This article discusses the recent rise in M&A appraisal activism in the United States and, to a lower extent, in the European Union (using France, Germany and Romania as examples). It explains the mechanisms and rationale that lead to appraisal proceedings, their outcome and their effects for the parties involved (buyers, targets, financial advisors) and for M&A practitioners. It concludes that while appraisal activism is expected to continue, and amplify, in the United States, there is not a similarly high or immediate cause for concern in the European Union.
European Company Law