Analysis

More Cos. Authorizing No-Vote Shares Despite Resistance

Law360, New York (July 12, 2017, 8:37 PM EDT) -- More companies are establishing the right to issue nonvoting shares at their initial public offering through a triple-class stock structure, venturing beyond dual-class setups that already contain unequal voting rights favoring management's ability to maintain long-term control, despite objections from institutional groups who say the practice erodes accountability.

The two largest initial public offerings of June, a $1.9 billion IPO by cable giant Altice USA and a $300 million deal from meal-kit delivery startup Blue Apron, each established three classes of shares with varying voting power. Both deals authorized single-vote Class A shares for the public, plus super-voting Class B shares...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!