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Corporate Governance Board of Directors Proxy Contests

Faegre Drinker Biddle & Reath LLP

Advance Notice Bylaws and Proxy Contests: A Balancing Act

What Exactly Are Advance Notice Bylaws? Delaware General Corporation Law (DGCL) Section 211(d) provides the statutory framework for advance notice bylaws. Advance notice bylaws are an optional set of bylaw provisions...more

Venable LLP

Delaware Supreme Court Strikes Down Advance Notice Bylaws as "Unintelligible" or Adoption with an Improper Purpose on a "Cloudy...

Venable LLP on

In a much-anticipated decision, the Delaware Supreme Court echoed the Court of Chancery's pronouncement that advance notice bylaws adopted amid an approaching proxy contest are reviewed through the lens of enhanced judicial...more

Allen Matkins

Why Do Boards Get To Spend Money In Proxy Contests

Allen Matkins on

Recently, UCLA Law School Professor posed the question "Why do boards get to spend corporate money to fight off proxy contests?"  His answer is answer "because the courts say so".   In California, it is because the...more

Sheppard Mullin Richter & Hampton LLP

Delaware Court of Chancery Holds that a Stockholder’s Disagreement with a Board’s Business Judgment and Intent to Pursue a Proxy...

In High River Limited Partnership v. Occidental Petroleum Corp., C.A. No. 2019-0403-JRS, 2019 WL 6040285 (Del. Ch. Nov. 14, 2019) (Slights, V.C.), the Delaware Court of Chancery held that a stockholder’s mere disagreement...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent Trends in Shareholder Activism

Shareholder activism remains pervasive in the corporate landscape, as many companies continue to face new, and sometimes more sophisticated, activist situations. Recent activism-related trends indicate that the landscape is...more

Jones Day

Universal Proxy Card Delivers Win to Challengers in EQT Proxy Fight

Jones Day on

The Background: An insurgent won control of the board of directors of EQT Corporation in a proxy contest using a so-called "universal proxy card." The Issue: While the merits of universal ballots remain subject to debate,...more

Wilson Sonsini Goodrich & Rosati

New York and Washington Courts Issue Important Decisions Relating to M&A and Stockholder Nominations of Directors

Two courts recently issued significant corporate law decisions that are meaningful for corporations and investors navigating an M&A transaction or a proxy contest. Interestingly, both decisions arose outside of Delaware,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Navigating the Current Landscape of Shareholder Activism

On March 28, 2018, Skadden hosted the webinar “Navigating the Current Landscape of Shareholder Activism,” the fifth and final program in the 2017-18 SEC Reporting & Compliance and Corporate Governance Series. The panelists...more

Cadwalader, Wickersham & Taft LLP

M&A Update: Delaware Court of Chancery Enforces Oral Agreement to Settle Proxy Contest

In a December 8th decision (Sarissa Capital Domestic Fund LP, et. al. v. Innoviva, Inc.), the Delaware Court of Chancery ruled in favor of Sarissa Capital Domestic Fund LP and certain of its affiliates in concluding that...more

Skadden, Arps, Slate, Meagher & Flom LLP

Activists at the Gate: Court of Chancery Weighs In on Claims Involving Activist Stockholders

Several recent decisions applying Delaware law offer helpful insight about the impact that activist investor involvement has on board decision-making leading to a transaction and how those decisions will be reviewed by the...more

Wilson Sonsini Goodrich & Rosati

SEC Proposes Universal Proxies in Proxy Contests

On October 26, 2016, the Securities and Exchange Commission (SEC) released proposed rules that would require the use of “universal” proxies in connection with contested elections of directors. If adopted, these rules would...more

Bennett Jones LLP

Taseko Mines Defeats Raging River in Proxy Contest: Important Lessons for Boards Facing a Dissident Attack

Bennett Jones LLP on

After a lengthy, acrimonious and costly proxy contest to remove three directors of Taseko Mines Limited (“Taseko”) and elect its own nominees, in early May, 2016, activist investor Raging River Capital LP (“Raging River”)...more

Goodwin

Pre-IPO Companies Cannot Protect Non-Classified Directors from Removal Without Cause

Goodwin on

One of the fundamental issues that companies preparing for an IPO must consider is the type of corporate governance mechanisms to put in place after their IPO. Under Delaware law, public companies can have a classified board,...more

Cooley LLP

Blog: Are Companies Now Quicker To Settle With Hedge Fund Activists?

Cooley LLP on

According to data collected by Reuters, companies are settling with hedge fund activists “at the fastest pace since the financial crisis. The average number of days it takes companies to reach a settlement with activists...more

Brooks Pierce

Business Court Denies TRO In The Midst of A Proxy Fight

Brooks Pierce on

The Defendant in Allcorn v. Bradley Creek Boatominium, Inc. sought an injunction against the Plaintiffs in the midst of a proxy fight as to their allegedly defamatory statements in connection with the election of the...more

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