Blog World of Securities Regulation has this extensive breakdown of the recent Columbia Pipeline decision. The author notes that the Columbia Pipeline analysis goes through each factor, or sub-analysis, that the Delaware courts have considered relevant (to varying degrees) in appraisal proceedings recently. These include:

  • Sales process;
  • Deal price (and the reliability of it);
  • Synergies;
  • Signing-closing valuation increase;
  • Trading price (which the Court rejected);
  • The discounted cash flow methodologies of petitioners and respondents.

The post provides a comparatively short synopsis of an otherwise one-hundred-plus page decision.

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