Many US and Canadian public companies have implemented so-called advance notice provisions (“ANPs”), bylaws and policies requiring shareholders to provide a company with notice by a specified deadline should they wish to propose an alternative slate of directors at a shareholder meeting. Recently, a shareholder of a US company listed on the New York Stock Exchange ran out of time to provide the usual form of notice and instead nominated “placeholder candidates”. This article examines the novel and previously untested tactic of nominating “placeholder candidates” in proxy contests.… Continue Reading
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This blog voices our perspectives on developments in M&A and private equity, comments on the impact of changes to corporate-commercial laws as they may affect M&A activity, relates insights derived from our experiences handling some of the largest and most complex transactions, and shares best practices from our adventures in deal-making.