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...
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