Competitive fairness and the concept of a fair price under Delaware law on M&A |
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Authors: | Makoto Yano |
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Institution: | Kyoto Institute of Economic Research, Kyoto University, Kyoto, Japan. Email: |
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Abstract: | The entire fairness test that the Delaware Court of Chancery developed in the famous Technicolor case defines what constitutes fair dealings and fair pricing. This study introduces a new concept of fairness, called competitive fairness, that covers entire fairness. It develops what I call open market bargaining theory and demonstrates that the Technicolor outcome is an open market bargaining equilibrium, which can be thought as competitively fair under the nondiscrimination rule of markets. |
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Keywords: | competition fair price mergers and acquisitions (M&A) law bargaining core |
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