Abstract：Some scholars argue that the cash option right in M&A market should be reconstructed and integrated into the appraisal remedy for dissentient shareholders. Based on practical demand for rules, such a right is undoubtedly a successful example of customary commercial law. However, the demand for cash option is created in publicly traded market instead of close companies. The demanders are always those who control the companies instead of other shareholders who have no say. Moreover, the appraisal remedy does not demand an institutional alternative but a nonessential substitute. Therefore, the legislators in the future should be committed to the task of appraisal remedy amending, leaving cash option to the autonomy of listed companies and the capital market mechanism.
2016, Vol. 18 
