id sid tid token lemma pos cblr-1720 1 1 2_2017.2_shilon_final 2_2017.2_shilon_final NUM cblr-1720 1 2 shilon shilon NOUN cblr-1720 1 3 – – PUNCT cblr-1720 1 4 final final ADJ cblr-1720 1 5 putting putting NOUN cblr-1720 1 6 directors director NOUN cblr-1720 1 7 ’ ’ PART cblr-1720 1 8 money money NOUN cblr-1720 1 9 where where SCONJ cblr-1720 1 10 their their PRON cblr-1720 1 11 mouths mouth NOUN cblr-1720 1 12 are be AUX cblr-1720 1 13 : : PUNCT cblr-1720 1 14 a a DET cblr-1720 1 15 new new ADJ cblr-1720 1 16 approach approach NOUN cblr-1720 1 17 to to ADP cblr-1720 1 18 improving improve VERB cblr-1720 1 19 corporate corporate ADJ cblr-1720 1 20 takeover takeover NOUN cblr-1720 1 21 dynamics dynamic NOUN cblr-1720 1 22 nitzan nitzan NOUN cblr-1720 1 23 shilon∗ shilon∗ NOUN cblr-1720 1 24 this this DET cblr-1720 1 25 paper paper NOUN cblr-1720 1 26 aims aim VERB cblr-1720 1 27 to to PART cblr-1720 1 28 improve improve VERB cblr-1720 1 29 shareholder shareholder NOUN cblr-1720 1 30 protection protection NOUN cblr-1720 1 31 from from ADP cblr-1720 1 32 underpriced underpriced ADJ cblr-1720 1 33 bids bid NOUN cblr-1720 1 34 in in ADP cblr-1720 1 35 takeover takeover NOUN cblr-1720 1 36 situations situation NOUN cblr-1720 1 37 . . PUNCT cblr-1720 2 1 target target NOUN cblr-1720 2 2 boards board NOUN cblr-1720 2 3 , , PUNCT cblr-1720 2 4 as as SCONJ cblr-1720 2 5 stewards steward NOUN cblr-1720 2 6 of of ADP cblr-1720 2 7 the the DET cblr-1720 2 8 corporation corporation NOUN cblr-1720 2 9 who who PRON cblr-1720 2 10 typically typically ADV cblr-1720 2 11 possess possess VERB cblr-1720 2 12 superior superior ADJ cblr-1720 2 13 information information NOUN cblr-1720 2 14 about about ADP cblr-1720 2 15 the the DET cblr-1720 2 16 desirability desirability NOUN cblr-1720 2 17 of of ADP cblr-1720 2 18 unsolicited unsolicited ADJ cblr-1720 2 19 bids bid NOUN cblr-1720 2 20 , , PUNCT cblr-1720 2 21 can can AUX cblr-1720 2 22 be be AUX cblr-1720 2 23 expected expect VERB cblr-1720 2 24 to to PART cblr-1720 2 25 protect protect VERB cblr-1720 2 26 their their PRON cblr-1720 2 27 shareholders shareholder NOUN cblr-1720 2 28 from from ADP cblr-1720 2 29 such such ADJ cblr-1720 2 30 bids bid NOUN cblr-1720 2 31 . . PUNCT cblr-1720 3 1 unfortunately unfortunately ADV cblr-1720 3 2 , , PUNCT cblr-1720 3 3 because because SCONJ cblr-1720 3 4 they they PRON cblr-1720 3 5 have have VERB cblr-1720 3 6 a a DET cblr-1720 3 7 conflict conflict NOUN cblr-1720 3 8 of of ADP cblr-1720 3 9 interest interest NOUN cblr-1720 3 10 with with ADP cblr-1720 3 11 their their PRON cblr-1720 3 12 shareholders shareholder NOUN cblr-1720 3 13 in in ADP cblr-1720 3 14 takeover takeover NOUN cblr-1720 3 15 situations situation NOUN cblr-1720 3 16 , , PUNCT cblr-1720 3 17 they they PRON cblr-1720 3 18 tend tend VERB cblr-1720 3 19 to to PART cblr-1720 3 20 reject reject VERB cblr-1720 3 21 hostile hostile ADJ cblr-1720 3 22 bids bid NOUN cblr-1720 3 23 to to ADP cblr-1720 3 24 an an DET cblr-1720 3 25 excessive excessive ADJ cblr-1720 3 26 degree degree NOUN cblr-1720 3 27 . . PUNCT cblr-1720 4 1 moreover moreover ADV cblr-1720 4 2 , , PUNCT cblr-1720 4 3 the the DET cblr-1720 4 4 current current ADJ cblr-1720 4 5 delaware delaware PROPN cblr-1720 4 6 doctrine doctrine NOUN cblr-1720 4 7 is be AUX cblr-1720 4 8 ineffective ineffective ADJ cblr-1720 4 9 in in ADP cblr-1720 4 10 monitoring monitor VERB cblr-1720 4 11 boards board NOUN cblr-1720 4 12 ’ ' PUNCT cblr-1720 4 13 responses response NOUN cblr-1720 4 14 to to ADP cblr-1720 4 15 takeovers takeover NOUN cblr-1720 4 16 , , PUNCT cblr-1720 4 17 largely largely ADV cblr-1720 4 18 because because SCONJ cblr-1720 4 19 boards board NOUN cblr-1720 4 20 might might AUX cblr-1720 4 21 use use VERB cblr-1720 4 22 selective selective ADJ cblr-1720 4 23 inside inside ADJ cblr-1720 4 24 information information NOUN cblr-1720 4 25 to to PART cblr-1720 4 26 which which PRON cblr-1720 4 27 the the DET cblr-1720 4 28 courts court NOUN cblr-1720 4 29 lack lack VERB cblr-1720 4 30 access access NOUN cblr-1720 4 31 and and CCONJ cblr-1720 4 32 because because SCONJ cblr-1720 4 33 their their PRON cblr-1720 4 34 judgments judgment NOUN cblr-1720 4 35 are be AUX cblr-1720 4 36 backed back VERB cblr-1720 4 37 by by ADP cblr-1720 4 38 subjective subjective ADJ cblr-1720 4 39 , , PUNCT cblr-1720 4 40 hardto hardto ADJ cblr-1720 4 41 - - PUNCT cblr-1720 4 42 attack attack NOUN cblr-1720 4 43 legal legal ADJ cblr-1720 4 44 and and CCONJ cblr-1720 4 45 financial financial ADJ cblr-1720 4 46 expert expert NOUN cblr-1720 4 47 opinions opinion NOUN cblr-1720 4 48 which which PRON cblr-1720 4 49 courts court NOUN cblr-1720 4 50 are be AUX cblr-1720 4 51 ill ill ADV cblr-1720 4 52 - - PUNCT cblr-1720 4 53 equipped equip VERB cblr-1720 4 54 to to PART cblr-1720 4 55 challenge challenge VERB cblr-1720 4 56 . . PUNCT cblr-1720 5 1 to to PART cblr-1720 5 2 rectify rectify VERB cblr-1720 5 3 the the DET cblr-1720 5 4 problems problem NOUN cblr-1720 5 5 of of ADP cblr-1720 5 6 courts court NOUN cblr-1720 5 7 ’ ' PUNCT cblr-1720 5 8 and and CCONJ cblr-1720 5 9 shareholders shareholder NOUN cblr-1720 5 10 ’ ’ PART cblr-1720 5 11 inferior inferior ADJ cblr-1720 5 12 information information NOUN cblr-1720 5 13 as as ADV cblr-1720 5 14 well well ADV cblr-1720 5 15 as as ADP cblr-1720 5 16 boards board NOUN cblr-1720 5 17 ’ ' PUNCT cblr-1720 5 18 skewed skewed ADJ cblr-1720 5 19 incentives incentive NOUN cblr-1720 5 20 , , PUNCT cblr-1720 5 21 i i PRON cblr-1720 5 22 ∗ ∗ VERB cblr-1720 5 23 assistant assistant PROPN cblr-1720 5 24 professor professor NOUN cblr-1720 5 25 , , PUNCT cblr-1720 5 26 peking peking NOUN cblr-1720 5 27 university university NOUN cblr-1720 5 28 school school NOUN cblr-1720 5 29 of of ADP cblr-1720 5 30 transnational transnational ADJ cblr-1720 5 31 law law NOUN cblr-1720 5 32 ; ; PUNCT cblr-1720 5 33 commissioner commissioner NOUN cblr-1720 5 34 , , PUNCT cblr-1720 5 35 israel israel PROPN cblr-1720 5 36 securities security NOUN cblr-1720 5 37 authority authority NOUN cblr-1720 5 38 ; ; PUNCT cblr-1720 5 39 fellow fellow NOUN cblr-1720 5 40 , , PUNCT cblr-1720 5 41 fordham fordham PROPN cblr-1720 5 42 law law PROPN cblr-1720 5 43 school school NOUN cblr-1720 5 44 corporate corporate ADJ cblr-1720 5 45 law law NOUN cblr-1720 5 46 center center NOUN cblr-1720 5 47 . . PUNCT cblr-1720 6 1 part part NOUN cblr-1720 6 2 of of ADP cblr-1720 6 3 the the DET cblr-1720 6 4 work work NOUN cblr-1720 6 5 on on ADP cblr-1720 6 6 this this DET cblr-1720 6 7 project project NOUN cblr-1720 6 8 was be AUX cblr-1720 6 9 conducted conduct VERB cblr-1720 6 10 while while SCONJ cblr-1720 6 11 i i PRON cblr-1720 6 12 was be AUX cblr-1720 6 13 an an DET cblr-1720 6 14 s.j.d s.j.d NOUN cblr-1720 6 15 . . PUNCT cblr-1720 7 1 candidate candidate NOUN cblr-1720 7 2 and and CCONJ cblr-1720 7 3 a a DET cblr-1720 7 4 john john PROPN cblr-1720 7 5 m. m. PROPN cblr-1720 7 6 olin olin PROPN cblr-1720 7 7 corporate corporate ADJ cblr-1720 7 8 governance governance NOUN cblr-1720 7 9 fellow fellow NOUN cblr-1720 7 10 in in ADP cblr-1720 7 11 law law NOUN cblr-1720 7 12 and and CCONJ cblr-1720 7 13 economics economic NOUN cblr-1720 7 14 , , PUNCT cblr-1720 7 15 harvard harvard PROPN cblr-1720 7 16 law law PROPN cblr-1720 7 17 school school NOUN cblr-1720 7 18 . . PUNCT cblr-1720 8 1 i i PRON cblr-1720 8 2 am be AUX cblr-1720 8 3 grateful grateful ADJ cblr-1720 8 4 to to ADP cblr-1720 8 5 lucian lucian PROPN cblr-1720 8 6 bebchuk bebchuk PROPN cblr-1720 8 7 , , PUNCT cblr-1720 8 8 jesse jesse PROPN cblr-1720 8 9 fried fried PROPN cblr-1720 8 10 , , PUNCT cblr-1720 8 11 roberta roberta PROPN cblr-1720 8 12 romano romano PROPN cblr-1720 8 13 , , PUNCT cblr-1720 8 14 charles charles PROPN cblr-1720 8 15 yablon yablon PROPN cblr-1720 8 16 , , PUNCT cblr-1720 8 17 sharon sharon PROPN cblr-1720 8 18 hannes hannes PROPN cblr-1720 8 19 , , PUNCT cblr-1720 8 20 noam noam PROPN cblr-1720 8 21 peskin peskin PROPN cblr-1720 8 22 , , PUNCT cblr-1720 8 23 phillip phillip NOUN cblr-1720 8 24 curry curry PROPN cblr-1720 8 25 , , PUNCT cblr-1720 8 26 the the DET cblr-1720 8 27 participants participant NOUN cblr-1720 8 28 of of ADP cblr-1720 8 29 the the DET cblr-1720 8 30 annual annual ADJ cblr-1720 8 31 conferences conference NOUN cblr-1720 8 32 of of ADP cblr-1720 8 33 the the DET cblr-1720 8 34 american american ADJ cblr-1720 8 35 law law PROPN cblr-1720 8 36 and and CCONJ cblr-1720 8 37 economics economic NOUN cblr-1720 8 38 association association PROPN cblr-1720 8 39 , , PUNCT cblr-1720 8 40 the the DET cblr-1720 8 41 canadian canadian ADJ cblr-1720 8 42 law law NOUN cblr-1720 8 43 and and CCONJ cblr-1720 8 44 economics economic NOUN cblr-1720 8 45 association association PROPN cblr-1720 8 46 , , PUNCT cblr-1720 8 47 the the DET cblr-1720 8 48 canadian canadian ADJ cblr-1720 8 49 economics economics PROPN cblr-1720 8 50 association association PROPN cblr-1720 8 51 , , PUNCT cblr-1720 8 52 the the DET cblr-1720 8 53 european european ADJ cblr-1720 8 54 law law PROPN cblr-1720 8 55 and and CCONJ cblr-1720 8 56 economics economic NOUN cblr-1720 8 57 association association PROPN cblr-1720 8 58 , , PUNCT cblr-1720 8 59 the the DET cblr-1720 8 60 society society NOUN cblr-1720 8 61 for for ADP cblr-1720 8 62 institutional institutional ADJ cblr-1720 8 63 and and CCONJ cblr-1720 8 64 organizational organizational ADJ cblr-1720 8 65 economics economic NOUN cblr-1720 8 66 , , PUNCT cblr-1720 8 67 and and CCONJ cblr-1720 8 68 the the DET cblr-1720 8 69 asian asian ADJ cblr-1720 8 70 law law NOUN cblr-1720 8 71 and and CCONJ cblr-1720 8 72 economics economic NOUN cblr-1720 8 73 association association NOUN cblr-1720 8 74 for for ADP cblr-1720 8 75 their their PRON cblr-1720 8 76 helpful helpful ADJ cblr-1720 8 77 comments comment NOUN cblr-1720 8 78 . . PUNCT cblr-1720 9 1 i i PRON cblr-1720 9 2 would would AUX cblr-1720 9 3 like like VERB cblr-1720 9 4 to to PART cblr-1720 9 5 acknowledge acknowledge VERB cblr-1720 9 6 support support NOUN cblr-1720 9 7 from from ADP cblr-1720 9 8 harvard harvard PROPN cblr-1720 9 9 law law PROPN cblr-1720 9 10 school school PROPN cblr-1720 9 11 ’s ’s PART cblr-1720 9 12 john john PROPN cblr-1720 9 13 m. m. PROPN cblr-1720 9 14 olin olin PROPN cblr-1720 9 15 center center PROPN cblr-1720 9 16 for for ADP cblr-1720 9 17 law law NOUN cblr-1720 9 18 , , PUNCT cblr-1720 9 19 economics economic NOUN cblr-1720 9 20 , , PUNCT cblr-1720 