Parsing M&A Liquidity And Fair Value In Del. And Caymans

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By Erik Himan and Carlos Penikis (May 3, 2022, 5:36 PM EDT) — In certain jurisdictions, investors in companies that are acquired may dissent from selling their shares at the offered consideration, and instead opt for judicial appraisal of the value of their shares. In Delaware and in the Cayman Islands, the court will award what it assesses to be the fair value of such shares.

However, fair value is a legal concept with a definition that varies by jurisdiction. While that definition is largely settled in Delaware, it is not completely determined in the Cayman Islands.

Delaware appraisal defines fair value as the — relatively — straightforward calculation of the value of the…

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