In April, the North Carolina Business Court issued a decision in an appraisal case stemming out of Reynolds American’s 2017 merger with British American Tobacco. The court ultimately awarded deal price. The Buyer was a 42% shareholder but did not control the Company. The Seller conducted no auction or market check. The Court ultimately deferred to the price negotiated by a Special Committee, citing certain decisions interpreting both North Carolina and Delaware law. See the decision here.*
*Lowenstein Sandler serves as counsel to dissenters in this matter.