Competitive fairness and the concept of a fair price under Delaware law on M&A

Makoto Yano

International Journal of Economic Theory, 2008, vol. 4, issue 2, 175-190

Abstract: The entire fairness test that the Delaware Court of Chancery developed in the famous Technicolor case defines what constitutes fair dealings and fair pricing. This study introduces a new concept of fairness, called competitive fairness, that covers entire fairness. It develops what I call open market bargaining theory and demonstrates that the Technicolor outcome is an open market bargaining equilibrium, which can be thought as competitively fair under the nondiscrimination rule of markets.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:bla:ijethy:v:4:y:2008:i:2:p:175-190

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International Journal of Economic Theory is currently edited by Kazuo Nishimura and Makoto Yano

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