Professor Brian JM Quinn, Boston College School of Law
A Reuters piece
cites FactSet SharkRepellent data to note that the number of shareholder rights
plans in effect is at the lowest since 1990.
The number of U.S. incorporated
companies with a poison pill in effect hovered at 1,000 on Tuesday...
Yucaipa American Alliance Fund II, L.P. v
Riggio , C.A. No. 5465-VCS (Del. Ch. Aug. 12, 2010), read
post-trial opinion here. This
Delaware Court of Chancery opinion rejected breach of fiduciary duty claims and
upheld the poision pill defense that Barnes & Noble implemented as
part of a plan...
I'm of the mind that the answer to that question is
likely no. In his Stanford Law Review paper of a few years ago ( Professorial Bear Hug ),
Vice Chancellor Strine made it clear that ... well ... it wasn't clear.
Of course we professors would like a court to rule once and for all on
So, tomorrow Chancellor Chandler will take up the
question of whether to order the Airgas board to pull its pill. Air
Products, you'll remember, has been pursuing Airgas for many months now.
Airgas has steadfastly said "No." In the fall Air Products
elected three members to the board...