Activist Settlements: Fiduciary Questions for Boards
Harvard Corporate Governance
SEPTEMBER 11, 2023
Boards often settle actual or threatened proxy fights by trading away board seats to activists. Delaware courts will analyze this trade as a defensive device, much like greenmail, where the board trades away something valuable to avoid a battle for corporate control. Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch.
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