The Brattle Group was retained on behalf of the Delphi class of common shareholders in a proposed $2.7 billion merger with Tokio Marine. Tokio offered additional consideration to a class of high-voting Delphi held by the CEO and controlling shareholder. Brattle analyzed the entire fairness of the merger consideration, with a focus on precedent for differential consideration in dual-class stock mergers. Brattle also analyzed the negotiations between the special committee, Tokio Marine, and the CEO. The case settled for $69 million.