Appraisal Rights

DECEMBER 19, 2019

The case Dieckman v. Regency GP LP , No. CV 11130-CB, 2019 WL 5576886 (Del. Ch. Oct. 29, 2019) does not concern appraisal rights – at least not directly. But the history of the merger in that case is a valuable reminder that an investor expecting to use the appraisal remedy must follow the transaction from start to finish. In January 2015 ETP agreed to acquire Regency “for 0.4044 ETP units and $0.36 per common unit of Regency” quickly modified to “0.4066 ETP units plus $0.32”.

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Appraisal Rights

DECEMBER 18, 2019

As we’ve covered before , numerous investment funds support appraisal rights by setting out that they will vote for proposals to restore or add appraisal rights if those proposals are placed on a proxy ballot. Hancock Horizon, a Louisiana based investment fund, is yet another investor supporting appraisal via its proxy materials. Hancock Horizon, like many other funds, states that it votes on mergers on a case by case basis.

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Appraisal Rights

DECEMBER 17, 2019

Whether communications or work product by a third party destroy the privilege enjoyed between attorney and client is a hotly contested issue in litigation, and appraisal is no exception. For instance, the New York Appellate Division recently held that a valuation report created by a third-party consulting firm to appraise the plaintiff’s stock in the company was not protected by attorney-client privilege.

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