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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.

34 minute read January 28, 2011 at 10:27 AM
By
Robert S. Reder
DE Supreme Court Rejects Stockholder-Proposed Bylaw Amendment

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.

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