“Fair Value” ambiguity in Illinois
Deven Kane | March 30, 2010
Effective 2007 Illinois amended the definition of “fair value” in the Business Corporation Act (Sections 805 ILCS 5/6.15, 11.70(j)(1), and 12.56(e)) to exclude the use of minority discounts and, absent extraordinary circumstance, lack of marketability in valuing shares. This provided legislative guidance to the courts on how to determine fair value by remedying the absence of […]
