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Question
Acme Corp. made a public offering of its shares. Stein bought 100 shares at $10 each. Three months later, Acme announced that it planned to merge with another company. Under the terms of the merger, Acme shareholders would receive $14 per share, which was $1 more than the market price on the day prior to the announcement. Acme's shareholders approved the merger. Stein did not vote for or against the merger, but he turned in his shares and received $14 for each share. Stein later argued Acme's directors acted improperly in approving the merger. He also believed the price he and other shareholders received was grossly inadequate. Will Stein be able to enforce his appraisal rights?
Answer
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