Court Of Chancery Explains When Fair Is What You Get
When a reverse stock split eliminates minority stockholders, they are entitled to be paid the "fair value" of their stock. This decision explains what that means. In particular, it does not mean they get the same value as if their stock were subject to an appraisal. While the valuation process is very similar, it is affected by the standard of review involved, particularly if the squeeze out was done unfairly and the intrinsic fairness standard applies.
The opinion is also an excellent review of the overall Delaware law on the standard of review for any transaction.