Romania Appraisal Rights

Yes. At least according to this extensive comparative analysis of U.S., French, and Romanian law in the University of Pennsylvania Journal of Business of Law (France has appraisal too, but that’s for another post). While obviously a small market and not known for its presence on the global capital markets stage, Romania has an apparently robust appraisal regime, allowing dissenting shareholders to dissent from a variety of corporate actions, demand repurchase of shares, and have an independent expert assess those shares. The independent expert portion is particularly different from U.S. (including Delaware) litigation, which often sees dueling experts, each with its own valuation models and assumptions. But independent, or at least court-appointed, experts at times do make an appearance in appraisal jurisprudence. Delaware chancellors have considered appointing independent experts to assist them in appraisal, and courts in other states have done so, as well.