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Did SB21’s Changes to Delaware Corporate Law Harm Shareholders?

Reynolds Holding

On March 26, 2025, Delaware Governor Meyer signed into law Senate Bill 21 (SB21) updating Delawares corporate law. 4] We measure returns in excess of the market in accordance with common event study practice. [5] Our analysis is based on the average return across all DE Companies and across all non-DE Companies in the S&P 500. [4]