9 21 and and CCONJ cblr-1720 9 22 business business NOUN cblr-1720 9 23 . . PUNCT cblr-1720 10 1 shilon shilon NOUN cblr-1720 10 2 – – PUNCT cblr-1720 10 3 final final ADJ cblr-1720 10 4 512 512 NUM cblr-1720 10 5 columbia columbia PROPN cblr-1720 10 6 business business NOUN cblr-1720 10 7 law law PROPN cblr-1720 10 8 review review NOUN cblr-1720 11 1 [ [ X cblr-1720 11 2 vol vol NOUN cblr-1720 11 3 . . PUNCT cblr-1720 11 4 2017 2017 NUM cblr-1720 11 5 propose propose VERB cblr-1720 11 6 an an DET cblr-1720 11 7 arrangement arrangement NOUN cblr-1720 11 8 in in ADP cblr-1720 11 9 which which PRON cblr-1720 11 10 target target NOUN cblr-1720 11 11 boards board NOUN cblr-1720 11 12 wishing wish VERB cblr-1720 11 13 to to PART cblr-1720 11 14 veto veto VERB cblr-1720 11 15 nonstructurally nonstructurally ADV cblr-1720 11 16 coercive coercive ADJ cblr-1720 11 17 takeover takeover NOUN cblr-1720 11 18 bids bid NOUN cblr-1720 11 19 would would AUX cblr-1720 11 20 be be AUX cblr-1720 11 21 encouraged encourage VERB cblr-1720 11 22 to to PART cblr-1720 11 23 demonstrate demonstrate VERB cblr-1720 11 24 their their PRON cblr-1720 11 25 opposition opposition NOUN cblr-1720 11 26 by by ADP cblr-1720 11 27 committing commit VERB cblr-1720 11 28 to to PART cblr-1720 11 29 buy buy VERB cblr-1720 11 30 , , PUNCT cblr-1720 11 31 if if SCONJ cblr-1720 11 32 the the DET cblr-1720 11 33 bid bid NOUN cblr-1720 11 34 fails fail VERB cblr-1720 11 35 , , PUNCT cblr-1720 11 36 and and CCONJ cblr-1720 11 37 hold hold VERB cblr-1720 11 38 for for ADP cblr-1720 11 39 a a DET cblr-1720 11 40 specified specified ADJ cblr-1720 11 41 period period NOUN cblr-1720 11 42 of of ADP cblr-1720 11 43 time time NOUN cblr-1720 11 44 a a DET cblr-1720 11 45 certain certain ADJ cblr-1720 11 46 amount amount NOUN cblr-1720 11 47 of of ADP cblr-1720 11 48 target target NOUN cblr-1720 11 49 stock stock NOUN cblr-1720 11 50 at at ADP cblr-1720 11 51 the the DET cblr-1720 11 52 bid bid NOUN cblr-1720 11 53 price price NOUN cblr-1720 11 54 . . PUNCT cblr-1720 12 1 the the DET cblr-1720 12 2 directors director NOUN cblr-1720 12 3 would would AUX cblr-1720 12 4 be be AUX cblr-1720 12 5 incentivized incentivize VERB cblr-1720 12 6 to to PART cblr-1720 12 7 follow follow VERB cblr-1720 12 8 the the DET cblr-1720 12 9 arrangement arrangement NOUN cblr-1720 12 10 because because SCONJ cblr-1720 12 11 it it PRON cblr-1720 12 12 would would AUX cblr-1720 12 13 require require VERB cblr-1720 12 14 courts court NOUN cblr-1720 12 15 , , PUNCT cblr-1720 12 16 in in ADP cblr-1720 12 17 a a DET cblr-1720 12 18 potential potential ADJ cblr-1720 12 19 fiduciary fiduciary ADJ cblr-1720 12 20 duties duty NOUN cblr-1720 12 21 lawsuit lawsuit NOUN cblr-1720 12 22 , , PUNCT cblr-1720 12 23 to to PART cblr-1720 12 24 give give VERB cblr-1720 12 25 directors director NOUN cblr-1720 12 26 ’ ' PUNCT cblr-1720 12 27 commitments commitment NOUN cblr-1720 12 28 significant significant ADJ cblr-1720 12 29 weight weight NOUN cblr-1720 12 30 when when SCONJ cblr-1720 12 31 evaluating evaluate VERB cblr-1720 12 32 their their PRON cblr-1720 12 33 defense defense NOUN cblr-1720 12 34 that that SCONJ cblr-1720 12 35 they they PRON cblr-1720 12 36 rejected reject VERB cblr-1720 12 37 the the DET cblr-1720 12 38 bid bid NOUN cblr-1720 12 39 to to PART cblr-1720 12 40 protect protect VERB cblr-1720 12 41 their their PRON cblr-1720 12 42 shareholders shareholder NOUN cblr-1720 12 43 . . PUNCT cblr-1720 13 1 adopting adopt VERB cblr-1720 13 2 the the DET cblr-1720 13 3 proposed propose VERB cblr-1720 13 4 arrangement arrangement NOUN cblr-1720 13 5 can can AUX cblr-1720 13 6 significantly significantly ADV cblr-1720 13 7 address address VERB cblr-1720 13 8 important important ADJ cblr-1720 13 9 problems problem NOUN cblr-1720 13 10 in in ADP cblr-1720 13 11 corporate corporate ADJ cblr-1720 13 12 takeovers takeover NOUN cblr-1720 13 13 that that PRON cblr-1720 13 14 have have AUX cblr-1720 13 15 long long ADV cblr-1720 13 16 claimed claim VERB cblr-1720 13 17 the the DET cblr-1720 13 18 attention attention NOUN cblr-1720 13 19 of of ADP cblr-1720 13 20 corporate corporate ADJ cblr-1720 13 21 law law NOUN cblr-1720 13 22 scholars scholar NOUN cblr-1720 13 23 and and CCONJ cblr-1720 13 24 financial financial ADJ cblr-1720 13 25 economists economist NOUN cblr-1720 13 26 . . PUNCT cblr-1720 14 1 in in ADP cblr-1720 14 2 particular particular ADJ cblr-1720 14 3 , , PUNCT cblr-1720 14 4 inducing induce VERB cblr-1720 14 5 target target NOUN cblr-1720 14 6 boards board NOUN cblr-1720 14 7 to to PART cblr-1720 14 8 credibly credibly ADV cblr-1720 14 9 transmit transmit VERB cblr-1720 14 10 their their PRON cblr-1720 14 11 genuine genuine ADJ cblr-1720 14 12 bottom bottom ADJ cblr-1720 14 13 - - PUNCT cblr-1720 14 14 line line NOUN cblr-1720 14 15 understanding understanding NOUN cblr-1720 14 16 about about ADP cblr-1720 14 17 the the DET cblr-1720 14 18 desirability desirability NOUN cblr-1720 14 19 of of ADP cblr-1720 14 20 a a DET cblr-1720 14 21 bid bid NOUN cblr-1720 14 22 would would AUX cblr-1720 14 23 offset offset VERB cblr-1720 14 24 the the DET cblr-1720 14 25 courts court NOUN cblr-1720 14 26 ’ ’ PART cblr-1720 14 27 inability inability NOUN cblr-1720 14 28 to to PART cblr-1720 14 29 review review VERB cblr-1720 14 30 the the DET cblr-1720 14 31 directors director NOUN cblr-1720 14 32 ’ ’ PART cblr-1720 14 33 decision decision NOUN cblr-1720 14 34 effectively effectively ADV cblr-1720 14 35 . . PUNCT cblr-1720 15 1 imposing impose VERB cblr-1720 15 2 personal personal ADJ cblr-1720 15 3 costs cost NOUN cblr-1720 15 4 that that PRON cblr-1720 15 5 the the DET cblr-1720 15 6 directors director NOUN cblr-1720 15 7 would would AUX cblr-1720 15 8 uniquely uniquely ADV cblr-1720 15 9 incur incur VERB cblr-1720 15 10 if if SCONJ cblr-1720 15 11 they they PRON cblr-1720 15 12 wish wish VERB cblr-1720 15 13 to to PART cblr-1720 15 14 reject reject VERB cblr-1720 15 15 hostile hostile ADJ cblr-1720 15 16 bids bid NOUN cblr-1720 15 17 would would AUX cblr-1720 15 18 counteract counteract VERB cblr-1720 15 19 the the DET cblr-1720 15 20 directors director NOUN cblr-1720 15 21 ’ ’ PART cblr-1720 15 22 expost expost ADJ cblr-1720 15 23 incentive incentive NOUN cblr-1720 15 24 to to PART cblr-1720 15 25 reject reject VERB cblr-1720 15 26 hostile hostile ADJ cblr-1720 15 27 bids bid NOUN cblr-1720 15 28 excessively excessively ADV cblr-1720 15 29 . . PUNCT cblr-1720 16 1 increasing increase VERB cblr-1720 16 2 the the DET cblr-1720 16 3 directors director NOUN cblr-1720 16 4 ’ ' PUNCT cblr-1720 16 5 cost cost NOUN cblr-1720 16 6 of of ADP cblr-1720 16 7 a a DET cblr-1720 16 8 takeover takeover NOUN cblr-1720 16 9 attempt attempt NOUN cblr-1720 16 10 would would AUX cblr-1720 16 11 improve improve VERB cblr-1720 16 12 market market NOUN cblr-1720 16 13 discipline discipline NOUN cblr-1720 16 14 and and CCONJ cblr-1720 16 15 motivate motivate VERB cblr-1720 16 16 the the DET cblr-1720 16 17 directors director NOUN cblr-1720 16 18 to to PART cblr-1720 16 19 increase increase VERB cblr-1720 16 20 firm firm ADJ cblr-1720 16 21 value value NOUN cblr-1720 16 22 and and CCONJ cblr-1720 16 23 reduce reduce VERB cblr-1720 16 24 agency agency NOUN cblr-1720 16 25 costs cost NOUN cblr-1720 16 26 . . PUNCT cblr-1720 17 1 finally finally ADV cblr-1720 17 2 , , PUNCT cblr-1720 17 3 favoring favor VERB cblr-1720 17 4 firms firm NOUN cblr-1720 17 5 with with ADP cblr-1720 17 6 high high ADJ cblr-1720 17 7 long long ADJ cblr-1720 17 8 - - PUNCT cblr-1720 17 9 term term NOUN cblr-1720 17 10 value value NOUN cblr-1720 17 11 would would AUX cblr-1720 17 12 protect protect VERB cblr-1720 17 13 them they PRON cblr-1720 17 14 from from ADP cblr-1720 17 15 myopic myopic ADJ cblr-1720 17 16 bidders bidder NOUN cblr-1720 17 17 and and CCONJ cblr-1720 17 18 alleviate alleviate VERB cblr-1720 17 19 their their PRON cblr-1720 17 20 unrelenting unrelenting ADJ cblr-1720 17 21 pressure pressure NOUN cblr-1720 17 22 to to PART cblr-1720 17 23 meet meet VERB cblr-1720 17 24 quarterly quarterly ADJ cblr-1720 17 25 earnings earning NOUN cblr-1720 17 26 expectations expectation NOUN cblr-1720 17 27 . . PUNCT cblr-1720 18 1 for for ADP cblr-1720 18 2 these these DET cblr-1720 18 3 reasons reason NOUN cblr-1720 18 4 , , PUNCT cblr-1720 18 5 the the DET cblr-1720 18 6 proposed propose VERB cblr-1720 18 7 arrangement arrangement NOUN cblr-1720 18 8 could could AUX cblr-1720 18 9 greatly greatly ADV cblr-1720 18 10 improve improve VERB cblr-1720 18 11 corporate corporate ADJ cblr-1720 18 12 takeover takeover NOUN cblr-1720 18 13 dynamics dynamic NOUN cblr-1720 18 14 . . PUNCT cblr-1720 19 1 i. i. PROPN cblr-1720 19 2     SPACE cblr-1720 19 3 introduction introduction NOUN cblr-1720 19 4 ................................................................ ................................................................ PUNCT cblr-1720 19 5 514 514 NUM cblr-1720 19 6     SPACE cblr-1720 19 7 ii ii NOUN cblr-1720 19 8 . . PUNCT cblr-1720 19 9     SPACE cblr-1720 20 1 why why SCONJ cblr-1720 20 2 shareholders shareholder NOUN cblr-1720 20 3 might might AUX cblr-1720 20 4 erroneously erroneously ADV cblr-1720 20 5 accept accept VERB cblr-1720 20 6 underpriced underpriced ADJ cblr-1720 20 7 bids bid NOUN cblr-1720 20 8 ........................................................ ........................................................ PUNCT cblr-1720 20 9 524 524 NUM cblr-1720 20 10     SPACE cblr-1720 20 11 a. a. NOUN cblr-1720 20 12     SPACE cblr-1720 20 13 shareholder shareholder NOUN cblr-1720 20 14 inability inability NOUN cblr-1720 20 15 to to PART cblr-1720 20 16 assess assess VERB cblr-1720 20 17 the the DET cblr-1720 20 18 target target NOUN cblr-1720 20 19 ’s ’s PART cblr-1720 20 20 intrinsic intrinsic ADJ cblr-1720 20 21 value value NOUN cblr-1720 20 22 ...................................................... ...................................................... PUNCT cblr-1720 20 23 526 526 NUM cblr-1720 20 24     SPACE cblr-1720 20 25 1 1 NUM cblr-1720 20 26 . . PUNCT cblr-1720 20 27     SPACE cblr-1720 20 28 challenges challenge NOUN cblr-1720 20 29 in in ADP cblr-1720 20 30 distinguishing distinguish VERB cblr-1720 20 31 between between ADP cblr-1720 20 32 market market NOUN cblr-1720 20 33 value value NOUN cblr-1720 20 34 and and CCONJ cblr-1720 20 35 intrinsic intrinsic ADJ cblr-1720 20 36 value value NOUN cblr-1720 20 37 ................. ................. PUNCT cblr-1720 20 38 526 526 NUM cblr-1720 20 39     SPACE cblr-1720 20 40 a. a. NOUN cblr-1720 20 41     SPACE cblr-1720 20 42 public public ADJ cblr-1720 20 43 information information NOUN cblr-1720 20 44 .................................... .................................... PUNCT cblr-1720 20 45 527 527 NUM cblr-1720 20 46     SPACE cblr-1720 20 47 b. b. PROPN cblr-1720 20 48     SPACE cblr-1720 20 49 nonpublic nonpublic ADJ cblr-1720 20 50 information information NOUN cblr-1720 20 51 ............................. ............................. PUNCT cblr-1720 20 52 527 527 NUM cblr-1720 20 53     SPACE cblr-1720 20 54 shilon shilon NOUN cblr-1720 20 55 – – PUNCT cblr-1720 20 56 final final ADJ cblr-1720 20 57 no no NOUN cblr-1720 20 58 . . PUNCT cblr-1720 20 59 2:511 2:511 NOUN cblr-1720 20 60 ] ] X cblr-1720 20 61 improving improve VERB cblr-1720 20 62 corporate corporate ADJ cblr-1720 20 63 takeover takeover NOUN cblr-1720 20 64 dynamics dynamic NOUN cblr-1720 20 65 513 513 NUM cblr-1720 20 66 2 2 NUM cblr-1720 20 67 . . PUNCT cblr-1720 20 68     SPACE cblr-1720 20 69 challenges challenge NOUN cblr-1720 20 70 to to ADP cblr-1720 20 71 gathering gather VERB cblr-1720 20 72 information information NOUN cblr-1720 20 73 independently independently ADV cblr-1720 20 74 ................................................. ................................................. PUNCT cblr-1720 21 1 529 529 NUM cblr-1720 21 2     SPACE cblr-1720 21 3 3 3 NUM cblr-1720 21 4 . . PUNCT cblr-1720 21 5     SPACE cblr-1720 21 6 frictions friction NOUN cblr-1720 21 7 that that PRON cblr-1720 21 8 limit limit VERB cblr-1720 21 9 board board NOUN cblr-1720 21 10 capacity capacity NOUN cblr-1720 21 11 to to PART cblr-1720 21 12 convey convey VERB cblr-1720 21 13 their their PRON cblr-1720 21 14 inside inside ADJ cblr-1720 21 15 understanding understanding NOUN cblr-1720 21 16 .............. .............. PUNCT cblr-1720 22 1 531 531 NUM cblr-1720 22 2     SPACE cblr-1720 22 3 b. b. NOUN cblr-1720 22 4     SPACE cblr-1720 22 5 deviation deviation NOUN cblr-1720 22 6 of of ADP cblr-1720 22 7 shareholder shareholder NOUN cblr-1720 22 8 choice choice NOUN cblr-1720 22 9 from from ADP cblr-1720 22 10 maximization maximization NOUN cblr-1720 22 11 of of ADP cblr-1720 22 12 long long ADJ cblr-1720 22 13 - - PUNCT cblr-1720 22 14 term term NOUN cblr-1720 22 15 firm firm ADJ cblr-1720 22 16 value value NOUN cblr-1720 22 17 ............ ............ PUNCT cblr-1720 22 18 532 532 NUM cblr-1720 22 19     SPACE cblr-1720 22 20 iii iii NOUN cblr-1720 22 21 . . PUNCT cblr-1720 22 22     SPACE cblr-1720 22 23 target target NOUN cblr-1720 22 24 boards board NOUN cblr-1720 22 25 ’ ' PUNCT cblr-1720 22 26 conflict conflict NOUN cblr-1720 22 27 of of ADP cblr-1720 22 28 interest interest NOUN cblr-1720 22 29 ............................ ............................ PUNCT cblr-1720 22 30 539 539 NUM cblr-1720 22 31     SPACE cblr-1720 22 32 iv iv NUM cblr-1720 22 33 . . PUNCT cblr-1720 22 34     SPACE cblr-1720 22 35 delaware delaware PROPN cblr-1720 22 36 takeover takeover NOUN cblr-1720 22 37 doctrine doctrine NOUN cblr-1720 22 38 ..................................... ..................................... PUNCT cblr-1720 22 39 542 542 NUM cblr-1720 22 40     SPACE cblr-1720 22 41 a. a. NOUN cblr-1720 22 42     SPACE cblr-1720 22 43 delaware delaware PROPN cblr-1720 22 44 intermediate intermediate PROPN cblr-1720 22 45 standard standard PROPN cblr-1720 22 46 of of ADP cblr-1720 22 47 review review NOUN cblr-1720 22 48 ...... ...... PUNCT cblr-1720 22 49 543 543 NUM cblr-1720 22 50     SPACE cblr-1720 22 51 b. b. PROPN cblr-1720 22 52     SPACE cblr-1720 22 53 the the DET cblr-1720 22 54 substantive substantive ADJ cblr-1720 22 55 coercion coercion NOUN cblr-1720 22 56 threat threat NOUN cblr-1720 22 57 ....................... ....................... PUNCT cblr-1720 22 58 544 544 NUM cblr-1720 22 59     SPACE cblr-1720 22 60 v. v. ADP cblr-1720 22 61     SPACE cblr-1720 22 62 the the DET cblr-1720 22 63 ineffectiveness ineffectiveness NOUN cblr-1720 22 64 of of ADP cblr-1720 22 65 adjudicating adjudicate VERB cblr-1720 22 66 substantive substantive ADJ cblr-1720 22 67 coercion coercion NOUN cblr-1720 22 68 ....................................................................... ....................................................................... PUNCT cblr-1720 22 69 547 547 NUM cblr-1720 22 70     SPACE cblr-1720 22 71 a. a. NOUN cblr-1720 22 72     SPACE cblr-1720 22 73 impediments impediment VERB cblr-1720 22 74 to to ADP cblr-1720 22 75 judicial judicial ADJ cblr-1720 22 76 review review NOUN cblr-1720 22 77 of of ADP cblr-1720 22 78 substantive substantive ADJ cblr-1720 22 79 coercion coercion NOUN cblr-1720 22 80 ........................................... ........................................... PUNCT cblr-1720 22 81 548 548 NUM cblr-1720 22 82     SPACE cblr-1720 22 83 b. b. PROPN cblr-1720 22 84     SPACE cblr-1720 22 85 the the DET cblr-1720 22 86 resulting result VERB cblr-1720 22 87 “ " PUNCT cblr-1720 22 88 just just ADV cblr-1720 22 89 say say VERB cblr-1720 22 90 no no DET cblr-1720 22 91 ” " PUNCT cblr-1720 22 92 response response NOUN cblr-1720 22 93 ............... ............... PUNCT cblr-1720 23 1 551 551 NUM cblr-1720 23 2     SPACE cblr-1720 23 3 c. c. NOUN cblr-1720 23 4     SPACE cblr-1720 23 5 problems problem NOUN cblr-1720 23 6 with with ADP cblr-1720 23 7 the the DET cblr-1720 23 8 resulting result VERB cblr-1720 23 9 “ " PUNCT cblr-1720 23 10 just just ADV cblr-1720 23 11 say say VERB cblr-1720 23 12 no no DET cblr-1720 23 13 ” " PUNCT cblr-1720 23 14 response response NOUN cblr-1720 23 15 ............................................................... ............................................................... PUNCT cblr-1720 23 16 553 553 NUM cblr-1720 23 17     SPACE cblr-1720 23 18 vi vi NOUN cblr-1720 23 19 . . PUNCT cblr-1720 23 20     SPACE cblr-1720 23 21 a a DET cblr-1720 23 22 proposed propose VERB cblr-1720 23 23 remedy remedy NOUN cblr-1720 23 24 .................................................... .................................................... PUNCT cblr-1720 23 25 553 553 NUM cblr-1720 23 26     SPACE cblr-1720 23 27 a. a. NOUN cblr-1720 23 28     SPACE cblr-1720 23 29 prerequisite prerequisite NOUN cblr-1720 23 30 : : PUNCT cblr-1720 23 31 allowing allow VERB cblr-1720 23 32 outside outside ADP cblr-1720 23 33 directors director NOUN cblr-1720 23 34 to to PART cblr-1720 23 35 purchase purchase VERB cblr-1720 23 36 stock stock NOUN cblr-1720 23 37 in in ADP cblr-1720 23 38 takeovers takeover NOUN cblr-1720 23 39 ............................... ............................... PUNCT cblr-1720 24 1 554 554 NUM cblr-1720 24 2     SPACE cblr-1720 24 3 b. b. NOUN cblr-1720 24 4     SPACE cblr-1720 24 5 the the DET cblr-1720 24 6 proposed propose VERB cblr-1720 24 7 arrangement arrangement NOUN cblr-1720 24 8 ................................. ................................. PUNCT cblr-1720 24 9 558 558 NUM cblr-1720 24 10     SPACE cblr-1720 24 11 1 1 NUM cblr-1720 24 12 . . PUNCT cblr-1720 24 13     SPACE cblr-1720 24 14 the the DET cblr-1720 24 15 stock stock NOUN cblr-1720 24 16 commitment commitment NOUN cblr-1720 24 17 should should AUX cblr-1720 24 18 be be AUX cblr-1720 24 19 made make VERB cblr-1720 24 20 by by ADP cblr-1720 24 21 outside outside ADJ cblr-1720 24 22 directors director NOUN cblr-1720 24 23 ............................................ ............................................ PUNCT cblr-1720 25 1 562 562 NUM cblr-1720 25 2     SPACE cblr-1720 25 3 2 2 NUM cblr-1720 25 4 . . PUNCT cblr-1720 25 5     SPACE cblr-1720 25 6 the the DET cblr-1720 25 7 committed committed ADJ cblr-1720 25 8 stock stock NOUN cblr-1720 25 9 should should AUX cblr-1720 25 10 be be AUX cblr-1720 25 11 purchased purchase VERB cblr-1720 25 12 from from ADP cblr-1720 25 13 the the DET cblr-1720 25 14 target target NOUN cblr-1720 25 15 ............................................... ............................................... PUNCT cblr-1720 26 1 563 563 NUM cblr-1720 26 2     SPACE cblr-1720 26 3 3 3 NUM cblr-1720 26 4 . . PUNCT cblr-1720 26 5     SPACE cblr-1720 26 6 stock stock NOUN cblr-1720 26 7 commitment commitment NOUN cblr-1720 26 8 should should AUX cblr-1720 26 9 be be AUX cblr-1720 26 10 made make VERB cblr-1720 26 11 concurrently concurrently ADV cblr-1720 26 12 with with ADP cblr-1720 26 13 board board NOUN cblr-1720 26 14 rejection rejection NOUN cblr-1720 26 15 of of ADP cblr-1720 26 16 the the DET cblr-1720 26 17 bid bid NOUN cblr-1720 26 18 .................................................................... .................................................................... PUNCT cblr-1720 26 19 564 564 NUM cblr-1720 26 20     SPACE cblr-1720 26 21 4 4 NUM cblr-1720 26 22 . . PUNCT cblr-1720 26 23     SPACE cblr-1720 26 24 directors director NOUN cblr-1720 26 25 ’ ' PUNCT cblr-1720 26 26 stock stock NOUN cblr-1720 26 27 commitment commitment NOUN cblr-1720 26 28 should should AUX cblr-1720 26 29 be be AUX cblr-1720 26 30 made make VERB cblr-1720 26 31 after after ADP cblr-1720 26 32 engagement engagement NOUN cblr-1720 26 33 with with ADP cblr-1720 26 34 major major ADJ cblr-1720 26 35 longterm longterm ADJ cblr-1720 26 36 shareholders shareholder NOUN cblr-1720 26 37 ......................................... ......................................... PUNCT cblr-1720 26 38 565 565 NUM cblr-1720 26 39     SPACE cblr-1720 26 40 5 5 NUM cblr-1720 26 41 . . PUNCT cblr-1720 26 42     SPACE cblr-1720 26 43 boards board NOUN cblr-1720 26 44 should should AUX cblr-1720 26 45 recommend recommend VERB cblr-1720 26 46 and and CCONJ cblr-1720 26 47 individual individual ADJ cblr-1720 26 48 directors director NOUN cblr-1720 26 49 should should AUX cblr-1720 26 50 decide decide VERB cblr-1720 26 51 the the DET cblr-1720 26 52 stock stock NOUN cblr-1720 26 53 commitment commitment NOUN cblr-1720 26 54 amounts amount NOUN cblr-1720 26 55 ................................... ................................... PUNCT cblr-1720 26 56 568 568 NUM cblr-1720 26 57     SPACE cblr-1720 26 58 6 6 NUM cblr-1720 26 59 . . PUNCT cblr-1720 26 60     SPACE cblr-1720 26 61 deciding decide VERB cblr-1720 26 62 directors director NOUN cblr-1720 26 63 ’ ’ PART cblr-1720 26 64 stock stock NOUN cblr-1720 26 65 commitments commitment NOUN cblr-1720 26 66 ....... ....... PUNCT