Shareholders who do not support the transaction are entitled to receive the value of their shares in cash, as determined by the court.
[5] Amendments guaranteeing appraisal rights were first added to the CBCA in 1975; Ontario legislation had provided them at least since the 1950s.
[7] Corporate law statutes in all US states provide appraisal rights to minority shareholders when some kinds of transactions are contemplated.
[2] Appraisal rights entitle dissenting minority shareholders to receive the court-determined fair value of their shares instead of participating in the transaction.
[15] Many contemporary appraisal cases in Delaware are started by minority shareholders who believe that the proposed merger values their shares too low.