Client Alert
Ruling Suggests Delaware Corporations with Staggered Boards Review Annual Meeting Terms
Earlier this month, the Delaware Court of Chancery decided that a bylaw amendment proposed by Air Products and Chemicals, Inc. that would result in the annual stockholder meetings of Airgas, Inc. being held seven months in advance of their historical dates was valid under Airgas’s governing documents and Delaware law. The Court’s decision, which is currently being appealed to the Delaware Supreme Court, highlights the importance of precise and unambiguous language in bylaw provisions regarding staggered boards. Delaware corporations should consider whether amendments to their bylaws or charter are necessary to avoid unintended consequences.
Click here to read our client alert discussing these recent developments.
If you have any questions regarding these issues, please contact either the Womble Carlyle attorney with whom you usually work or one of our Corporate and Securities attorneys.
Click here to read our client alert discussing these recent developments.
If you have any questions regarding these issues, please contact either the Womble Carlyle attorney with whom you usually work or one of our Corporate and Securities attorneys.
Womble Carlyle client alerts are intended to provide general information about significant legal developments and should not be construed as legal advice on any specific facts and circumstances, nor should they be construed as advertisements for legal services.
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