Update

Trina Solar Limited and the meaning of 'fair value' in s.238 fair value appraisal cases

This is the first case to consider the decision of the Privy Council in Shanda Games. The Court held that it is not bound to determine value based only on a hypothetical sale on the open market, but rather must assess all relevant facts and matters and can adopt any relevant valuation methodologies. In doing so, the Court must ensure that the sum selected properly reflects the true monetary worth to the shareholder of what he has lost. In this case, it was found that a blended approach to the valuation methodologies was appropriate but the Court has yet to determine whether fair value exceeds the merger price.