NEW:  Ben Lucy discusses the Delaware Supreme Court’s treatment of the Efficient Capital Markets Hypothesis and agency cost reductions for purposes of determining fair value under DFC, Dell, and Aruba, in Defining Appraisal Fair Value.

Andrew D. Campbell of Novack & Macey discusses appraisal rights under Illinois law in Illinois Appraisal and Valuation Rights: An Overview.

Sutter Securities discusses “market exception” / “market-out” in 38 state appraisal statutes that deny appraisal rights to stockholders of public companies in The “Market Exception” in Appraisal Statutes.

Tulane’s Professor Ann Lipton discusses proposed terms of Xerox’s proposed takeover of Hewlett Packard under 8 Del. C. § 251(h) via tender offer followed by second-step merger pursuant to which stockholders would under various contingent circumstances either be permitted to choose ore required to receive consideration in cash, stock, or both, noting that Delaware’s appraisal statute does not clearly provide stockholders with appraisal rights under the various scenarios because it lacks a coherent statutory scheme  in In these uncertain times, we can take comfort in normalcy: Appraisal law makes no sense.

Lowenstein Sandler excerpts commentary regarding Delaware appraisal law from Sullivan & Cromwell’s M&A Hot Topics January 14, 2020 (discussing various topics) in Law Firm Recaps the “Post-Aruba” Appraisal Landscape.

Lowenstein Sandler discusses services offered by the Depository Trust Company that may assist stockholders seeking to perfect appraisal rights at Reviewing the Mechanics: DTCC’s Proxy Services.