The Financial Times [$$] reported on the Delaware Supreme Court’s ruling addressing the efficient markets hypothesis in an article analyzing the Aruba decision.…

The Delaware Supreme Court reversed the Chancery Court in the highly-watched Aruba Networks case. Read the decision here. We will cover Aruba commentary as it comes out.…

The Delaware Supreme Court held oral argument this morning on the Aruba appeal. The full argument can be watched here. The judges remained silent throughout the argument and did not put a single question to the lawyers, offering no insight as to what the Court might be thinking. We are standing by for a ruling and will post it here when available.…

Law360 [$$] ran this piece today, Are Delaware Courts Last To Believe In Efficient Markets?, discussing Delaware Chancery’s Aruba decision, its treatment of the efficient market hypothesis, and the Supreme Court’s upcoming hearing of the appeal, which will take place this Wednesday, March 27, 2019. We have written on Aruba previously, along with its impact on other cases and appraisal litigation generally.  We will have a further update after the argument on Wednesday.  …

On March 27, 2019, at 10 a.m., the Delaware Supreme Court will hold argument in the Aruba Networks appraisal case. We’ve covered the Aruba decision before, along with some of the impact the case has had on the appraisal landscape. Little doubt the argument before the Delaware Supreme Court will be enlightening to anyone interested in appraisal; we’ll have a further update after the argument.…

Earlier in 2018, the Tennessee Supreme Court clarified Tennessee’s appraisal and valuation law in the case Athlon Sports Communications v. Duggan. Tennessee had long followed the “Delaware Block” system of valuation. The Delaware Block system averages market value, asset value, and earnings value to arrive at a valuation. But as one commentator has observed  “In the last 25 years, the traditional Delaware Block framework has become outmoded and less relied on by courts …

Probably – at least according to this analysis posted on the Harvard Corporate Governance Forum.  The analysis provides extensive discussion of Norcraft and Solera**, two recent decisions we’ve also noted. The authors conclusion will be familiar to regular readers of this blog: “appraisal decisions likely will continue to focus on many of the same issues that courts examine when considering breach of fiduciary duty claims in the merger context as well as assessing whether…