Ronnen, Ruth --- "Appraisal rights in complete tender offers in Israel: a look into Israeli case law" [2018] ELECD 1119; in Griffith, Sean; Erickson, Jessica; Webber, H. David; Winship, Verity (eds), "Research Handbook on Representative Shareholder Litigation" (Edward Elgar Publishing, 2018) 229

Book Title: Research Handbook on Representative Shareholder Litigation

Editor(s): Griffith, Sean; Erickson, Jessica; Webber, H. David; Winship, Verity

Publisher: Edward Elgar Publishing

ISBN: 9781786435330

Section: Chapter 14

Section Title: Appraisal rights in complete tender offers in Israel: a look into Israeli case law

Author(s): Ronnen, Ruth

Number of pages: 13

Abstract/Description:

This chapter examines two ways in which courts appraise share value: via expert testimony on a company’s “objective” value, and by reference to market prices. Surveying Israeli case law, and with frequent reference to Delaware Chancery court rulings, the chapter offers insights into how judges make appraisal decisions. In so doing it discusses numerous relevant concepts, some of which are grappled with by commercial courts worldwide, others of which are more prominent in Israel (where controlling shareholders predominate). These concepts range from discounted cash flow analysis to market checks, consent of the majority of the minority shareholders, consent of sophisticated shareholders, and the presence of actual price negotiations.