Wilmington partner Mike Maimone was quoted in the Law360 article “Delaware Cases To Watch In 2018.” The article previews three significant cases due to argued in Delaware state courts in 2018.
One matter is ACP Master Ltd. et al. v. Sprint Corp. et al., an appraisal case on appeal from the Chancery Court. The case concerns Sprint Nextel Corp’s buyout of Clearwire Corp. Vice Chancellor J. Travis Laster ruled in July 2017 that the fair value of the deal was 60 percent below the actual deal price, possibly the largest discount of a transaction price ever awarded in an appraisal proceeding.
Mike observed that “[t]he discount is staggering,” adding that “Vice Chancellor Laster may have done everything right, but this 60 percent is a lot.” As a result, the case remains in the spotlight, with many observers curious as to how it will play out, and what the ultimate ruling will signify for the court’s analysis of fair values.