Tri-Continental Corporation v. Battye

Wolcott, Judge,

delivering the opinion of the court:

Section 61 of the General Corporation Law, Revised Code 1935, § 2093, provides that upon the merger of a corporation, stockholders who object to the merger and who fulfill the statutory requirements to register their objection shall be paid the value of their stock on the date of the merger, exclusive of any element of value arising from the expectation or accomplishment of the merger. The meaning of the word “value” under this section of the corporation law has never been considered by this court. However, the Court of Chancery has on…