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

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<jats:p>The entire fairness test that the Delaware Court of Chancery developed in the famous <jats:italic>Technicolor</jats:italic> 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 <jats:italic>Technicolor</jats:italic> outcome is an open market bargaining equilibrium, which can be thought as competitively fair under the nondiscrimination rule of markets.</jats:p>

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