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Appraisal is a creature of statute, including in the Cayman Islands. Cayman appraisal has become a notable topic recently , with major decisions coming down from the Cayman courts and an uptick in investors using the appraisal remedy. Similarly, authors writing about Delaware have noted that quasi-appraisal is getting traction. Do the two have a meeting point?
Although Delaware dominates when it comes to appraisal (as a result of its outsize attractiveness to U.S. companies as a place of incorporation), appraisal is not limited to the First State. As we’ve previously discussed, appraisal regimes also exist in other states including Massachusetts , Arizona , and Nevada. What about the Hawkeye State? As a threshold matter, Iowa appraisal is limited by the market-out exception, and Iowa appraisal rights are not available if the target is traded in an org
As we previously covered , a recent South African court decision has clarified the scope of appraisal rights in that country with respect to a deal that was other than a classic merger. Webber Wentzel, a law firm practicing in South Africa, has written this piece on the decision, concluding, “The decision of the High Court will give comfort to minority shareholders seeking to exit group companies where they oppose certain corporate actions at subsidiary-level.
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