cblr-1720 27 1 569 569 NUM cblr-1720 27 2     SPACE cblr-1720 27 3 a. a. NOUN cblr-1720 27 4     SPACE cblr-1720 27 5 a a DET cblr-1720 27 6 model model NOUN cblr-1720 27 7 for for ADP cblr-1720 27 8 deciding decide VERB cblr-1720 27 9 directors director NOUN cblr-1720 27 10 ’ ’ PART cblr-1720 27 11 stock stock NOUN cblr-1720 27 12 commitment commitment NOUN cblr-1720 27 13 amounts amount VERB cblr-1720 27 14 .............................. .............................. PUNCT cblr-1720 28 1 569 569 NUM cblr-1720 28 2     SPACE cblr-1720 28 3 b. b. NOUN cblr-1720 28 4     SPACE cblr-1720 28 5 downward downward ADJ cblr-1720 28 6 adjustments adjustment NOUN cblr-1720 28 7 ........................... ........................... PUNCT cblr-1720 28 8 572 572 NUM cblr-1720 28 9     SPACE cblr-1720 28 10 shilon shilon NOUN cblr-1720 28 11 – – PUNCT cblr-1720 28 12 final final ADJ cblr-1720 28 13 514 514 NUM cblr-1720 28 14 columbia columbia PROPN cblr-1720 28 15 business business NOUN cblr-1720 28 16 law law PROPN cblr-1720 28 17 review review NOUN cblr-1720 28 18 [ [ X cblr-1720 28 19 vol vol NOUN cblr-1720 28 20 . . NOUN cblr-1720 28 21 2017 2017 NUM cblr-1720 28 22 7 7 NUM cblr-1720 28 23 . . PUNCT cblr-1720 28 24     SPACE cblr-1720 28 25 special special ADJ cblr-1720 28 26 cases case NOUN cblr-1720 28 27 that that PRON cblr-1720 28 28 justify justify VERB cblr-1720 28 29 partial partial ADJ cblr-1720 28 30 or or CCONJ cblr-1720 28 31 no no DET cblr-1720 28 32 applicability applicability NOUN cblr-1720 28 33 of of ADP cblr-1720 28 34 the the DET cblr-1720 28 35 arrangement arrangement NOUN cblr-1720 28 36 .................. .................. PUNCT cblr-1720 28 37 574 574 NUM cblr-1720 28 38     SPACE cblr-1720 28 39 a. a. NOUN cblr-1720 28 40     SPACE cblr-1720 28 41 multiple multiple ADJ cblr-1720 28 42 offers offer NOUN cblr-1720 28 43 .......................................... .......................................... PUNCT cblr-1720 28 44 574 574 NUM cblr-1720 28 45     SPACE cblr-1720 28 46 b. b. PROPN cblr-1720 28 47     SPACE cblr-1720 28 48 nuisance nuisance NOUN cblr-1720 28 49 and and CCONJ cblr-1720 28 50 opportunistic opportunistic ADJ cblr-1720 28 51 bids bid NOUN cblr-1720 28 52 ............ ............ PUNCT cblr-1720 28 53 575 575 NUM cblr-1720 28 54     SPACE cblr-1720 28 55 c. c. NOUN cblr-1720 28 56     SPACE cblr-1720 28 57 directors director NOUN cblr-1720 28 58 who who PRON cblr-1720 28 59 retire retire VERB cblr-1720 28 60 soon soon ADV cblr-1720 28 61 after after ADP cblr-1720 28 62 the the DET cblr-1720 28 63 takeover takeover NOUN cblr-1720 28 64 attempt attempt NOUN cblr-1720 28 65 ..................................... ..................................... PUNCT cblr-1720 28 66 576 576 NUM cblr-1720 28 67     SPACE cblr-1720 28 68 8 8 NUM cblr-1720 28 69 . . PUNCT cblr-1720 28 70     SPACE cblr-1720 28 71 integrating integrate VERB cblr-1720 28 72 the the DET cblr-1720 28 73 arrangement arrangement NOUN cblr-1720 28 74 into into ADP cblr-1720 28 75 delaware delaware PROPN cblr-1720 28 76 ’s ’s PART cblr-1720 28 77 takeover takeover NOUN cblr-1720 28 78 doctrine doctrine NOUN cblr-1720 28 79 ....................... ....................... PUNCT cblr-1720 28 80 577 577 NUM cblr-1720 28 81     SPACE cblr-1720 28 82 9 9 NUM cblr-1720 28 83 . . PUNCT cblr-1720 28 84     SPACE cblr-1720 28 85 enforceability enforceability NOUN cblr-1720 28 86 .................................................. .................................................. PUNCT cblr-1720 28 87 579 579 NUM cblr-1720 28 88     SPACE cblr-1720 28 89 vii vii PROPN cblr-1720 28 90 . . PUNCT cblr-1720 28 91     SPACE cblr-1720 28 92 the the DET cblr-1720 28 93 potential potential ADJ cblr-1720 28 94 benefits benefit NOUN cblr-1720 28 95 of of ADP cblr-1720 28 96 the the DET cblr-1720 28 97 proposed propose VERB cblr-1720 28 98 arrangement arrangement NOUN cblr-1720 28 99 ............................................................... ............................................................... PUNCT cblr-1720 28 100 580 580 NUM cblr-1720 28 101     SPACE cblr-1720 28 102 a. a. NOUN cblr-1720 28 103     SPACE cblr-1720 28 104 information information NOUN cblr-1720 28 105 improvements improvement NOUN cblr-1720 28 106 .................................. .................................. PUNCT cblr-1720 28 107 580 580 NUM cblr-1720 28 108     SPACE cblr-1720 28 109 b. b. PROPN cblr-1720 28 110     SPACE cblr-1720 28 111 incentive incentive NOUN cblr-1720 28 112 improvements improvement NOUN cblr-1720 28 113 ...................................... ...................................... PUNCT cblr-1720 28 114 582 582 NUM cblr-1720 28 115     SPACE cblr-1720 28 116 1 1 NUM cblr-1720 28 117 . . PUNCT cblr-1720 28 118     SPACE cblr-1720 29 1 ex ex ADJ cblr-1720 29 2 - - ADJ cblr-1720 29 3 post post ADJ cblr-1720 29 4 benefits benefit NOUN cblr-1720 29 5 .............................................. .............................................. PUNCT cblr-1720 29 6 582 582 NUM cblr-1720 29 7     SPACE cblr-1720 29 8 2 2 NUM cblr-1720 29 9 . . PUNCT cblr-1720 29 10     SPACE cblr-1720 30 1 ex ex NOUN cblr-1720 30 2 - - ADJ cblr-1720 30 3 ante ante NOUN cblr-1720 30 4 benefits benefit NOUN cblr-1720 30 5 ............................................. ............................................. PUNCT cblr-1720 30 6 583 583 NUM cblr-1720 30 7     SPACE cblr-1720 30 8 c. c. NOUN cblr-1720 30 9     SPACE cblr-1720 30 10 increasing increase VERB cblr-1720 30 11 long long ADJ cblr-1720 30 12 - - PUNCT cblr-1720 30 13 term term NOUN cblr-1720 30 14 focus focus NOUN cblr-1720 30 15 ............................... ............................... PUNCT cblr-1720 31 1 584 584 NUM cblr-1720 31 2     SPACE cblr-1720 31 3 d. d. NOUN cblr-1720 31 4     SPACE cblr-1720 31 5 empowering empower VERB cblr-1720 31 6 markets market NOUN cblr-1720 31 7 ........................................... ........................................... PUNCT cblr-1720 31 8 586 586 NUM cblr-1720 31 9     SPACE cblr-1720 31 10 viii viii NOUN cblr-1720 31 11 . . PUNCT cblr-1720 31 12     SPACE cblr-1720 31 13 would would AUX cblr-1720 31 14 the the DET cblr-1720 31 15 proposed propose VERB cblr-1720 31 16 arrangement arrangement NOUN cblr-1720 31 17 involve involve VERB cblr-1720 31 18 any any DET cblr-1720 31 19 significant significant ADJ cblr-1720 31 20 costs cost NOUN cblr-1720 31 21 ? ? PUNCT cblr-1720 32 1 ....................................................... ....................................................... PUNCT cblr-1720 33 1 587 587 NUM cblr-1720 33 2     SPACE cblr-1720 33 3 a. a. NOUN cblr-1720 33 4     SPACE cblr-1720 33 5 directors director NOUN cblr-1720 33 6 ’ ' PUNCT cblr-1720 33 7 professional professional ADJ cblr-1720 33 8 decisions decision NOUN cblr-1720 33 9 should should AUX cblr-1720 33 10 not not PART cblr-1720 33 11 be be AUX cblr-1720 33 12 made make VERB cblr-1720 33 13 on on ADP cblr-1720 33 14 their their PRON cblr-1720 33 15 own own ADJ cblr-1720 33 16 dime dime NOUN cblr-1720 33 17 .............................. .............................. PUNCT cblr-1720 34 1 587 587 NUM cblr-1720 34 2     SPACE cblr-1720 34 3 b. b. NOUN cblr-1720 34 4     SPACE cblr-1720 34 5 the the DET cblr-1720 34 6 difficulty difficulty NOUN cblr-1720 34 7 in in ADP cblr-1720 34 8 deciding decide VERB cblr-1720 34 9 the the DET cblr-1720 34 10 credible credible ADJ cblr-1720 34 11 commitment commitment NOUN cblr-1720 34 12 threshold threshold NOUN cblr-1720 34 13 ....................................... ....................................... PUNCT cblr-1720 34 14 588 588 NUM cblr-1720 34 15     SPACE cblr-1720 34 16 c. c. NOUN cblr-1720 34 17     SPACE cblr-1720 34 18 decrease decrease NOUN cblr-1720 34 19 in in ADP cblr-1720 34 20 board board NOUN cblr-1720 34 21 independence independence NOUN cblr-1720 34 22 ........................ ........................ PUNCT cblr-1720 34 23 589 589 NUM cblr-1720 34 24     SPACE cblr-1720 34 25 d. d. NOUN cblr-1720 34 26     SPACE cblr-1720 34 27 the the DET cblr-1720 34 28 arrangement arrangement NOUN cblr-1720 34 29 costs cost NOUN cblr-1720 34 30 might might AUX cblr-1720 34 31 be be AUX cblr-1720 34 32 rolled roll VERB cblr-1720 34 33 over over ADP cblr-1720 34 34 onto onto ADP cblr-1720 34 35 shareholders shareholder NOUN cblr-1720 34 36 ................................................ ................................................ PUNCT cblr-1720 35 1 590 590 NUM cblr-1720 35 2     SPACE cblr-1720 35 3 e. e. PROPN cblr-1720 35 4     SPACE cblr-1720 35 5 panglossian panglossian PROPN cblr-1720 35 6 claims claim VERB cblr-1720 35 7 .............................................. .............................................. PUNCT cblr-1720 36 1 592 592 NUM cblr-1720 36 2     SPACE cblr-1720 36 3 ix ix PROPN cblr-1720 36 4 . . PUNCT cblr-1720 36 5     SPACE cblr-1720 36 6 conclusion conclusion NOUN cblr-1720 36 7 ................................................................... ................................................................... PUNCT cblr-1720 36 8 593 593 NUM cblr-1720 36 9     SPACE cblr-1720 36 10 i. i. NOUN cblr-1720 36 11 introduction introduction NOUN cblr-1720 36 12 the the DET cblr-1720 36 13 delaware delaware PROPN cblr-1720 36 14 courts court NOUN cblr-1720 36 15 have have AUX cblr-1720 36 16 developed develop VERB cblr-1720 36 17 a a DET cblr-1720 36 18 rich rich ADJ cblr-1720 36 19 takeover takeover NOUN cblr-1720 36 20 doctrine doctrine NOUN cblr-1720 36 21 to to PART cblr-1720 36 22 address address VERB cblr-1720 36 23 the the DET cblr-1720 36 24 issue issue NOUN cblr-1720 36 25 of of ADP cblr-1720 36 26 target target NOUN cblr-1720 36 27 boards board NOUN cblr-1720 36 28 vetoing veto VERB cblr-1720 36 29 takeover takeover NOUN cblr-1720 36 30 bids bid NOUN cblr-1720 36 31 , , PUNCT cblr-1720 36 32 allegedly allegedly ADV cblr-1720 36 33 to to PART cblr-1720 36 34 protect protect VERB cblr-1720 36 35 their their PRON cblr-1720 36 36 shareholders.1 shareholders.1 NOUN cblr-1720 36 37 1 1 NUM cblr-1720 36 38 see see VERB cblr-1720 36 39 , , PUNCT cblr-1720 36 40 e.g. e.g. ADV cblr-1720 36 41 , , PUNCT cblr-1720 36 42 unocal unocal PROPN cblr-1720 36 43 corp corp PROPN cblr-1720 36 44 . . PROPN cblr-1720 36 45 v. v. PROPN cblr-1720 36 46 mesa mesa PROPN cblr-1720 36 47 petroleum petroleum PROPN cblr-1720 36 48 co. co. PROPN cblr-1720 36 49 , , PUNCT cblr-1720 36 50 