Richards Layton & Finger

Destaggering with Class: A Plan for Potential Targets in Troubled Times

November-December 2009

Whether they are seeking to improve their governance score, or are responding to specific calls from significant or activist stockholders, many boards have considered eliminating their staggered boards.  While we make no recommendation whether a board should take this step, we propose in this article a method for doing so that seeks to preserve, for the maximum period possible, the incremental anti-takeover protection offered by a staggered board.