“Fair Value” ambiguity in Illinois

| 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))┬áto exclude the use of minority discounts and, absent extraordinary circumstance, lack of marketability in valuing shares. ┬áThis provided legislative guidance to the courts on how to determine fair value by remedying the absence of […]