Stewart Investors, an asset manager focused on the equity of companies in emerging markets, has a policy to vote “for proposals to restore, or provide shareholders with, rights of appraisal.” Like with many other investors, Stewart also says that it will vote for mergers on a case by case basis, consistent with the idea that it supports appraisal rights and acknowledges that not every merger proposal is in the best interests of shareholders.
An emerging markets fund faces an appraisal landscape more diverse than even the already complex U.S. appraisal landscape. We’ve covered before appraisal regimes in various foreign jurisdictions, including Turkey, South Africa, and Ukraine, among others. Investors who are involved with companies outside the US face varied shareholder rights regimes that can be both more or less shareholder friendly, depending on the right, as compared to the “usual” U.S.-Delaware regime.