Steven M. Hecht is quoted in The Financial Times discussing the latest Delaware Supreme Court ruling in the Aruba Networks appraisal case. The Supreme Court reversed the Chancery Court’s decision pegging fair value at unaffected stock price. Hecht states that the ruling rejects unaffected stock price as a measure of fair value, and also notes that the ruling clarifies that “agency costs are not to be stripped out from the stockholders’ value in the same manner as general deal synergies are.” (subscription required to access article)