M&A Liquidity and Fair Value Analysis in Del. and the Caymans

By Erik Himan and Carlos Penikis (May 3, 2022, 5:36 p.m. EDT) – In some jurisdictions, investors in acquired companies may object to the sale of their shares at the offered price and opt instead for a judicial appraisal of the value of their shares. In Delaware and the Cayman Islands, the court will award what it believes to be the fair value of these shares.

However, fair value is a legal concept whose definition varies by jurisdiction. Although this definition is widely established in Delaware, it is not completely determined in the Cayman Islands.

The Delaware valuation defines fair value as the—relatively—simple calculation of the value of…

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