Like most states, Maryland law affords certain protections to minority stockholders, including “objecting stockholder rights” (also known as “appraisal rights” or “dissenter rights” in other jurisdictions) under the Maryland General Corporation Law (“MGCL”) pursuant to §§ 3-201 et seq.  However, unique to Maryland is the ability for a Maryland corporation to eliminate a stockholder’s

** The content of this post is contributed by Goodmans LLP of Toronto, Canada.  We thank Sheldon Freeman of Goodmans for this contribution.

In Canada, as in the U.S., shareholders are becoming increasingly interested in the use of “appraisal arbitrage” strategies in the context of certain M&A transactions.  While the circumstances and motivations for engaging