Mr. Davidson, who owns 17 percent of his company's shares, is displeased with the six incumbent directors of the corporation
He proposes a slate of directors consisting of five other persons and himself to become members of the board of directors of the corporation and replace the incumbent directors. In the proxy contest, Mr. Davidson manages to acquire proxies from shareholders who control only 35 percent of the company's shares. Which of the following is true in this context?
A) The shareholders who voted for Mr. Davidson's slate of directors will constitute 35 percent of the new board of directors.
B) The incumbent directors will continue to form the board of directors.
C) The proxy contest did not establish a clear majority, so another proxy contest must be held.
D) The slate of directors proposed by Mr. Davidson will form the new board of directors.
D
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