Appraisal remedy [or right]

What does Appraisal remedy [or right] mean in American Law?

The definition of Appraisal remedy [or right] in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

By the terms of many codes of corporation law, when a major corporate restructuring is afoot, e.g., a merger or consolidation, shareholders who do not like the terms proposed, e.g., “1.92 shares of acquiring corporation for each one share of acquired corporation,” may instead invoke a procedure whereby they must instead be paid in cash the “appraised value” of their shares.