Oakridge Energy, Inc. v. Clifton

HOWE, Justice:

Shareholders dissenting from a sale of corporate assets appeal from the trial court’s judgment that, for purposes of the statute giving them a right to appraisal and payment, the “fair market value” of their shares equals the stock market price. We must decide the proper basis for stock valuation under Utah Code Ann. § 16-10a-1302 (1995).

FACTS

Oakridge Energy, Inc., a Utah oil and gas development company with assets in Texas, Nevada, and Colorado, sold its South Texas properties to Cometra Oil and Gas, Inc. in May of 1993 for $21.5 million. The transaction constituted a sale of…