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Keeping Up with Delaware Appraisal Jurisprudence Since Aruba: Deal Price Reigns Supreme, But Will Recent Decision Lead to More Arbitrage?

Cooley M&A

Key Takeaway : As courts increasingly rely on deal price as the most reliable indicator of fair value in an appraisal proceeding, buyers should carefully document and quantify any expected synergies reflected in their financial models used to support the deal price. Panera Bread was a publicly traded company that JAB Holdings B.V.