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North Pole, Inc approved a plan to merge with its subsidiary, Santa's Workshop Inc. The merger plan provided that certain of Workshop's shareholders would receive $3.50 per share. The highest independent appraisal of the stock was $4.04 per share. Hirschfeld, Inc., a shareholder, claimed that fair value was $16.80 per share. Workshop offered to make its corporate books and records available to Hirschfeld to assess the validity of the $16.80 demand. This offer was declined. Hirschfeld did not attempt to base the $16.80 demand on any recognizable method of stock valuation. Hirschfeld contended it had a right to get the asking price. Refer to RMBCA 13.02, 13.28, and 13.31. Could Hirschfeld have blocked the merger until Workshop paid the $16.80? Decide. [Santa's Workshop v. Hirschfeld Inc., 851 P.2d 265 ( Colo. App.)]

Reference no: EM131160675

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