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Fair Value in Shareholder Dissent in the U.S.

November 2013

DOI:10.13140/2.1.2616.6727

Conference: Organismo Italiano di Valutazione 2nd Annual International Conference
At: Milan, Italy

Authors:

Gilbert Matthews

Sutter Securities Financial Services, San Francisco

This presentation addresses fair value, which is the predominant standard of value employed by state courts to determine the value of minority shares in appraisal cases. Fair value for appraisal is determined by state law. In most jurisdictions, fair value is the shareholder's pro rata portion of the value of a company's equity. It differs from fair market value, third-party sale value, and fair value for GAAP purposes.

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