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Verition Partners Master Fund Ltd v. Aruba Networks, Inc.
Citation:210 A. 3d 128 (Del. 2019).
In August 2014, HP and Aruba began conversations about a potential combination and, after several months, Aruba accepted HP’s offer of $24.67 per share. News of the deal leaked and Aruba’s stock prices jumped from $18.37 to $22.24 and eventually rose to $24.81. The deal closed on May 18, 2015.
On August 28, 2015, Verition petitioned for an appraisal of Aruba’s fair value. Verition contended that the fair value was $32.57 per share and Aruba contended at various stages the value was $19.75, $19.45 or $19.10 (deal price minus synergies). The Court of Chancery found that the fair value was $17.13 per share, the unaffected average market price prior to the news leak, giving no weight to certain evidence provided by the parties and their experts.
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