The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence and Policy
Lucian Arye Bebchuk
John C. Coates IV
Staggered boards, which a majority of public companies now have, provide a powerful antitakeover defense, stronger than is commonly recognized. They provide antitakeover protection both by (i) forcing any hostile bidder, no matter when it emerges, to wait at least one y...