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.

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