CRA was retained by counsel for Respondent SWS Group, Inc. in an appraisal action in Delaware Chancery Court arising from its merger with Hilltop Holdings, Inc. Petitioners claimed that the fair value of SWS’s shares exceeded the merger price. CRA Senior Consultant and Harvard Business School Professor Richard Ruback testified at trial that the fair value of SWS’s shares was less than the merger price. The Court ruled in favor of Respondent, finding that the fair value of SWS’s shares was 8.5% less than the merger price. The judgment of the Court of Chancery was affirmed by the Delaware Supreme Court.
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