In merger appraisal, shareholders who oppose a takeover can argue before a judge that they have been short-changed
long argued about the workings of financial markets. Some, like Eugene Fama, argue that markets adjust swiftly to include all available information, an idea supported by the difficulty of predicting short-term stockmarket moves. Others, like Robert Shiller, posit that psychology has a big effect on market prices, pointing out that share prices fluctuate far more than fundamental variables such as dividends. The pair were jointly awarded the Nobel prize in economics in 2013 .
Merger appraisal had become appealing to arbitrageurs, who would buy shares of takeover targets, vote against any deal and sue for appraisal. If their bid succeeded, they could get a large payout. If it failed, the acquiring company would still have to pay them the deal price.
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