Skip to content

Menu

HomePeopleAppraisal Basics
Valuation Litigation & Shareholder Rights Blog logo
ContactSubscribe
Search
Close

Valuation Litigation & Shareholder Rights Blog

Market Efficiency

Subscribe to Market Efficiency

Paper: MBOs Take Advantage of Industry Weakness

By Rich Bodnar on June 26, 2019
Posted in Management Buy Out, Market Efficiency, Merger Price

Appraisal is a remedy for shareholders who believe a merger is being consummated at below fair value. Appraisal is also a check on management and boards of directors – specifically, providing a ‘backcheck’ on whether the shareholder fiduciaries are achieving fair value for the company. Management buyouts are an acute case of mixed incentives for…

A Law Firm Reaction Roundup: Aruba

By Rich Bodnar on June 21, 2019
Posted in Market Efficiency, Unaffected stock price

We’ve covered before some reactions to the Aruba decision.  In the time since the decision, numerous law firms have provided further commentary on the decision, including:

  • Ropes & Gray
  • White & Williams
  • Fried Frank
  • Locke Lord
  • Cadwalader
  • Potter Anderson
  • Sullivan & Cromwell
  • Wilkie Farr
  • Skadden (.pdf)

HLS Forum Blog: Aruba Makes Dell Compliance – i.e., Process – the Focus

By Rich Bodnar & Steve Hecht on June 20, 2019
Posted in Market Efficiency, Unaffected stock price

The HLS Forum on Corporate Governance has this blog post discussing Aruba’s aftermath, and in particular, whether Aruba has returned the core focus of appraisal to a Dell compliance analysis – something we’ve discussed before.

Does Valuation Method Matter? Evidence from Finland

By Rich Bodnar on May 30, 2019
Posted in Foreign Appraisal, Market Efficiency

Does the valuation method parties pursue, and that a Court uses, matter to the ultimate valuation of a firm? This recent paper studying data from Finnish appraisal of private terms over a 16 year period suggests that the choice of methodology does matter.

For readers of this blog, or those who know of appraisal predominantly…

Law Professors Highlight Amicus Brief in Aruba

By Rich Bodnar on February 11, 2019
Posted in Market Efficiency

Law professors who filed an amicus brief in support of petitioners in the Aruba case have provided a useful summary of their arguments in this blog post from the Harvard Law Corporate Governance Forum. With market efficiency issues increasingly intersecting with more traditional valuation and process issues in appraisal cases, this amicus could be particularly…

Merger Breakup Case: Valuation Questions

By Rich Bodnar on December 10, 2018
Posted in Appraisal Conditions, Market Efficiency, Merger Price

Appraisal cases increasingly focus on how markets react to merger news and what one learns from that.  Recent cases that have looked to “unaffected” merger price – that is, the price of a share of the target company before the merger announcement – in part because of the fundamental truth that mergers are market moving…

Published By
Rolnick Kramer Sadighi LLP logo
1251 Ave. of the Americas
New York, NY 10020
Phone: 212.597.2800

Topics

Archives

Stay Connected

Subscribe to this blog via RSS LinkedIn

Recent Updates

  • Guest Post: Appraisal Rights and Fair Value as Investor Protection: A Needed Brazilian Reform
  • Stewart Investors Reaffirms: Vote FOR Appraisal
  • ~$75BB AUM Fund: Vote FOR Appraisal Rights
  • Major Retirement System: Vote FOR Appraisal
  • ISS Guidelines: Vote FOR Appraisal Rights (2022 Edition)

Blog Roll

  • Harvard Law School Forum
  • ABA Journal
  • Columbia Law School Blog on Corporate and Capital Markets
Valuation Litigation & Shareholder Rights Blog logo

Valuation Litigation & Shareholder Rights Blog

Subscribe to this blog via RSS LinkedIn
Attorney AdvertisingPrivacy PolicyDisclaimer
Copyright © 2023, Rolnick Kramer Sadighi LLP. All Rights Reserved.
Law blog design & platform by LexBlog LexBlog Logo