DFC GLOBAL v. MUIRFIELD VALUE PARTNERS

No. 518, 2016.

172 A.3d 346 (2017)

DFC GLOBAL CORPORATION, Respondent Below, Appellant/Cross-Appellee, v. MUIRFIELD VALUE PARTNERS, L.P., Oasis Investments II Master Fund Ltd., Candlewood Special Situations Master Fund, Ltd., CWD OC 522 Master Fund Ltd., and Randolph Watkins Slifka, Petitioners Below, Appellees/Cross-Appellants.

Supreme Court of Delaware.

Decided: August 1, 2017.


Attorney(s) appearing for the Case

Raymond J. DiCamillo, Esquire , Matthew D. Perri, Esquire , RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware; Meryl L. Young, Esquire , Colin B. Davis, Esquire , GIBSON, DUNN & CRUTCHER LLP, Irvine, California; Joshua S. Lipshutz, Esquire , (argued), GIBSON, DUNN & CRUTCHER LLP, Washington, D.C., Attorneys for Respondent Below, Appellant/Cross-Appellee, DFC Global Corporation.

Stuart M. Grant, Esquire , (argued), Kimberly A. Evans, Esquire , Vivek Upadhya, Esquire , GRANT & EISENHOFER P.A., Wilmington, Delaware, Attorneys for Petitioners Below, Appellees/Cross-Appellants, Muirfield Value Partners, L.P., Oasis Investments II Master Fund Ltd., Candlewood Special Situations Master Fund, Ltd., CWD OC 522 Master Fund LTD., and Randolph Watkins Slifka.

Theodore A. Kittila, Esquire , GREENHILL LAW GROUP, LLC, Wilmington, Delaware; Daniel M. Sullivan, Esquire , Sarah M. Sternlieb, Esquire , HOLWELL SHUSTER & GOLDBERG, LLP, New York, New York, Attorneys for Amici Curiae Law and Corporate Finance Professors arguing in favor of the presumption the Respondent favors.

Samuel T. Hirzel, II, Esquire , HEYMAN ENERIO GATTUSO & HIRZEL LLP, Wilmington, Delaware; Lawrence M. Rolnick, Esquire , Steven M. Hecht, Esquire , LOWENSTEIN SANDLER LLP, New York, New York; Mark Lebovitch, Esquire , Jeroen Van Kwawegen, Esquire , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, New York, New York, Attorneys for Amici Curiae Law, Economics and Corporate Finance Professors arguing against the presumption the Respondent favors.

Before STRINE, Chief Justice; VALIHURA, VAUGHN, and SEITZ, Justices; LEGROW, Judge, constituting the Court en Banc.


In this appraisal proceeding involving a publicly traded payday lending firm purchased by a private equity firm, the respondent argues that we should establish, by judicial gloss, a presumption that in certain cases involving arm's-length mergers, the price of the transaction giving rise to appraisal rights is the best estimate...

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