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The court then determines the value that the dissenting shareholders get.
Dissenting shareholders can sell shares back to the company—at an unattractive price.
If the shares are sold at public auction at a price greater than the amount paid to the dissenting shareholders, the excess in such sale price shall be paid to such dissenting shareholders.
First, dissenting shareholders do not get appraisal rights (cf. DGCL 262 and Hariton v. Arco Electronics below).
The value of the shares ascertained shall be promptly paid to the dissenting shareholders by the receiving association.
The value of the shares ascertained shall be promptly paid to the dissenting shareholders by the consolidated banking association.
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(A March court victory against dissenting shareholder Liberty Media clears the way for the spin offs).
The last major dissenting shareholder, Morgan Stanley Investment Management, did not propose independent directors but did call for elimination of the dual stock, and asked shareholders to withhold their votes.
Shareholders dissenting from the agreed upon price sued for appraisal rights, and the Delaware Chancery Court awarded those shareholders a "fair value" price of $17.62 per share on May 31, 2016 (In re: Appraisal of Dell Inc., C.A. No. 9322-VCL).
She and her fellow dissenting workers believe shareholders are listening too.
In other acquisition develop ments yesterday, the Detroit Steel Corporation announced that it has extended to Sept. 14 the period in which dissent ing shareholders may initiate steps required under Michigan law to obtain fair cash value for their shares.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com