493 493 NUM cblr-1720 36 51 a.2d a.2d SYM cblr-1720 36 52 946 946 NUM cblr-1720 36 53 ( ( PUNCT cblr-1720 36 54 del del PROPN cblr-1720 36 55 . . PROPN cblr-1720 36 56 1985 1985 NUM cblr-1720 36 57 ) ) PUNCT cblr-1720 36 58 ; ; PUNCT cblr-1720 36 59 moran moran PROPN cblr-1720 36 60 v. v. PROPN cblr-1720 36 61 household household PROPN cblr-1720 36 62 int’l int’l NUM cblr-1720 36 63 , , PUNCT cblr-1720 36 64 inc inc PROPN cblr-1720 36 65 . . PROPN cblr-1720 36 66 , , PUNCT cblr-1720 36 67 490 490 NUM cblr-1720 36 68 a.2d a.2d SYM cblr-1720 36 69 1059 1059 NUM cblr-1720 36 70 ( ( PUNCT cblr-1720 36 71 del del PROPN cblr-1720 36 72 . . PROPN cblr-1720 36 73 ch ch PROPN cblr-1720 36 74 . . PROPN cblr-1720 36 75 1985 1985 NUM cblr-1720 36 76 ) ) PUNCT cblr-1720 36 77 , , PUNCT cblr-1720 36 78 aff’d aff’d VERB cblr-1720 36 79 , , PUNCT cblr-1720 36 80 500 500 NUM cblr-1720 36 81 a.2d a.2d SYM cblr-1720 36 82 1346 1346 NUM cblr-1720 36 83 ( ( PUNCT cblr-1720 36 84 del del PROPN cblr-1720 36 85 . . PROPN cblr-1720 36 86 1985 1985 NUM cblr-1720 36 87 ) ) PUNCT cblr-1720 36 88 ; ; PUNCT cblr-1720 36 89 grand grand ADJ cblr-1720 36 90 metro metro PROPN cblr-1720 36 91 . . PUNCT cblr-1720 37 1 pub pub NOUN cblr-1720 37 2 . . PUNCT cblr-1720 38 1 ltd ltd PROPN cblr-1720 38 2 . . PROPN cblr-1720 39 1 v. v. PROPN cblr-1720 39 2 pillsbury pillsbury PROPN cblr-1720 39 3 co. co. PROPN cblr-1720 39 4 , , PUNCT cblr-1720 39 5 558 558 NUM cblr-1720 39 6 shilon shilon NOUN cblr-1720 39 7 – – PUNCT cblr-1720 39 8 final final ADJ cblr-1720 39 9 no no NOUN cblr-1720 39 10 . . PUNCT cblr-1720 40 1 2:511 2:511 NOUN cblr-1720 40 2 ] ] X cblr-1720 40 3 improving improve VERB cblr-1720 40 4 corporate corporate ADJ cblr-1720 40 5 takeover takeover NOUN cblr-1720 40 6 dynamics dynamic NOUN cblr-1720 40 7 515 515 NUM cblr-1720 40 8 target target NOUN cblr-1720 40 9 boards board NOUN cblr-1720 40 10 , , PUNCT cblr-1720 40 11 assisted assist VERB cblr-1720 40 12 by by ADP cblr-1720 40 13 armies army NOUN cblr-1720 40 14 of of ADP cblr-1720 40 15 expensive expensive ADJ cblr-1720 40 16 lawyers lawyer NOUN cblr-1720 40 17 and and CCONJ cblr-1720 40 18 investment investment NOUN cblr-1720 40 19 bankers banker NOUN cblr-1720 40 20 , , PUNCT cblr-1720 40 21 have have AUX cblr-1720 40 22 used use VERB cblr-1720 40 23 the the DET cblr-1720 40 24 rationale rationale NOUN cblr-1720 40 25 of of ADP cblr-1720 40 26 protecting protect VERB cblr-1720 40 27 their their PRON cblr-1720 40 28 shareholders shareholder NOUN cblr-1720 40 29 to to PART cblr-1720 40 30 justify justify VERB cblr-1720 40 31 their their PRON cblr-1720 40 32 adoption adoption NOUN cblr-1720 40 33 of of ADP cblr-1720 40 34 various various ADJ cblr-1720 40 35 antitakeover antitakeover ADJ cblr-1720 40 36 tactics tactic NOUN cblr-1720 40 37 , , PUNCT cblr-1720 40 38 such such ADJ cblr-1720 40 39 as as ADP cblr-1720 40 40 the the DET cblr-1720 40 41 poison poison NOUN cblr-1720 40 42 pill pill NOUN cblr-1720 40 43 and and CCONJ cblr-1720 40 44 the the DET cblr-1720 40 45 staggered stagger VERB cblr-1720 40 46 board.2 board.2 ADJ cblr-1720 40 47 in in ADP cblr-1720 40 48 response response NOUN cblr-1720 40 49 , , PUNCT cblr-1720 40 50 shareholder shareholder NOUN cblr-1720 40 51 activists activist NOUN cblr-1720 40 52 , , PUNCT cblr-1720 40 53 assisted assist VERB cblr-1720 40 54 by by ADP cblr-1720 40 55 institutional institutional ADJ cblr-1720 40 56 investors investor NOUN cblr-1720 40 57 , , PUNCT cblr-1720 40 58 proxy proxy ADJ cblr-1720 40 59 advisory advisory ADJ cblr-1720 40 60 firms firm NOUN cblr-1720 40 61 , , PUNCT cblr-1720 40 62 and and CCONJ cblr-1720 40 63 academics academic NOUN cblr-1720 40 64 , , PUNCT cblr-1720 40 65 have have AUX cblr-1720 40 66 launched launch VERB cblr-1720 40 67 successful successful ADJ cblr-1720 40 68 campaigns campaign NOUN cblr-1720 40 69 to to PART cblr-1720 40 70 indiscriminately indiscriminately ADV cblr-1720 40 71 dismantle dismantle VERB cblr-1720 40 72 antitakeover antitakeover ADJ cblr-1720 40 73 defenses defense NOUN cblr-1720 40 74 in in ADP cblr-1720 40 75 all all DET cblr-1720 40 76 standard standard NOUN cblr-1720 40 77 & & CCONJ cblr-1720 40 78 poor poor ADJ cblr-1720 40 79 ( ( PUNCT cblr-1720 40 80 “ " PUNCT cblr-1720 40 81 s&p s&p PROPN cblr-1720 40 82 ” " PUNCT cblr-1720 40 83 ) ) PUNCT cblr-1720 41 1 500 500 NUM cblr-1720 41 2 companies.3 companies.3 VERB cblr-1720 41 3 this this DET cblr-1720 41 4 issue issue NOUN cblr-1720 41 5 , , PUNCT cblr-1720 41 6 which which PRON cblr-1720 41 7 a.2d a.2d CCONJ cblr-1720 41 8 1049 1049 NUM cblr-1720 41 9 ( ( PUNCT cblr-1720 41 10 del del PROPN cblr-1720 41 11 . . PROPN cblr-1720 41 12 ch ch PROPN cblr-1720 41 13 . . PROPN cblr-1720 41 14 1988 1988 NUM cblr-1720 41 15 ) ) PUNCT cblr-1720 41 16 ; ; PUNCT cblr-1720 41 17 city city NOUN cblr-1720 41 18 capital capital PROPN cblr-1720 41 19 assocs assocs PROPN cblr-1720 41 20 . . PROPN cblr-1720 41 21 ltd ltd PROPN cblr-1720 41 22 . . PROPN cblr-1720 41 23 p’ship p’ship PROPN cblr-1720 41 24 v. v. ADP cblr-1720 41 25 interco interco PROPN cblr-1720 41 26 inc inc PROPN cblr-1720 41 27 . . PROPN cblr-1720 41 28 , , PUNCT cblr-1720 41 29 551 551 NUM cblr-1720 41 30 a.2d a.2d SYM cblr-1720 41 31 787 787 NUM cblr-1720 41 32 ( ( PUNCT cblr-1720 41 33 del del PROPN cblr-1720 41 34 . . PROPN cblr-1720 41 35 ch ch PROPN cblr-1720 41 36 . . PROPN cblr-1720 41 37 1988 1988 NUM cblr-1720 41 38 ) ) PUNCT cblr-1720 41 39 ; ; PUNCT cblr-1720 41 40 paramount paramount PROPN cblr-1720 41 41 commc’ns commc’ns PROPN cblr-1720 41 42 , , PUNCT cblr-1720 41 43 inc inc PROPN cblr-1720 41 44 . . PROPN cblr-1720 41 45 v. v. PROPN cblr-1720 41 46 time time PROPN cblr-1720 41 47 inc inc PROPN cblr-1720 41 48 . . PROPN cblr-1720 41 49 , , PUNCT cblr-1720 41 50 571 571 NUM cblr-1720 41 51 a.2d a.2d SYM cblr-1720 41 52 1140 1140 NUM cblr-1720 41 53 ( ( PUNCT cblr-1720 41 54 del del PROPN cblr-1720 41 55 . . PROPN cblr-1720 41 56 1989 1989 NUM cblr-1720 41 57 ) ) PUNCT cblr-1720 41 58 ; ; PUNCT cblr-1720 41 59 unitrin unitrin PROPN cblr-1720 41 60 , , PUNCT cblr-1720 41 61 inc inc PROPN cblr-1720 41 62 . . PROPN cblr-1720 42 1 v. v. PROPN cblr-1720 42 2 am be AUX cblr-1720 42 3 . . PUNCT cblr-1720 43 1 gen gen PROPN cblr-1720 43 2 . . PROPN cblr-1720 43 3 corp corp PROPN cblr-1720 43 4 . . PROPN cblr-1720 43 5 , , PUNCT cblr-1720 43 6 651 651 NUM cblr-1720 43 7 a.2d a.2d SYM cblr-1720 43 8 1361 1361 NUM cblr-1720 43 9 ( ( PUNCT cblr-1720 43 10 del del PROPN cblr-1720 43 11 . . PROPN cblr-1720 43 12 1995 1995 NUM cblr-1720 43 13 ) ) PUNCT cblr-1720 43 14 ; ; PUNCT cblr-1720 43 15 air air NOUN cblr-1720 43 16 prods prod VERB cblr-1720 43 17 . . PUNCT cblr-1720 44 1 & & CCONJ cblr-1720 45 1 chems chem NOUN cblr-1720 45 2 . . PUNCT cblr-1720 45 3 , , PUNCT cblr-1720 45 4 inc inc PROPN cblr-1720 45 5 . . PROPN cblr-1720 46 1 v. v. PROPN cblr-1720 46 2 airgas airgas PROPN cblr-1720 46 3 , , PUNCT cblr-1720 46 4 inc inc PROPN cblr-1720 46 5 . . PROPN cblr-1720 46 6 , , PUNCT cblr-1720 46 7 16 16 NUM cblr-1720 46 8 a.3d a.3d SYM cblr-1720 46 9 48 48 NUM cblr-1720 46 10 ( ( PUNCT cblr-1720 46 11 del del PROPN cblr-1720 46 12 . . PROPN cblr-1720 46 13 ch ch PROPN cblr-1720 46 14 . . PROPN cblr-1720 46 15 2011 2011 NUM cblr-1720 46 16 ) ) PUNCT cblr-1720 46 17 . . PUNCT cblr-1720 47 1 2 2 NUM cblr-1720 47 2 the the DET cblr-1720 47 3 term term NOUN cblr-1720 47 4 poison poison NOUN cblr-1720 47 5 pill pill NOUN cblr-1720 47 6 describes describe VERB cblr-1720 47 7 a a DET cblr-1720 47 8 family family NOUN cblr-1720 47 9 of of ADP cblr-1720 47 10 “ " PUNCT cblr-1720 47 11 shareholder shareholder NOUN cblr-1720 47 12 rights right NOUN cblr-1720 47 13 ” " PUNCT cblr-1720 47 14 that that PRON cblr-1720 47 15 are be AUX cblr-1720 47 16 triggered trigger VERB cblr-1720 47 17 by by ADP cblr-1720 47 18 an an DET cblr-1720 47 19 event event NOUN cblr-1720 47 20 such such ADJ cblr-1720 47 21 as as ADP cblr-1720 47 22 a a DET cblr-1720 47 23 hostile hostile ADJ cblr-1720 47 24 tender tender NOUN cblr-1720 47 25 offer offer NOUN cblr-1720 47 26 or or CCONJ cblr-1720 47 27 the the DET cblr-1720 47 28 accumulation accumulation NOUN cblr-1720 47 29 of of ADP cblr-1720 47 30 voting vote VERB cblr-1720 47 31 stock stock NOUN cblr-1720 47 32 above above ADP cblr-1720 47 33 a a DET cblr-1720 47 34 designated designate VERB cblr-1720 47 35 threshold threshold NOUN cblr-1720 47 36 ( ( PUNCT cblr-1720 47 37 usually usually ADV cblr-1720 47 38 15 15 NUM cblr-1720 47 39 % % NOUN cblr-1720 47 40 of of ADP cblr-1720 47 41 outstanding outstanding ADJ cblr-1720 47 42 stock stock NOUN cblr-1720 47 43 ) ) PUNCT cblr-1720 47 44 by by ADP cblr-1720 47 45 an an DET cblr-1720 47 46 unfriendly unfriendly ADJ cblr-1720 47 47 buyer buyer NOUN cblr-1720 47 48 . . PUNCT cblr-1720 48 1 when when SCONJ cblr-1720 48 2 triggered trigger VERB cblr-1720 48 3 , , PUNCT cblr-1720 48 4 poison poison NOUN cblr-1720 48 5 pills pill NOUN cblr-1720 48 6 provide provide VERB cblr-1720 48 7 target target NOUN cblr-1720 48 8 shareholders shareholder NOUN cblr-1720 48 9 ( ( PUNCT cblr-1720 48 10 other other ADJ cblr-1720 48 11 than than ADP cblr-1720 48 12 the the DET cblr-1720 48 13 hostile hostile ADJ cblr-1720 48 14 bidder bidder NOUN cblr-1720 48 15 ) ) PUNCT cblr-1720 48 16 with with ADP cblr-1720 48 17 the the DET cblr-1720 48 18 right right NOUN cblr-1720 48 19 to to PART cblr-1720 48 20 purchase purchase VERB cblr-1720 48 21 additional additional ADJ cblr-1720 48 22 shares share NOUN cblr-1720 48 23 or or CCONJ cblr-1720 48 24 to to PART cblr-1720 48 25 sell sell VERB cblr-1720 48 26 shares share NOUN cblr-1720 48 27 to to ADP cblr-1720 48 28 the the DET cblr-1720 48 29 target target NOUN cblr-1720 48 30 on on ADP cblr-1720 48 31 very very ADV cblr-1720 48 32 attractive attractive ADJ cblr-1720 48 33 terms term NOUN cblr-1720 48 34 . . PUNCT cblr-1720 49 1 these these DET cblr-1720 49 2 rights right NOUN cblr-1720 49 3 impose impose VERB cblr-1720 49 4 severe severe ADJ cblr-1720 49 5 economic economic ADJ cblr-1720 49 6 penalties penalty NOUN cblr-1720 49 7 on on ADP cblr-1720 49 8 the the DET cblr-1720 49 9 hostile hostile ADJ cblr-1720 49 10 acquirer acquirer NOUN cblr-1720 49 11 and and CCONJ cblr-1720 49 12 usually usually ADV cblr-1720 49 13 also also ADV cblr-1720 49 14 dilute dilute VERB cblr-1720 49 15 the the DET cblr-1720 49 16 voting voting NOUN cblr-1720 49 17 power power NOUN cblr-1720 49 18 of of ADP cblr-1720 