Latest Appraisal Ruling in Chancery

Huff Fund Investment Partnership v. CKx, Inc., C.A. No. 6844-VCG (Del. Ch. Nov. 1, 2013).

This opinion addresses the statutory appraisal remedy and the method used to determine “fair value” which is not the same as “fair market value”, in part because Delaware law does not include the synergies expected from merger as part of “fair value”. This opinion also addresses the admonition in the Delaware cases that the actual merger price, even if the result of a fair procedure, is not necessarily the presumptive upper limit of fair value.

Professor Larry Hamermesh provides erudite insights on this decision.