A recent decision by the Delaware Court of Chancery has caused the defenders of all things corporate America wants from its courts to complain once again of unfair treatment. While their complaints are misplaced in this particular case, they do raise the question of how Delaware values business entities.

First some background is helpful. In re Appraisal of Dell, C.A. No. 9522-VCL (Del. Ch. May 31, 2016), decided that the stock of Dell was worth $17.62 per share. The critics of Dell argue that was too much, citing the court’s own praise for the process used to set the merger price of $13.65 per share. They also point out the court’s valuation is substantially above the Dell market price for a significant period before the merger. Thus, the critics argue that if a fair process and the market itself valued Dell at no more than $13, how could a court know better?

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