Richards Layton & Finger

Winning the Class Struggle: Acquirer Strategies for Declassifying Classified Boards

January 2008

The struggle against a classified board can be daunting. As we hope to demonstrate in this article, however, a determined acquirer has at its disposal several ways to overcome the protections inherent in the classified-board structure. On the other hand, target boards also have ways to bolster the defenses provided by the classified-board structure. No short article could do justice to the intricacies and myriad counter-maneuvers possible in a battle over a classified board, but it is our hope that this article provides a general introduction to the most important tricks and traps involved with classified boards.