The merger agreement with Argonne says that up to 22% of the outstanding shares may seek appraisal, and Argonne still has to go through with the deal. That's quite high! I only own 7000 shares, but with this deal going down at 1/2 of book value, I am definitely interested in going to appraisal. Any other 5000+ share shareholders out there looking to do same, where we can share legal expenses? (Best to act sooner rather than later to affiliate, so we don't have to each get our own law firm.) I am reachable as longtimefollower with a Yahoo address.
Not if appraisal expenses are shared. I have been in 2 appraisal cases, and they both were rewarding. One, we ended up getting paid a 50% premium to what the other shareholders got (although our attorney was paid 1/3 of that 50% premium). In the other, we have already had offers to settle, for nearly 5x what we were originally paid.
Appraisal is a valid option, when expenses are shared, and the undervaluation is compelling/obvious.