Because Bebchuk and Cohen (2005) focus on a staggered board
as a key antitakeover provision, we refer to the staggered board
indicator as an index as well.
board members should be reelected annually--there should be no staggered board
or multi-year appointments,
27) Weighing in on this debate, the BBJ study uses its result on the association of activism with long-term firm value to conclude that defensive measures such as the staggered board
should be abandoned because they provide a significant impediment to value-increasing hedge fund activism.
28) Moreover, studies have found a negative relationship between staggered board
provisions and share price, suggesting that obstacles to a change of control have a negative effect on firm value.
The 2014 board term initiates our transition to annual board elections and staggered board
terms, so some of the board seats will be limited to a one- or two-year term, while a few have the usual three-year term.
directors on a staggered board
can be removed only for cause.
Radnor, Pennsylvania-based Airgas has a staggered board
, and only three members come up for reelection each year.
110) Furthermore, the election route may not even be available to a bidder faced with a staggered board
The combined company will adopt a staggered board
entrenching its members and the management of the company, irrespective of the combined company's performance.
A letter attached to the SEC filing requested that Tweeter's board of directors submit to its shareholders during the retailer's 2006 annual meeting a proposal to terminate its poison pill plan and eliminate a provision of its "certificate of incorporation that provides for a staggered board
CenturyTel's staggered board
structure means only one-third of the board is up for election every year, so Alltel would be able to replace only one third of the board at the next shareholder's.
ITT has engineered a split of its business into three separate companies in such a way as to bypass shareholder approval, change to a staggered board
and take on about $2 billion in debt.