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: Delaware Business Litigation ReportCourt Of Chancery Approves Move Of Annual Meeting
By Edward M. McNally
Airgas Inc . v. Air Products and Chemicals Inc., C.A. 5817-CC (October 8, 2010)
In this decision, the Court approved a bylaw change that moved the stockholders' meeting forward by several months. The practical effect of that change was that it permitted the party trying to take over the Board to accelerate that process when otherwise the staggered board involved may have been in office longer.
The practical answer to this new takeover tactic is to have the board meeting date set in the charter, not in the bylaws which are subject to amendment.
Full post as published by Delaware Business Litigation Report on October 08, 2010 (boomark / email).
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