SWS Group Inc. investors got more than the fair value for their shares when the Dallas-based bank holding company merged into a subsidiary of Hilltop Holdings Inc., the Delaware Chancery Court said May 30 in a rare ruling (In re SWS Grp. Inc., 2017 BL 179567, Del. Ch., 10554-VCG, 5/30/17).
The last time the chancery court found that investors were overpaid for their shares in an appraisal case was in 2015.
Vice Chancellor Sam Glasscock III said the fair value of SWS at the time of the merger was $6.38 per share. Hilltop acquired SWS in January 2015 ...
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