Classified Boards Once Again Prove Their Value to Shareholders

Posted by Theodore Mirvis, Wachtell, Lipton, Rosen & Katz, on Monday October 22, 2007 at 10:21 am
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Editor’s Note: This post is from Theodore Mirvis of Wachtell, Lipton, Rosen & Katz.

When you’re right, you’re right. And when you’re wrong, you are very wrong. Here is yet more evidence of the value to stockholders of staggered boards. Anyone listening up there in that ivory tower?

  1. Please send Mirvis article. Thx. JJH

    Comment by James J. Hanks, Jr. — October 22, 2007 @ 2:23 pm

  2. So, let’s see: The memo this post refers to provides _two instances_ in which a takeover was thwarted by a staggered board and the company was later sold for more. The Bates, Becher, and Lemmon paper cited in that memo _does not_ find that shareholders do better with a classified boards; it merely fails to find that they do worse. Now what is the basis for the triumphalist tone of this post?

    Comment by Andy Eggers — October 24, 2007 @ 11:15 am


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