What does the Delaware antitakeover statute provide? How can an acquirer evade the restrictions imposed by this statute?
What will be an ideal response?
The Delaware antitakeover statute provides that an acquirer of a Delaware corporation cannot complete a merger with the acquired corporation for three years after purchasing 15 percent or more of the Delaware corporation's shares. This restriction can be avoided if 1. the board of directors of the Delaware target company approves the takeover in advance, 2. the acquirer purchases 85 percent of the shares of the target corporation, or 3 . the acquirer gains the vote of two-thirds of the disinterested shares of the target corporation after purchasing 15 percent or more of the target corporation's shares.
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