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For most everyone other than the investors who hold them and the entities that issued them, the auction-rate securities mess seems long past. For investors and issuers, far from it. Now, some investors are widening one of the the latest fronts in the struggle: Proxy battles. Yesterday, two filings show some investment managers are still [...]
Last week, we footnoted about the small, but growing number of companies whose shareholders are requesting (via the annual proxy process) that their companies be relocated to North Dakota. That’s because a 2007 law is viewed as being much friendlier to shareholders than those in Delaware, where the vast majority of companies are based. Last [...]
Trying to keep up with the near-daily filings by Target (TGT) and Bill Ackman’s Pershing Square is no easy task. In two separate filings, the hedge fund has compared the company’s corporate structure to the “Third World and dictatorships” and described the board’s structure as “suboptimal”. Target, in turn, has described Ackman’s proxy contest ” [...]
Yesterday, we footnoted the 11 companies that have been targeted by activist investors interested in moving those companies state of incorporation to North Dakota, where a 2007 law is viewed as being more friendly than those in Delaware, where over 60% of Fortune 500 are currently incorporated. As we noted, all 11 companies are against [...]
Delaware has long been home to a wide range of corporations, and according to the state’s own site, over 60% of the Fortune 500 are incorporated in the state, even though the vast majority are technically based somewhere else. But this year, Delaware is getting some competition from a seemingly unlikely place: North Dakota, which enacted [...]
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