Less than a year after the board of directors of the Williams Companies, Inc. adopted a one-year stockholder rights plan with a five percent trigger (the “Williams Plan”), the Delaware Court of Chancery, under the Unocal standard, permanently enjoined it, and found that the directors had breached their fiduciary duties, thereby rendering it unenforceable. To read more, please click here.
Good Governance Relies on Good Facts: A Fresh Look at Right Plans and Fiduciary Duties
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