The Delaware Court of Chancery, in In re Appraisal of Panera Bread Co., C.A. No. 2017-0593-MTZ (consol.), memo. op. (Del. Ch. Jan. 31, 2020), found the fair value of a company, in a statutory appraisal proceeding, equal to the price paid in a merger minus synergies, but found that the company was not obligated under the Delaware appraisal statute to refund prepayment to petitioners that exceeded fair value.

NEW:  Sullivan & Cromwell discusses the decision in Delaware Chancery Court Considers Panera Deal Price in Appraisal Suit.

NEW: $$$ Bloomberg Law discusses the decision in Panera Share Value Fair in $7.5 Billion Sale: Delaware Judge.

Anne Sherry discusses the decision in No refund for Panera after paying dissenters more than fair value. discusses the decision in Appraisal: Chancery Says No Refund on Prepayments.

$$$ Law360 discusses the decision in $7.5B Panera Deal Price Gets Nod In Chancery Appraisal Suit.