Verition Partners Master Fund Ltd. v. Aruba Networks, Inc.

In this statutory appraisal case, the Court of Chancery found that the fair value of Aruba Networks, Inc., as defined by 8 Del. C. § 262, was $ 17.13 per share, which was the thirty-day average market price at which its shares traded before the media reported news of the transaction that gave rise to the appellants' appraisal rights. In its post-trial opinion, the Court of Chancery engaged in a wide-ranging discussion of its view on the evolution of our State's appraisal law and how certain recent decisions have affected the relevance of market-based evidence to determining fair value. For…