The Delaware Supreme Court, in Brigade Leveraged Capital Structures Fund, Ltd., et al. v. Stillwater Mining Co., No. 427, 2019, opinion (Del. Oct. 12, 2020), affirmed the Court of Chancery’s determination in a statutory appraisal proceeding that the best evidence of a company’s fair value was the deal price, finding no abuse of discretion in the trial court’s identification of sufficient indicia that the process, though flawed, was reliable.
NEW: Morris James discusses the decision in High Court Affirms Deal Price Was Reliable Indicator of Fair Value Despite Flawed Process.
Cadwalader discusses the decision in Delaware Supreme Court Reaffirms Primacy of Market Evidence in Determining Fair Value in Appraisal Proceedings.
$$$ Bloomberg Law discusses the decision in Sibanye’s $2.2 Billion Stillwater Deal Ruled Fair in Delaware.