its funds will vote on various proposals. For appraisal rights, Innovator’s guidelines state to vote “FOR providing shareholders with appraisal rights.”
Proxy firm Institutional Shareholder Services (ISS) offers a number of proxy guidelines for specific funds, kinds of funds and separate interest groups. We recently wrote about ISS’s sustainability guidelines, which recommend voting in favor of appraisal rights. ISS also provides recommendations for Catholic funds and related entities. Per ISS: “Catholic Advisory Services Recommendation:…
In a recent appraisal decision, Delaware Vice Chancellor Slights III awarded investors a 12% premium above deal price, fully adopting the discounted cash flow analysis Petitioners tendered, except for one minor adjustment. The case involved a three-way business combination of a privately held target turned public without minority shareholder approval. The court eschewed the use…
Proxy firm Institutional Shareholder Services’ Sustainability Proxy Voting Guidelines – 2020 Policy Recommendations are public, and include a recommendation that shareholders vote in favor of appraisal rights when they are on the ballot.
ISS observes that some investment funds are taking a view towards incorporating various issues into their voting behavior – including corporate governance,…
According to this Financial Times report [$$$], shareholder activist campaigns targeted at M&A activity were at record levels in 2019, comprising almost half of all activist activity in 2019.
M&A activism can take many forms, but perhaps of most interest to those also interested in appraisal is activism that focuses on already announced deals. A…
Transamerica, a provider of numerous mutual funds as well as an insurance company, includes voting for appraisal rights in its proxy guidelines. Like other funds we have covered, Transamerica also states that it votes on mergers on a case by case basis. Transamerica is part of a significant set of funds that, by policy,…