Valuation of stocks in dual-class stock merger

On behalf of the class of ACS common shareholders in a proposed $6.4 billion merger with Xerox, a Brattle principal submitted expert reports and testified at deposition on the entire fairness of the additional consideration offered to a high-voting class of ACS stock held by the CEO and controlling shareholder. His analysis focused on the value of the stock and precedent for differential consideration in dual-class stock mergers, as well as the valuation of ACS performed by ACS’s financial advisor for its special committee. The case led to one of the largest class recoveries in the history of the Delaware Court of Chancery.