Given the diminished pervasiveness of poison pills and other traditional defenses for corporate control, unequal voting rights have been transformed from a seldom-seen defense to one of the most effective ways to cement control.
We are pleased by the court's decision to deny CBS and its special committee's unprecedented motion to try to deprive a shareholder of its fundamental voting rights.
Companies with multiple share class structures tend to have corporate governance structures that treat different shareholder classes unequally with respect to voting rights and other governance issues.