A board of directors of a Delaware corporation seeking to combat manipulative takeover tactics or to deter unwanted acquirers has a variety of legal tools at its disposal. For instance, the Delaware General Corporation Law (“DGCL”) permits a corporation to implement a classified, or “staggered,” board of directors.
DE Supreme Court Rejects Stockholder-Proposed Bylaw Amendment
In October 2010, the Delaware Court of Chancery ruled in <i>Airgas, Inc. v. Air Products and Chemicals, Inc.</i> that a bylaw amendment sponsored by Air Products and approved by Airgas stockholders was effective to accelerate the date of Airgas' annual stockholders meeting by several months.
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