特拉华州’s Choice

古汉亚克兰裔

本文首先向大多数美国公司转向所有董事的转移到年级选举,并认为替代方案“ineffective”作为一项政策问题,交错板将更加理想,但现在是错过的机会。在交错板上使用这种经验作为动机案例研究,该文章将审查关于特拉华州普通CorporationLaw第203条的政策选择。四个事实是无可争议的:(1)在20世纪80年代,联邦法院建立了第203条必须给投标人的原则“成功的有意义的机会” in order to withstand scrutiny under the Supremacy Clause of the U.S. Constitution; (2) federal courts upheld Section 203 at the time, based on empirical evidence from 1985- 1988 purporting to show that Section 203 did in fact give bidders a 成功的有意义的机会; (3) between 1990 and 2010, not a single bidder was able to achieve the 85% threshold  required by Section 203, thereby calling into question whether Section 203 has in fact given bidders a 成功的有意义的机会; and (4) perhaps most damning, the original evidence that the courts relied upon to conclude that Section 203 gave bidders a 成功的有意义的机会 was seriously flawed-so flawed, in fact, that even this original evidence supports the opposite conclusion: that Section 203 did not give bidders a 成功的有意义的机会. The constitutionality of  Section 203 is therefore “in play,”而且,随着毒药的衰落,反对第203条的新宪法挑战最终将会来。特拉华州可以通过降低第203节来避免这个摊牌’S的85%阈值为70%。就像在交错板上的中间接近方法一样,这项修正案 - 单一的号码 - 也是代表良好的政策:促进吸引超级态度的高级优惠。