49 19 the the DET cblr-1720 49 20 acquirer acquirer NOUN cblr-1720 49 21 ’s ’s PART cblr-1720 49 22 existing exist VERB cblr-1720 49 23 stake stake NOUN cblr-1720 49 24 in in ADP cblr-1720 49 25 the the DET cblr-1720 49 26 firm firm NOUN cblr-1720 49 27 . . PUNCT cblr-1720 50 1 a a DET cblr-1720 50 2 staggered staggered ADJ cblr-1720 50 3 board board NOUN cblr-1720 50 4 of of ADP cblr-1720 50 5 directors director NOUN cblr-1720 50 6 , , PUNCT cblr-1720 50 7 or or CCONJ cblr-1720 50 8 a a DET cblr-1720 50 9 classified classified ADJ cblr-1720 50 10 board board NOUN cblr-1720 50 11 , , PUNCT cblr-1720 50 12 denotes denote VERB cblr-1720 50 13 a a DET cblr-1720 50 14 board board NOUN cblr-1720 50 15 in in ADP cblr-1720 50 16 which which PRON cblr-1720 50 17 only only ADV cblr-1720 50 18 a a DET cblr-1720 50 19 fraction fraction NOUN cblr-1720 50 20 ( ( PUNCT cblr-1720 50 21 often often ADV cblr-1720 50 22 one one NUM cblr-1720 50 23 - - PUNCT cblr-1720 50 24 third third NOUN cblr-1720 50 25 ) ) PUNCT cblr-1720 50 26 of of ADP cblr-1720 50 27 the the DET cblr-1720 50 28 members member NOUN cblr-1720 50 29 is be AUX cblr-1720 50 30 elected elect VERB cblr-1720 50 31 annually annually ADV cblr-1720 50 32 , , PUNCT cblr-1720 50 33 typically typically ADV cblr-1720 50 34 for for ADP cblr-1720 50 35 three three NUM cblr-1720 50 36 - - PUNCT cblr-1720 50 37 year year NOUN cblr-1720 50 38 terms term NOUN cblr-1720 50 39 , , PUNCT cblr-1720 50 40 instead instead ADV cblr-1720 50 41 of of ADP cblr-1720 50 42 en en X cblr-1720 50 43 masse masse NOUN cblr-1720 50 44 , , PUNCT cblr-1720 50 45 with with ADP cblr-1720 50 46 all all DET cblr-1720 50 47 directors director NOUN cblr-1720 50 48 having have VERB cblr-1720 50 49 one one NUM cblr-1720 50 50 - - PUNCT cblr-1720 50 51 year year NOUN cblr-1720 50 52 terms term NOUN cblr-1720 50 53 . . PUNCT cblr-1720 51 1 each each DET cblr-1720 51 2 group group NOUN cblr-1720 51 3 of of ADP cblr-1720 51 4 directors director NOUN cblr-1720 51 5 falls fall VERB cblr-1720 51 6 within within ADP cblr-1720 51 7 a a DET cblr-1720 51 8 specified specified ADJ cblr-1720 51 9 “ " PUNCT cblr-1720 51 10 class”⎯hence class”⎯hence NUM cblr-1720 51 11 , , PUNCT cblr-1720 51 12 the the DET cblr-1720 51 13 use use NOUN cblr-1720 51 14 of of ADP cblr-1720 51 15 the the DET cblr-1720 51 16 term term NOUN cblr-1720 51 17 classified classified ADJ cblr-1720 51 18 board board NOUN cblr-1720 51 19 . . PUNCT cblr-1720 52 1 the the DET cblr-1720 52 2 array array NOUN cblr-1720 52 3 of of ADP cblr-1720 52 4 takeover takeover NOUN cblr-1720 52 5 defenses defense NOUN cblr-1720 52 6 is be AUX cblr-1720 52 7 wider wide ADJ cblr-1720 52 8 than than ADP cblr-1720 52 9 just just ADV cblr-1720 52 10 the the DET cblr-1720 52 11 poison poison NOUN cblr-1720 52 12 pill pill NOUN cblr-1720 52 13 and and CCONJ cblr-1720 52 14 the the DET cblr-1720 52 15 staggered staggered ADJ cblr-1720 52 16 board board NOUN cblr-1720 52 17 . . PUNCT cblr-1720 53 1 they they PRON cblr-1720 53 2 also also ADV cblr-1720 53 3 include include VERB cblr-1720 53 4 the the DET cblr-1720 53 5 following follow VERB cblr-1720 53 6 : : PUNCT cblr-1720 53 7 charter charter NOUN cblr-1720 53 8 amendments amendment NOUN cblr-1720 53 9 that that PRON cblr-1720 53 10 require require VERB cblr-1720 53 11 supermajorities supermajoritie NOUN cblr-1720 53 12 ( ( PUNCT cblr-1720 53 13 i.e. i.e. X cblr-1720 53 14 , , PUNCT cblr-1720 53 15 votes vote NOUN cblr-1720 53 16 of of ADP cblr-1720 53 17 70 70 NUM cblr-1720 53 18 % % NOUN cblr-1720 53 19 or or CCONJ cblr-1720 53 20 even even ADV cblr-1720 53 21 80 80 NUM cblr-1720 53 22 % % NOUN cblr-1720 53 23 of of ADP cblr-1720 53 24 shareholders shareholder NOUN cblr-1720 53 25 ) ) PUNCT cblr-1720 53 26 to to PART cblr-1720 53 27 approve approve VERB cblr-1720 53 28 a a DET cblr-1720 53 29 merger merger NOUN cblr-1720 53 30 ; ; PUNCT cblr-1720 53 31 dual dual ADJ cblr-1720 53 32 - - PUNCT cblr-1720 53 33 class class NOUN cblr-1720 53 34 restructurings restructuring NOUN cblr-1720 53 35 that that PRON cblr-1720 53 36 , , PUNCT cblr-1720 53 37 by by ADP cblr-1720 53 38 creating create VERB cblr-1720 53 39 two two NUM cblr-1720 53 40 classes class NOUN cblr-1720 53 41 of of ADP cblr-1720 53 42 stock stock NOUN cblr-1720 53 43 , , PUNCT cblr-1720 53 44 concentrate concentrate VERB cblr-1720 53 45 voting voting NOUN cblr-1720 53 46 control control NOUN cblr-1720 53 47 with with ADP cblr-1720 53 48 management management NOUN cblr-1720 53 49 ; ; PUNCT cblr-1720 53 50 litigation litigation NOUN cblr-1720 53 51 against against ADP cblr-1720 53 52 the the DET cblr-1720 53 53 hostile hostile ADJ cblr-1720 53 54 suitor suitor NOUN cblr-1720 53 55 ( ( PUNCT cblr-1720 53 56 usually usually ADV cblr-1720 53 57 alleging allege VERB cblr-1720 53 58 violations violation NOUN cblr-1720 53 59 of of ADP cblr-1720 53 60 antitrust antitrust ADJ cblr-1720 53 61 and and CCONJ cblr-1720 53 62 securities security NOUN cblr-1720 53 63 laws law NOUN cblr-1720 53 64 ) ) PUNCT cblr-1720 53 65 ; ; PUNCT cblr-1720 53 66 and and CCONJ cblr-1720 53 67 the the DET cblr-1720 53 68 purchase purchase NOUN cblr-1720 53 69 of of ADP cblr-1720 53 70 the the DET cblr-1720 53 71 hostile hostile ADJ cblr-1720 53 72 bidder bidder NOUN cblr-1720 53 73 ’s ’s PART cblr-1720 53 74 foothold foothold ADJ cblr-1720 53 75 stock stock NOUN cblr-1720 53 76 at at ADP cblr-1720 53 77 a a DET cblr-1720 53 78 premium premium NOUN cblr-1720 53 79 ( ( PUNCT cblr-1720 53 80 so so ADV cblr-1720 53 81 - - PUNCT cblr-1720 53 82 called call VERB cblr-1720 53 83 green green ADJ cblr-1720 53 84 - - PUNCT cblr-1720 53 85 mail mail NOUN cblr-1720 53 86 payments payment NOUN cblr-1720 53 87 ) ) PUNCT cblr-1720 53 88 to to PART cblr-1720 53 89 end end VERB cblr-1720 53 90 the the DET cblr-1720 53 91 takeover takeover NOUN cblr-1720 53 92 threat threat NOUN cblr-1720 53 93 . . PUNCT cblr-1720 54 1 but but CCONJ cblr-1720 54 2 although although SCONJ cblr-1720 54 3 these these DET cblr-1720 54 4 particular particular ADJ cblr-1720 54 5 defenses defense NOUN cblr-1720 54 6 are be AUX cblr-1720 54 7 often often ADV cblr-1720 54 8 effective effective ADJ cblr-1720 54 9 at at ADP cblr-1720 54 10 delaying delay VERB cblr-1720 54 11 the the DET cblr-1720 54 12 hostile hostile ADJ cblr-1720 54 13 bidder bidder NOUN cblr-1720 54 14 , , PUNCT cblr-1720 54 15 they they PRON cblr-1720 54 16 are be AUX cblr-1720 54 17 rarely rarely ADV cblr-1720 54 18 enough enough ADJ cblr-1720 54 19 to to PART cblr-1720 54 20 keep keep VERB cblr-1720 54 21 a a DET cblr-1720 54 22 target target NOUN cblr-1720 54 23 company company NOUN cblr-1720 54 24 independent independent ADJ cblr-1720 54 25 . . PUNCT cblr-1720 54 26 3 3 NUM cblr-1720 54 27 over over ADP cblr-1720 54 28 the the DET cblr-1720 54 29 last last ADJ cblr-1720 54 30 ten ten NUM cblr-1720 54 31 years year NOUN cblr-1720 54 32 , , PUNCT cblr-1720 54 33 shareholders shareholder NOUN cblr-1720 54 34 have have AUX cblr-1720 54 35 managed manage VERB cblr-1720 54 36 to to PART cblr-1720 54 37 push push VERB cblr-1720 54 38 firms firm NOUN cblr-1720 54 39 to to PART cblr-1720 54 40 do do VERB cblr-1720 54 41 away away ADV cblr-1720 54 42 almost almost ADV cblr-1720 54 43 entirely entirely ADV cblr-1720 54 44 with with ADP cblr-1720 54 45 the the DET cblr-1720 54 46 two two NUM cblr-1720 54 47 most most ADV cblr-1720 54 48 popular popular ADJ cblr-1720 54 49 and and CCONJ cblr-1720 54 50 effective effective ADJ cblr-1720 54 51 defenses defense NOUN cblr-1720 54 52 : : PUNCT cblr-1720 54 53 the the DET cblr-1720 54 54 staggered staggered ADJ cblr-1720 54 55 board board NOUN cblr-1720 54 56 and and CCONJ cblr-1720 54 57 the the DET cblr-1720 54 58 poison poison NOUN cblr-1720 54 59 pill pill NOUN cblr-1720 54 60 . . PUNCT cblr-1720 55 1 see see VERB cblr-1720 55 2 factset factset PROPN cblr-1720 55 3 research research PROPN cblr-1720 55 4 systems systems PROPN cblr-1720 55 5 inc inc PROPN cblr-1720 55 6 . . PROPN cblr-1720 55 7 , , PUNCT cblr-1720 55 8 dataset dataset NOUN cblr-1720 55 9 , , PUNCT cblr-1720 55 10 sharkrepellent.net sharkrepellent.net NOUN cblr-1720 55 11 , , PUNCT cblr-1720 55 12 http://sharkrepellent.net http://sharkrepellent.net PROPN cblr-1720 55 13 . . PUNCT cblr-1720 56 1 the the DET cblr-1720 56 2 shareholder shareholder NOUN cblr-1720 56 3 rights right NOUN cblr-1720 56 4 project project NOUN cblr-1720 56 5 , , PUNCT cblr-1720 56 6 directed direct VERB cblr-1720 56 7 by by ADP cblr-1720 56 8 professor professor NOUN cblr-1720 56 9 lucian lucian PROPN cblr-1720 56 10 bebchuk bebchuk PROPN cblr-1720 56 11 , , PUNCT cblr-1720 56 12 has have VERB cblr-1720 56 13 shilon shilon NOUN cblr-1720 56 14 – – PUNCT cblr-1720 56 15 final final ADJ cblr-1720 56 16 516 516 NUM cblr-1720 56 17 columbia columbia PROPN cblr-1720 56 18 business business NOUN cblr-1720 56 19 law law NOUN cblr-1720 56 20 review review NOUN cblr-1720 57 1 [ [ X cblr-1720 57 2 vol vol NOUN cblr-1720 57 3 . . NOUN cblr-1720 57 4 2017 2017 NUM cblr-1720 57 5 has have AUX cblr-1720 57 6 received receive VERB cblr-1720 57 7 much much ADJ cblr-1720 57 8 attention attention NOUN cblr-1720 57 9 from from ADP cblr-1720 57 10 legal legal ADJ cblr-1720 57 11 scholars scholar NOUN cblr-1720 57 12 and and CCONJ cblr-1720 57 13 financial financial ADJ cblr-1720 57 14 economists,4 economists,4 NOUN cblr-1720 57 15 has have AUX cblr-1720 57 16 increased increase VERB cblr-1720 57 17 in in ADP cblr-1720 57 18 importance importance NOUN cblr-1720 57 19 . . 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PUNCT cblr-1720 82 1 evidence evidence NOUN cblr-1720 82 2 from from ADP cblr-1720 82 3 a a DET cblr-1720 82 4 natural natural ADJ cblr-1720 82 5 experiment experiment NOUN cblr-1720 82 6 , , PUNCT cblr-1720 82 7 110 110 NUM cblr-1720 82 8 j. j. PROPN cblr-1720 82 9 fin fin PROPN cblr-1720 82 10 . . PUNCT cblr-1720 83 1 econ econ PROPN cblr-1720 83 2 627 627 NUM cblr-1720 83 3 ( ( PUNCT cblr-1720 83 4 2013 2013 NUM cblr-1720 83 5 ) ) PUNCT cblr-1720 83 6 . . PUNCT cblr-1720 84 1 in in ADP cblr-1720 84 2 response response NOUN cblr-1720 84 3 , , PUNCT cblr-1720 84 4 see see VERB cblr-1720 84 5 yakov yakov PROPN cblr-1720 84 6 amihud amihud PROPN cblr-1720 84 7 & & CCONJ cblr-1720 84 8 stoyan stoyan PROPN cblr-1720 84 9 stoyanov stoyanov PROPN cblr-1720 84 10 , , PUNCT cblr-1720 84 11 do do AUX cblr-1720 84 12 staggered stagger VERB cblr-1720 84 13 boards board NOUN cblr-1720 84 14 harm harm VERB cblr-1720 84 15 shareholders shareholder NOUN cblr-1720 84 16 ? ? 