Highfields Capital, Ltd. v. AXA Financial, Inc.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• explaining that companies with higher levels of debt are “riskier” than the equity of companies with less leverage
• observing that an expert’s “use of dated management projections . . . undermine[d] his DCF calculations”
• explaining that a “DCF assigns a value to an enterprise by adding (1) an estimation of net cash flows that the company will generate over a period of time to (2
• stating that a reviewing court should give “substantial evidentiary weight” to the deal price when “the transaction giving rise to the appraisal resulted from an arm’s-length process between two independent parties”
• describing a comparable transactions analysis as “identifying similar transactions, quantifying those transactions through financial metrics, and then applying the metrics to the company at issue to ascertain a value”
• deferring to the merger price where an arms‘ length process was conducted, and no material impediments prevented another bidder from entering the sale process during an eight-month market check period

Source: CourtListener parenthetical corpus (CC0).

Cited by

34 cases in this archive cite this case; the 20 most cited are listed.

• Reis v. Hazelett Strip-Casting Corp.
  Court of Chancery of Delaware· 2011-02-01· cited 126×
• In re Rural Metro Corp.
  Court of Chancery of Delaware· 2014-03-07· cited 92×
• GLOBAL GT LP v. Golden Telecom, Inc.
  Court of Chancery of Delaware· 2010-04-23· cited 44×
• Verition Partners Master Fund Ltd. v. Aruba Networks, Inc.
  Supreme Court of Delaware· 2019-04-16· cited 25×
• Edgewater Growth Capital Partners LP v. H.I.G. Capital, Inc.
  Court of Chancery of Delaware· 2013-02-28· cited 14×
• Reynolds Am. Inc. v. Third Motion Equities Master Fund Ltd.
  North Carolina Business Court· 2020-04-27· cited 2×
• AMERICAN ETHANOL, INC. v. Cordillera Fund
  Nevada Supreme Court· 2011-05-05
• In re Appraisal of Ancestry.Com, Inc.
  Court of Chancery of Delaware· 2015-01-30
• LongPath Capital, LLC v. Ramtron International Corporation
  Court of Chancery of Delaware· 2015-06-30
• In Re: Appraisal of Dell Inc.
  Court of Chancery of Delaware· 2016-05-31
• In Re: Appraisal of DFC Global Corp
  Court of Chancery of Delaware· 2016-07-08
• John Douglas Dunmire v. Farmers & Merchants Bancorp of Western Pennsylvania, Inc.
  Court of Chancery of Delaware· 2016-11-10
• Merion Capital L.P. v. Lender Processing Services, Inc.
  Court of Chancery of Delaware· 2016-12-16
• In Re Appraisal of PetSmart, Inc.
  Court of Chancery of Delaware· 2017-05-26
• ACP Master, Ltd. v. Sprint Corporation & ACP Master, Ltd. v. Clearwire Corporation
  Court of Chancery of Delaware· 2017-07-21
• ACP Master, Ltd. v. Sprint Corporation & ACP Master, Ltd. v. Clearwire Corporation
  Court of Chancery of Delaware· 2017-08-08
• Verition Partners Master Fund Ltd. v. Aruba Networks, Inc.
  Court of Chancery of Delaware· 2018-02-15
• Blueblade Capital Opportunities LLC and Blueblade Capital Opportunities CI LLC v. Norcraft Companies, Inc.
  Court of Chancery of Delaware· 2018-07-27
• In Re: Appraisal of Solera Holdings, Inc.
  Court of Chancery of Delaware· 2018-07-30
• In re Appraisal of Columbia Pipeline Group, Inc.
  Court of Chancery of Delaware· 2019-08-12

Cites

18 cases in this archive are cited by this case.

• Weinberger v. UOP, Inc.
  Supreme Court of Delaware· 1983-02-01· cited 690×
• Cede & Co. v. Technicolor, Inc.
  Supreme Court of Delaware· 1994-01-18· cited 456×
• Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.
  Supreme Court of Delaware· 1986-03-13· cited 386×
• M.G. Bancorporation, Inc. v. Le Beau
  Supreme Court of Delaware· 1999-05-27· cited 201×
• Cavalier Oil Corp. v. Harnett
  Supreme Court of Delaware· 1989-09-05· cited 154×
• Tri-Continental Corporation v. Battye
  Supreme Court of Delaware· 1950-06-08· cited 132×
• Montgomery Cellular Holding Co. v. Dobler
  Supreme Court of Delaware· 2005-08-01· cited 127×
• Union Illinois 1995 Investment Ltd. Partnership v. Union Financial Group, Ltd.
  Court of Chancery of Delaware· 2004-01-05· cited 79×
• M.P.M. Enterprises, Inc. v. Gilbert
  Supreme Court of Delaware· 1999-06-25· cited 75×
• Rapid-American Corp. v. Harris
  Supreme Court of Delaware· 1992-01-23· cited 62×
• Bell v. Kirby Lumber Corp.
  Supreme Court of Delaware· 1980-02-20· cited 51×
• Onti, Inc. v. Integra Bank
  Court of Chancery of Delaware· 1999-07-01· cited 50×
• Schwab v. Philip Morris USA, Inc.
  E.D. New York· 2006-09-25· cited 47×
• In Re Radiology Associates, Inc. Litigation
  Court of Chancery of Delaware· 1991-11-01· cited 45×
• In Re the Mony Group Inc. Shareholder Litigation
  Court of Chancery of Delaware· 2004-02-17· cited 44×
• In Re Mony Group, Inc. Shareholder Lit.
  Court of Chancery of Delaware· 2004-04-14· cited 32×
• Agranoff v. Miller
  Court of Chancery of Delaware· 2001-11-08· cited 26×
• Gotham Partners, L.P. v. Hallwood Realty Partners, L.P.
  Court of Chancery of Delaware· 2003-07-08· cited 23×