In re Appraisal of SWS Group, Inc., C.A. No. 10554-VCG (Del. Ch. 2017)
Ross Aronstam & Moritz, together with Wachtell, Lipton, Rosen & Katz, represented the respondents in defending against petitions seeking appraisal of 7.4 million shares arising out of the approximately $350 million merger between SWS and Hilltop Holdings Inc. After trial, the Court of Chancery found that the fair value of SWS Group, Inc. was $6.38 per share, a valuation 19% below the merger price at announcement and 7.8% below the merger price at closing. The Delaware Supreme Court affirmed on appeal.