Verition Partners Master Fund Ltd. and Verition Multi-Strategy Master Fund Ltd., Petitioners Below, Appellants, V…

Summary

The court reversed the Court of Chancery’s appraisal judgment because the court relied exclusively on Aruba’s unaffected market price based on an unsupported deduction for unspecified agency costs and without a developed record testing that valuation. Applying the going-concern standard, the court held that the record supported using the deal price less the synergies retained by the buyer, resulting in fair value of $19.10 per share. The court directed entry of final judgment for that amount plus any applicable interest.