An attorney for Aruba Networks—a developer of wireless infrastructure—urged the Delaware Supreme Court on Wednesday to uphold a Chancery Court decision that looked to the company’s stock price, and not the agreed-upon merger price, to determine fair value in a $3 billion sale to Hewlett-Packard Co. in 2015.
Aruba attorney’s Michael P. Kelly, of McCarter & English, said Vice Chancellor J. Travis Laster went to “great pains” to reconcile his appraisal ruling with a pair of decisions from the state high court, which indicated a strong preference for deal price as the best indicator of fair value in third-party, arm’s-length deals.
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