The Delaware Supreme Court, in BlackRock Credit Allocation Income Trust, et al. v. Saba Capital Master Fund, Ltd., No. 297, 2019, opinion (Del. Jan. 13, 2020), found that a company board submitted voluminous requests for additional information from director candidates nominated to oppose incumbents that exceeded the scope of supplemental information requests authorized by advance notice bylaw, but nominees were not excused from submitting their responses by the deadline imposed by the bylaw.
NEW: Morris James discusses the decision in Delaware Supreme Court Finds That Stockholder Failed to Satisfy Unambiguous Requirements of Advance Notice Bylaw.
Goodmans discusses the decision and its implications under Canadian law in Advance Notice By-Laws — A Canadian Shield.
Bass, Berry, & Sims discusses the decision in Advance Notice Bylaw Provisions Upheld by Delaware Supreme Court.
Shearman & Sterling discusses the decision in Delaware Supreme Court Finds Dissident Board Nominees Ineligible Because Of Noncompliance With Bylaws Deadline To Respond To Supplemental Information Request.
Wilson Sonsini discusses the decision in Delaware Supreme Court Reverses the Court of Chancery and Upholds the Enforceability of Clear and Unambiguous Advance Notice Bylaw Deadline.
Paul Weiss discusses the decision in Delaware Supreme Court Requires Stockholders to Comply or Object to Supplemental Information Requests by Deadline.
Hunton Andrews Kurth discusses the decision in Delaware Supreme Court Upholds Advance Notice Bylaw.
$$$ Law360 discusses the decision in Del. Justices Ax Late Votes In BlackRock Board Battle.