What is fair value for the dissenting shareholders in a case brought by Brant Investments Limited?

Fair value has been defined as: … Market value (in some comment called “fair value”, in some “intrinsic value”) is defined as the highest price available in an open and unrestricted market between informed and prudent parties acting at arm’s length and under no compulsion to act, expressed in terms of money or money’s worth. In my view, on the facts of this case, “market value” will constitute “fair value” within the meaning of that term as used in s. 184(3) [of the CBCA]. It is on that basis that I propose to determine the award to the dissenting shareholders. In this context it is necessary to keep in mind the distinction between “market value” as thus defined and the “market value approach” to valuation referred to in the judgment of Greenberg J. in Domglas, supra. The latter has reference to use the quoted price or prices in the stock market. Such prices reflect actual transactions of purchase and sale. “Market value” as defined above is a notional or hypothetical concept; an opinion arrived at by evidence, assumptions, calculations and judgment, in the absence of an actual transaction. The distinction is important for the disposition of this case: Brant Investments Limited v. KeepRite Inc.[8]