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Corporations Keyed to O’Kelley
Untitled - #8314059
Citation:
172 A.3d 346 (2017)Facts
DFC Global Corporation provides alternative consumer financial services. DFC’s shares were traded on the NASDAQ exchange from 2005 until the merger. Petitioners’ valuation expert determined DFC’s value only relying on a discounted cash flow model and used that to come to a fair value of DFC at $17.90 per share, 88% above the $9.5 per share deal price. The petitioners argue that all of the financial and strategic buyers missed the chance to top Lone Star at, say $10 per share, and still reap a huge upside of $7.9 per share in value. He also calculated DFC’s fair value based on a comparable companies analysis using seven of the peer companies that he used to calculate DFC’s beta. In contrast, DFC’s expert used both a discounted cash flow model, which valued DFC at $7.81 and a comparable companies analysis, which valued DFC at $8.07 per share. He weighted each method equally and so came to a fair value of $7.94.
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