The Shareholder Forumtm

support of long term investor interests in

Appraisal Rights


Intrinsic Value Realization




The Delaware Supreme Court issued a ruling on December 14, 2017 that endorsed its interpretation of the "Efficient Market Hypothesis" as a foundation for relying upon market pricing to define a company’s “fair value” in appraisal proceedings. The Forum accordingly reported that it would resume support of marketplace processes instead of judicial appraisal for its participants' realization of intrinsic value in opportunistically priced but carefully negotiated buyouts. See:

December 21, 2017 Forum Report

 Reconsidering Appraisal Rights for Long Term Value Realization



Forum reference:

Securities class action administrator supports investor fiduciary responsibility to use appraisal rights for realization of fair value


For the webinar host's service literature relating to its support of institutional investor interests in appraisal rights, see

NOTE: Some of the observations in the referenced "white paper" misinterpret facts or processes to which the authors refer. Direct reference is encouraged to original sources, most of which can be found on the Forum's website for appraisal rights research, and in the 2013 "Appraised Value Rights | A Summary for Investors."


Source: Financial Recovery Technologies, October 20, 2016 webinar video

FRT Webinar - Exercising your Appraisal Rights to Ensure Fair Value for your Shares

from Financial Recovery Technologies

Appraisal rights have received increased attention following the Delaware Chancery Court's May 2016 ruling in the Dell case. The ruling valued Dell shares at 28% more than the $13.75 paid to investors in the company's 2013 management-led buyout; which means investors were underpaid by nearly $6 billion. However, the company has paid dissenters just $37 million, leaving $5.96 billion on the table. Why? Because Dell's shareholders did not properly exercise their appraisal rights.

Dell is not unusual - there are hundreds of appraisal-eligible M&A deals each year and roughly 10-15% result in appraisal petitions. As a fiduciary, you should be identifying those deals that are undervalued and, where appropriate, asserting your statutory right to receive fair value for your investments.

Watch FRT's Appraisal Rights webinar to learn:
What are appraisal rights and how are they perfected?
What are the results of past appraisal petitions and premium awards?
How can you avoid issues of standing at the outset?
How can you ensure you don't miss an opportunity to exercise your rights in cases like Dell?


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The program supporting Appraisal Rights Investments was conducted by the Shareholder Forum for invited participants according to stated conditions, including standard Forum policies that each participant is expected to make independent use of information obtained through the Forum and that participant identities and views will not be reported without explicit permission..

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Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.