Class 11 The target Board

2016-12-15 08:31:02   0  举报

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Class 11 The Target Board是一个为学生提供学习资源的在线平台。这个平台致力于帮助学生们在完成他们的课程作业和项目时获得所需的信息和支持。它提供了各种学科的详细解释和指导，包括数学、科学、社会科学和语言艺术等。此外，它还提供了一个互动的学习社区，让学生可以与其他学生交流和讨论他们的想法和问题。通过使用Class 11 The Target Board，学生们可以获得更深入的知识理解，提高他们的学术成绩，并为未来的学习和职业生涯做好准备。这个平台的目标是帮助每一个学生实现他们的潜力，成为有知识、有能力和有责任感的公民。

作者其他创作

大纲/内容

vote out the board if bad agent

power to adopt defensive measures

agency problem

Duty changes: defensive measure is reasonably designed to enhance the value of the corp.

hostile takeover(without board's approval)

in order to prove business purpose (\"good faith\")

Note with condition precedent

Ct will not intrude in the defensive measure in the charter if there is a SH approval

Geier

governance duty

burden of proof on D (distinct from the classic BJR)

Presuming maintaining independence of the corp. is more valueable than accepting the bid

target

BJR/ EF

institutional investors

Balance

two-prong test

governance(voting)

Auction ending concession with thrid party comepeting bidder

Unocal (on inevitable sale like Relvon)

Although no \"self-dealing\"(otherwise EF)

measures in Relvon:

inherent danger of conflict of interest maintaining the objectivity of the judgment difficult (Bernett v. Propp)

testify the proportionality

Revlon (in the context of \"end game\")

Passive: rationally apathetic and collective action problem

allows the board to consider the non-constituences' interest

Revlon test in context of adopting defensive measure:

board of Directors

\"market force\"

presumption of supriority of maintaining independence no longer exists

reasonable investigation

direct vote for the material change of the corp.

regulation(fiduciary)

in the context of the whole picture of judicial review on the “takeover defense”measure

Duty to protect corp.

add \"proportionality\" requirement on the board's reaction to the \"threat\"

good faith reasonable investigation of \"threat\" to corp. policy and effectiveness

Unocal

authority - \"omnipresent specter\" of inherent conflict

prior or after a sale decision

antitakeover statute

proxy contest (disarm the defensive measure through removing the member of the incumbent board)

Identify the \"threat\"

Cheff

standard of review

\"end game\"(the Revlon boaed's authorization permitting managment to negotiate a merger with third party was a recognition that the company was for sale)