Further to our prior posts on DFC Global’s appeal to the Delaware Supreme Court, a new group of law and economics professors moved the Court on Friday to consider their brief rebutting the amicus brief previously filed in support of DFC Global’s appeal; the prior brief argued for instituting a new rule requiring deference to the merger price in appraisal cases where the court is satisfied that a sufficiently robust M&A auction process took place. In the February 3 filing, the new group of law and economics professors asked the Supreme Court to allow them to file their brief supporting affirmation of the trial court’s decision awarding stockholders an appraised value at a premium above the merger price. The new filing argues that deference to a merger price rule in appraisal cases is unwarranted, inefficient, and contrary to the appraisal statute itself and the Delaware case law, regardless of how carefully crafted the preconditions for such a rule may be.
** This law firm was counsel of record on the brief discussed in this post.
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