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PROPN cblr-1720 87 4 882 882 NUM cblr-1720 87 5 ( ( PUNCT cblr-1720 87 6 1978 1978 NUM cblr-1720 87 7 ) ) PUNCT cblr-1720 87 8 and and CCONJ cblr-1720 87 9 martin martin PROPN cblr-1720 87 10 lipton lipton PROPN cblr-1720 87 11 , , PUNCT cblr-1720 87 12 takeover takeover NOUN cblr-1720 87 13 bids bid NOUN cblr-1720 87 14 in in ADP cblr-1720 87 15 the the DET cblr-1720 87 16 target target NOUN cblr-1720 87 17 ’s ’s PART cblr-1720 87 18 boardroom boardroom NOUN cblr-1720 87 19 , , PUNCT cblr-1720 87 20 35 35 NUM cblr-1720 87 21 bus bus NOUN cblr-1720 87 22 . . PUNCT cblr-1720 88 1 law law NOUN cblr-1720 88 2 . . PUNCT cblr-1720 89 1 101 101 NUM cblr-1720 89 2 ( ( PUNCT cblr-1720 89 3 1979 1979 NUM cblr-1720 89 4 ) ) PUNCT cblr-1720 90 1 [ [ X cblr-1720 90 2 hereinafter hereinafter NOUN cblr-1720 90 3 takeover takeover NOUN cblr-1720 90 4 bids bid NOUN cblr-1720 90 5 in in ADP cblr-1720 90 6 the the DET cblr-1720 90 7 target target NOUN cblr-1720 90 8 ’s ’s PART cblr-1720 90 9 boardroom boardroom NOUN cblr-1720 90 10 ] ] PUNCT cblr-1720 90 11 . . PUNCT cblr-1720 91 1 further further ADJ cblr-1720 91 2 discussion discussion NOUN cblr-1720 91 3 includes include VERB cblr-1720 91 4 leo leo PROPN cblr-1720 91 5 herzel herzel PROPN cblr-1720 91 6 et et PROPN cblr-1720 91 7 al al PROPN cblr-1720 91 8 . . 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PROPN cblr-1720 97 3 341 341 NUM cblr-1720 97 4 ( ( PUNCT cblr-1720 97 5 1983 1983 NUM cblr-1720 97 6 ) ) PUNCT cblr-1720 97 7 ; ; PUNCT cblr-1720 97 8 john john PROPN cblr-1720 97 9 c. c. PROPN cblr-1720 97 10 coffee coffee PROPN cblr-1720 97 11 , , PUNCT cblr-1720 97 12 jr jr PROPN cblr-1720 97 13 . . 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PUNCT cblr-1720 99 1 at at ADP cblr-1720 99 2 least least ADJ cblr-1720 99 3 in in ADP cblr-1720 99 4 some some DET cblr-1720 99 5 subset subset NOUN cblr-1720 99 6 of of ADP cblr-1720 99 7 takeover takeover NOUN cblr-1720 99 8 situations situation NOUN cblr-1720 99 9 , , PUNCT cblr-1720 99 10 this this PRON cblr-1720 99 11 can can AUX cblr-1720 99 12 be be AUX cblr-1720 99 13 a a DET cblr-1720 99 14 real real ADJ cblr-1720 99 15 concern concern NOUN cblr-1720 99 16 , , PUNCT cblr-1720 99 17 not not PART cblr-1720 99 18 only only ADV cblr-1720 99 19 because because SCONJ cblr-1720 99 20 shareholders shareholder NOUN cblr-1720 99 21 have have VERB cblr-1720 99 22 inferior inferior ADJ cblr-1720 99 23 access access NOUN cblr-1720 99 24 to to ADP cblr-1720 99 25 material material NOUN cblr-1720 99 26 information information NOUN cblr-1720 99 27 , , PUNCT cblr-1720 99 28 but but CCONJ cblr-1720 99 29 also also ADV cblr-1720 99 30 because because SCONJ cblr-1720 99 31 some some PRON cblr-1720 99 32 of of ADP cblr-1720 99 33 them they PRON cblr-1720 99 34 have have VERB cblr-1720 99 35 short short ADJ cblr-1720 99 36 - - PUNCT cblr-1720 99 37 term term NOUN cblr-1720 99 38 biases bias NOUN cblr-1720 99 39 . . PUNCT cblr-1720 100 1 yet yet ADV cblr-1720 100 2 boards board NOUN cblr-1720 100 3 lack lack VERB cblr-1720 100 4 true true ADJ cblr-1720 100 5 independence independence NOUN cblr-1720 100 6 and and CCONJ cblr-1720 100 7 their their PRON cblr-1720 100 8 directors director NOUN cblr-1720 100 9 have have VERB cblr-1720 100 10 a a DET cblr-1720 100 11 personal personal ADJ cblr-1720 100 12 interest interest NOUN cblr-1720 100 13 in in ADP cblr-1720 100 14 avoiding avoid VERB cblr-1720 100 15 removal removal NOUN cblr-1720 100 16 in in ADP cblr-1720 100 17 a a DET cblr-1720 100 18 takeover takeover NOUN cblr-1720 100 19 . . PUNCT cblr-1720 101 1 hence hence ADV cblr-1720 101 2 , , PUNCT cblr-1720 101 3 giving give VERB cblr-1720 101 4 directors director NOUN cblr-1720 101 5 unfettered unfettered ADJ cblr-1720 101 6 discretion discretion NOUN cblr-1720 101 7 to to PART cblr-1720 101 8 decide decide VERB cblr-1720 101 9 whether whether SCONJ cblr-1720 101 10 to to PART cblr-1720 101 11 accept accept VERB cblr-1720 101 12 a a DET cblr-1720 101 13 takeover takeover NOUN cblr-1720 101 14 can can AUX cblr-1720 101 15 result result VERB cblr-1720 101 16 in in ADP cblr-1720 101 17 them they PRON cblr-1720 101 18 rejecting reject VERB cblr-1720 101 19 too too ADV cblr-1720 101 20 l. l. PROPN cblr-1720 101 21 rev rev PROPN cblr-1720 101 22 . . PROPN cblr-1720 101 23 1145 1145 NUM cblr-1720 101 24 ( ( PUNCT cblr-1720 101 25 1984 1984 NUM cblr-1720 101 26 ) ) PUNCT cblr-1720 101 27 ; ; PUNCT cblr-1720 101 28 frank frank PROPN cblr-1720 101 29 h. h. PROPN cblr-1720 101 30 easterbrook easterbrook PROPN cblr-1720 101 31 & & CCONJ cblr-1720 101 32 daniel daniel PROPN cblr-1720 101 33 r. r. PROPN cblr-1720 101 34 fischel fischel PROPN cblr-1720 101 35 , , PUNCT cblr-1720 101 36 corporate corporate ADJ cblr-1720 101 37 control control NOUN cblr-1720 101 38 transactions transaction NOUN cblr-1720 101 39 , , PUNCT cblr-1720 101 40 91 91 NUM cblr-1720 101 41 yale yale PROPN cblr-1720 101 42 l.j l.j PROPN cblr-1720 101 43 . . PROPN cblr-1720 101 44 698 698 NUM cblr-1720 101 45 ( ( PUNCT cblr-1720 101 46 1982 1982 NUM cblr-1720 101 47 ) ) PUNCT cblr-1720 102 1 [ [ X cblr-1720 102 2 hereinafter hereinafter NOUN cblr-1720 102 3 corporate corporate ADJ cblr-1720 102 4 control control NOUN cblr-1720 102 5 transactions transaction NOUN cblr-1720 102 6 ] ] PUNCT cblr-1720 102 7 ; ; PUNCT cblr-1720 102 8 ronald ronald PROPN cblr-1720 102 9 j. j. PROPN cblr-1720 102 10 gilson gilson PROPN cblr-1720 102 11 , , PUNCT cblr-1720 102 12 a a DET cblr-1720 102 13 structural structural ADJ cblr-1720 102 14 approach approach NOUN cblr-1720 102 15 to to ADP cblr-1720 102 16 corporations corporation NOUN cblr-1720 102 17 : : PUNCT cblr-1720 102 18 the the DET cblr-1720 102 19 case case NOUN cblr-1720 102 20 against against ADP cblr-1720 102 21 defensive defensive ADJ cblr-1720 102 22 tactics tactic NOUN cblr-1720 102 23 in in ADP cblr-1720 102 24 tender tender NOUN cblr-1720 102 25 offers offer NOUN cblr-1720 102 26 , , PUNCT cblr-1720 102 27 33 33 NUM cblr-1720 102 28 stan stan PROPN cblr-1720 102 29 . . PUNCT cblr-1720 103 1 l. l. PROPN cblr-1720 103 2 rev rev PROPN cblr-1720 103 3 . . PROPN cblr-1720 103 4 819 819 NUM cblr-1720 103 5 ( ( PUNCT cblr-1720 103 6 1981 1981 NUM cblr-1720 103 7 ) ) PUNCT cblr-1720 103 8 ; ; PUNCT cblr-1720 103 9 louis louis PROPN cblr-1720 103 10 lowenstein lowenstein NOUN cblr-1720 103 11 , , PUNCT cblr-1720 103 12 pruning prune VERB cblr-1720 103 13 deadwood deadwood NOUN cblr-1720 103 14 in in ADP cblr-1720 103 15 hostile hostile ADJ cblr-1720 103 16 takeovers takeover NOUN cblr-1720 103 17 : : PUNCT cblr-1720 103 18 a a DET cblr-1720 103 19 proposal proposal NOUN cblr-1720 103 20 for for ADP cblr-1720 103 21 legislation legislation NOUN cblr-1720 103 22 , , PUNCT cblr-1720 103 23 83 83 NUM cblr-1720 103 24 colum colum NOUN cblr-1720 103 25 . . PUNCT cblr-1720 104 1 l. l. PROPN cblr-1720 104 2 rev rev PROPN cblr-1720 104 3 . . PROPN cblr-1720 105 1 249 249 NUM cblr-1720 105 2 ( ( PUNCT cblr-1720 105 3 1983 1983 NUM cblr-1720 105 4 ) ) PUNCT cblr-1720 105 5 ; ; PUNCT cblr-1720 106 1 james james PROPN cblr-1720 106 2 f. f. PROPN cblr-1720 106 3 cotter cotter PROPN cblr-1720 106 4 & & CCONJ cblr-1720 106 5 marc marc PROPN cblr-1720 106 6 zenner zenner PROPN cblr-1720 106 7 , , PUNCT cblr-1720 106 8 how how SCONJ cblr-1720 106 9 managerial managerial ADJ cblr-1720 106 10 wealth wealth NOUN cblr-1720 106 11 affects affect VERB cblr-1720 106 12 the the DET cblr-1720 106 13 tender tender NOUN cblr-1720 106 14 offer offer NOUN cblr-1720 106 15 process process NOUN cblr-1720 106 16 , , PUNCT cblr-1720 106 17 35 35 NUM cblr-1720 106 18 j. j. PROPN cblr-1720 106 19 fin fin PROPN cblr-1720 106 20 . . PUNCT cblr-1720 106 21 econ econ PROPN cblr-1720 106 22 . . PUNCT cblr-1720 106 23 63 63 NUM cblr-1720 106 24 ( ( PUNCT cblr-1720 106 25 1994 1994 NUM cblr-1720 106 26 ) ) PUNCT cblr-1720 106 27 ; ; PUNCT cblr-1720 106 28 kenneth kenneth PROPN cblr-1720 106 29 a. a. PROPN cblr-1720 106 30 borokhovich borokhovich PROPN cblr-1720 106 31 et et PROPN cblr-1720 106 32 al al PROPN cblr-1720 106 33 . . PROPN cblr-1720 106 34 , , PUNCT cblr-1720 106 35 ceo ceo NOUN cblr-1720 106 36 contracting contracting NOUN cblr-1720 106 37 and and CCONJ cblr-1720 106 38 antitakeover antitakeover ADJ cblr-1720 106 39 amendments amendment NOUN cblr-1720 106 40 , , PUNCT cblr-1720 106 41 52 52 NUM cblr-1720 106 42 j. j. PROPN cblr-1720 106 43 fin fin PROPN cblr-1720 106 44 . . PUNCT cblr-1720 106 45 1495 1495 NUM cblr-1720 106 46 ( ( PUNCT cblr-1720 106 47 1997 1997 NUM cblr-1720 106 48 ) ) PUNCT cblr-1720 106 49 ; ; PUNCT cblr-1720 106 50 gerald gerald PROPN cblr-1720 106 51 t. t. PROPN cblr-1720 106 52 garvey garvey PROPN cblr-1720 106 53 & & CCONJ cblr-1720 106 54 gordon gordon PROPN cblr-1720 106 55 hanka hanka PROPN cblr-1720 106 56 , , PUNCT cblr-1720 106 57 capital capital NOUN cblr-1720 106 58 structure structure NOUN cblr-1720 106 59 and and CCONJ cblr-1720 106 60 corporate corporate ADJ cblr-1720 106 61 control control NOUN cblr-1720 106 62 : : PUNCT cblr-1720 106 63 the the DET cblr-1720 106 64 effect effect NOUN cblr-1720 106 65 of of ADP cblr-1720 106 66 antitakeover antitakeover ADJ cblr-1720 106 67 statutes statute NOUN cblr-1720 106 68 on on ADP cblr-1720 106 69 firm firm ADJ cblr-1720 106 70 leverage leverage NOUN cblr-1720 106 71 , , PUNCT cblr-1720 106 72 54 54 NUM cblr-1720 106 73 j. j. PROPN cblr-1720 106 74 fin fin PROPN cblr-1720 106 75 . . PUNCT cblr-1720 107 1 519 519 NUM cblr-1720 107 2 ( ( PUNCT cblr-1720 107 3 1999 1999 NUM cblr-1720 107 4 ) ) PUNCT cblr-1720 107 5 ; ; PUNCT cblr-1720 107 6 lucian lucian PROPN cblr-1720 107 7 arye arye PROPN cblr-1720 107 8 bebchuk bebchuk PROPN cblr-1720 107 9 , , PUNCT cblr-1720 107 10 the the DET cblr-1720 107 11 case case NOUN cblr-1720 107 12 against against ADP cblr-1720 107 13 board board NOUN cblr-1720 107 14 veto veto NOUN cblr-1720 107 15 in in ADP cblr-1720 107 16 corporate corporate ADJ cblr-1720 107 17 takeovers takeover NOUN cblr-1720 107 18 , , PUNCT cblr-1720 107 19 69 69 NUM cblr-1720 107 20 u. u. NOUN cblr-1720 107 21 chi chi PROPN cblr-1720 107 22 . . PUNCT cblr-1720 108 1 l. l. PROPN cblr-1720 108 2 rev rev PROPN cblr-1720 108 3 . . PROPN cblr-1720 109 1 973 973 NUM cblr-1720 109 2 ( ( PUNCT cblr-1720 109 3 2002 2002 NUM cblr-1720 109 4 ) ) PUNCT cblr-1720 109 5 ; ; PUNCT cblr-1720 109 6 lucian lucian PROPN cblr-1720 109 7 arye arye PROPN cblr-1720 109 8 bebchuk bebchuk PROPN cblr-1720 109 9 et et PROPN cblr-1720 109 10 al al PROPN cblr-1720 109 11 . . PROPN cblr-1720 109 12 , , PUNCT cblr-1720 109 13 the the DET cblr-1720 109 14 powerful powerful ADJ cblr-1720 109 15 antitakeover antitakeover ADJ cblr-1720 109 16 force force NOUN cblr-1720 109 17 of of ADP cblr-1720 109 18 classified classified ADJ cblr-1720 109 19 boards board NOUN cblr-1720 109 20 : : PUNCT cblr-1720 110 1 theory theory NOUN cblr-1720 110 2 , , PUNCT cblr-1720 110 3 evidence evidence NOUN cblr-1720 110 4 , , PUNCT cblr-1720 110 5 and and CCONJ cblr-1720 110 6 policy policy NOUN cblr-1720 110 7 , , PUNCT cblr-1720 110 8 54 54 NUM cblr-1720 110 9 stan stan PROPN cblr-1720 110 10 . . PUNCT cblr-1720 111 1 l. l. PROPN cblr-1720 111 2 rev rev PROPN cblr-1720 111 3 . . PUNCT cblr-1720 112 1 ( ( PUNCT cblr-1720 112 2 2002 2002 NUM cblr-1720 112 3 ) ) PUNCT cblr-1720 112 4 ; ; PUNCT cblr-1720 112 5 leo leo PROPN cblr-1720 112 6 e. e. PROPN cblr-1720 112 7 strine strine PROPN cblr-1720 112 8 , , PUNCT cblr-1720 112 9 jr jr PROPN cblr-1720 112 10 . . PROPN cblr-1720 112 11 , , PUNCT cblr-1720 112 12 one one NUM cblr-1720 112 13 fundamental fundamental ADJ cblr-1720 112 14 corporate corporate ADJ cblr-1720 112 15 governance governance NOUN cblr-1720 112 16 question question NOUN cblr-1720 112 17 we we PRON cblr-1720 112 18 face face VERB cblr-1720 112 19 : : PUNCT cblr-1720 112 20 can can AUX cblr-1720 112 21 corporations corporation NOUN cblr-1720 112 22 be be AUX cblr-1720 112 23 managed manage VERB cblr-1720 112 24 for for ADP cblr-1720 112 25 the the DET cblr-1720 112 26 long long ADJ cblr-1720 112 27 term term NOUN cblr-1720 112 28 unless unless SCONJ cblr-1720 112 29 their their PRON cblr-1720 112 30 powerful powerful ADJ cblr-1720 112 31 electorates electorate NOUN cblr-1720 112 32 also also ADV cblr-1720 112 33 act act VERB cblr-1720 112 34 and and CCONJ cblr-1720 112 35 think think VERB cblr-1720 112 36 long long ADJ cblr-1720 112 37 term term NOUN cblr-1720 112 38 ? ? PUNCT cblr-1720 112 39 , , PUNCT cblr-1720 112 40 66 66 NUM cblr-1720 112 41 bus bus NOUN cblr-1720 112 42 . . PUNCT cblr-1720 113 1 law law NOUN cblr-1720 113 2 . . PUNCT cblr-1720 114 1 1 1 NUM cblr-1720 114 2 ( ( PUNCT cblr-1720 114 3 2010 2010 NUM cblr-1720 114 4 ) ) PUNCT cblr-1720 114 5 . . PUNCT cblr-1720 115 1 finally finally ADV cblr-1720 115 2 , , PUNCT cblr-1720 115 3 the the DET cblr-1720 115 4 issue issue NOUN cblr-1720 115 5 has have AUX cblr-1720 115 6 been be AUX cblr-1720 115 7 also also ADV cblr-1720 115 8 discussed discuss VERB cblr-1720 115 9 by by ADP cblr-1720 115 10 economists economist NOUN cblr-1720 115 11 . . PUNCT cblr-1720 116 1 see see VERB cblr-1720 116 2 harry harry PROPN cblr-1720 116 3 deangelo deangelo PROPN cblr-1720 116 4 & & CCONJ cblr-1720 116 5 edward edward PROPN cblr-1720 116 6 m. m. PROPN cblr-1720 116 7 rice rice PROPN cblr-1720 116 8 , , PUNCT cblr-1720 116 9 antitakeover antitakeover ADJ cblr-1720 116 10 charter charter NOUN cblr-1720 116 11 amendments amendment NOUN cblr-1720 116 12 and and CCONJ cblr-1720 116 13 stockholder stockholder NOUN cblr-1720 116 14 wealth wealth NOUN cblr-1720 116 15 , , PUNCT cblr-1720 116 16 11 11 NUM cblr-1720 116 17 j. j. PROPN cblr-1720 116 18 fin fin PROPN cblr-1720 116 19 . . PUNCT cblr-1720 116 20 econ econ PROPN cblr-1720 116 21 . . PUNCT cblr-1720 117 1 329 329 NUM cblr-1720 117 2 ( ( PUNCT cblr-1720 117 3 1983 1983 NUM cblr-1720 117 4 ) ) PUNCT cblr-1720 117 5 ; ; PUNCT cblr-1720 117 6 gregg gregg PROPN cblr-1720 117 7 a. a. PROPN cblr-1720 117 8 jarrell jarrell PROPN cblr-1720 117 9 , , PUNCT cblr-1720 117 10 the the DET cblr-1720 117 11 wealth wealth NOUN cblr-1720 117 12 effects effect NOUN cblr-1720 117 13 of of ADP cblr-1720 117 14 litigation litigation NOUN cblr-1720 117 15 by by ADP cblr-1720 117 16 targets target NOUN cblr-1720 117 17 : : PUNCT cblr-1720 117 18 do do AUX cblr-1720 117 19 interests interest NOUN cblr-1720 117 20 diverge diverge VERB cblr-1720 117 21 in in ADP cblr-1720 117 22 a a DET cblr-1720 117 23 merger merger NOUN cblr-1720 117 24 ? ? PUNCT cblr-1720 117 25 , , PUNCT cblr-1720 117 26 28 28 NUM cblr-1720 117 27 j.l j.l PROPN cblr-1720 117 28 . . PROPN cblr-1720 117 29 & & CCONJ cblr-1720 117 30 econ econ PROPN cblr-1720 117 31 . . PUNCT cblr-1720 118 1 151 151 NUM cblr-1720 118 2 ( ( PUNCT cblr-1720 118 3 1985 1985 NUM cblr-1720 118 4 ) ) PUNCT cblr-1720 118 5 ; ; PUNCT cblr-1720 118 6 michael michael PROPN cblr-1720 118 7 c. c. PROPN cblr-1720 118 8 jensen jensen PROPN cblr-1720 118 9 & & CCONJ cblr-1720 118 10 richard richard PROPN cblr-1720 118 11 s. s. PROPN cblr-1720 118 12 ruback ruback PROPN cblr-1720 118 13 , , PUNCT cblr-1720 118 14 the the DET cblr-1720 118 15 market market NOUN cblr-1720 118 16 for for ADP cblr-1720 118 17 corporate corporate ADJ cblr-1720 118 18 control control NOUN cblr-1720 118 19 : : PUNCT cblr-1720 118 20 the the DET cblr-1720 118 21 scientific scientific ADJ cblr-1720 118 22 evidence evidence NOUN cblr-1720 118 23 , , PUNCT cblr-1720 118 24 11 11 NUM cblr-1720 118 25 j. j. PROPN cblr-1720 118 26 fin fin PROPN cblr-1720 118 27 . . PUNCT cblr-1720 118 28 econ econ PROPN cblr-1720 118 29 . . PUNCT cblr-1720 119 1 5 5 NUM cblr-1720 119 2 ( ( PUNCT cblr-1720 119 3 1983 1983 NUM cblr-1720 119 4 ) ) PUNCT cblr-1720 119 5 . . PUNCT cblr-1720 120 1 5 5 NUM cblr-1720 120 2 see see VERB cblr-1720 120 3 maureen maureen PROPN cblr-1720 120 4 farrell farrell PROPN cblr-1720 120 5 , , PUNCT cblr-1720 120 6 deal deal NOUN cblr-1720 120 7 - - PUNCT cblr-1720 120 8 making making NOUN cblr-1720 120 9 has have AUX cblr-1720 120 10 never never ADV cblr-1720 120 11 been be AUX cblr-1720 120 12 this this DET cblr-1720 120 13 hostile hostile NOUN cblr-1720 120 14 , , PUNCT cblr-1720 120 15 wall wall PROPN cblr-1720 120 16 st st PROPN cblr-1720 120 17 . . PROPN cblr-1720 120 18 j. j. PROPN cblr-1720 121 1 ( ( PUNCT cblr-1720 121 2 june june PROPN cblr-1720 121 3 23 23 NUM cblr-1720 121 4 , , PUNCT cblr-1720 121 5 2015 2015 NUM cblr-1720 121 6 ) ) PUNCT cblr-1720 121 7 , , PUNCT cblr-1720 121 8 http://blogs.wsj.com/moneybeat/2015/06/23 http://blogs.wsj.com/moneybeat/2015/06/23 NOUN cblr-1720 121 9 /deal /deal NOUN cblr-1720 121 10 - - PUNCT cblr-1720 121 11 making making NOUN cblr-1720 121 12 - - PUNCT cblr-1720 121 13 has have AUX cblr-1720 121 14 - - PUNCT cblr-1720 121 15 never never ADV cblr-1720 121 16 - - PUNCT cblr-1720 121 17 been be AUX cblr-1720 121 18 - - PUNCT cblr-1720 121 19 this this DET cblr-1720 121 20 - - PUNCT cblr-1720 121 21 hostile/. hostile/. NOUN cblr-1720 121 22 shilon shilon NOUN cblr-1720 121 23 – – PUNCT cblr-1720 121 24 final final ADJ cblr-1720 121 25 518 518 NUM cblr-1720 121 26 columbia columbia PROPN cblr-1720 121 27 business business NOUN cblr-1720 121 28 law law PROPN cblr-1720 121 29 review review NOUN cblr-1720 122 1 [ [ X cblr-1720 122 2 vol vol NOUN cblr-1720 122 3 . . NOUN cblr-1720 122 4 2017 2017 NUM cblr-1720 122 5 many many ADJ cblr-1720 122 6 bids bid NOUN cblr-1720 122 7 . . PUNCT cblr-1720 123 1 this this DET cblr-1720 123 2 problem problem NOUN cblr-1720 123 3 is be AUX cblr-1720 123 4 exacerbated exacerbate VERB cblr-1720 123 5 by by ADP cblr-1720 123 6 the the DET cblr-1720 123 7 fact fact NOUN cblr-1720 123 8 that that SCONJ cblr-1720 123 9 courts court NOUN cblr-1720 123 10 currently currently ADV cblr-1720 123 11 lack lack VERB cblr-1720 123 12 sufficient sufficient ADJ cblr-1720 123 13 tools tool NOUN cblr-1720 123 14 to to PART cblr-1720 123 15 exercise exercise VERB cblr-1720 123 16 an an DET cblr-1720 123 17 effective effective ADJ cblr-1720 123 18 judicial judicial ADJ cblr-1720 123 19 review review NOUN cblr-1720 123 20 over over ADP cblr-1720 123 21 both both CCONJ cblr-1720 123 22 the the DET cblr-1720 123 23 process process NOUN cblr-1720 123 24 and and CCONJ cblr-1720 123 25 the the DET cblr-1720 123 26 substance substance NOUN cblr-1720 123 27 of of ADP cblr-1720 123 28 target target NOUN cblr-1720 123 29 boards board NOUN cblr-1720 123 30 ’ ' PUNCT cblr-1720 123 31 decision decision NOUN cblr-1720 123 32 making making NOUN cblr-1720 123 33 in in ADP cblr-1720 123 34 takeovers takeover NOUN cblr-1720 123 35 . . PUNCT cblr-1720 124 1 this this DET cblr-1720 124 2 article article NOUN cblr-1720 124 3 argues argue VERB cblr-1720 124 4 that that SCONJ cblr-1720 124 5 the the DET cblr-1720 124 6 systemic systemic ADJ cblr-1720 124 7 failure failure NOUN cblr-1720 124 8 in in ADP cblr-1720 124 9 protecting protect VERB cblr-1720 124 10 shareholders shareholder NOUN cblr-1720 124 11 in in ADP cblr-1720 124 12 takeover takeover NOUN cblr-1720 124 13 situations situation NOUN cblr-1720 124 14 is be AUX cblr-1720 124 15 not not PART cblr-1720 124 16 entirely entirely ADV cblr-1720 124 17 due due ADJ cblr-1720 124 18 to to ADP cblr-1720 124 19 the the DET cblr-1720 124 20 conflict conflict NOUN cblr-1720 124 21 of of ADP cblr-1720 124 22 interest interest NOUN cblr-1720 124 23 between between ADP cblr-1720 124 24 target target NOUN cblr-1720 124 25 boards board NOUN cblr-1720 124 26 and and CCONJ cblr-1720 124 27 their their PRON cblr-1720 124 28 shareholders shareholder NOUN cblr-1720 124 29 or or CCONJ cblr-1720 124 30 to to ADP cblr-1720 124 31 the the DET cblr-1720 124 32 lack lack NOUN cblr-1720 124 33 of of ADP cblr-1720 124 34 judicial judicial ADJ cblr-1720 124 35 tools tool NOUN cblr-1720 124 36 to to PART cblr-1720 124 37 review review VERB cblr-1720 124 38 board board NOUN cblr-1720 124 39 decisions decision NOUN cblr-1720 124 40 effectively effectively ADV cblr-1720 124 41 ; ; PUNCT cblr-1720 124 42 it it PRON cblr-1720 124 43 is be AUX cblr-1720 124 44 also also ADV cblr-1720 124 45 due due ADJ cblr-1720 124 46 to to ADP cblr-1720 124 47 the the DET cblr-1720 124 48 legal legal ADJ cblr-1720 124 49 rules rule NOUN cblr-1720 124 50 prohibiting prohibit VERB cblr-1720 124 51 boards board NOUN cblr-1720 124 52 from from ADP cblr-1720 124 53 showing show VERB cblr-1720 124 54 their their PRON cblr-1720 124 55 genuine genuine ADJ cblr-1720 124 56 opposition opposition NOUN cblr-1720 124 57 to to ADP cblr-1720 124 58 the the DET cblr-1720 124 59 bid bid NOUN cblr-1720 124 60 by by ADP cblr-1720 124 61 committing commit VERB cblr-1720 124 62 to to PART cblr-1720 124 63 buy buy VERB cblr-1720 124 64 some some DET cblr-1720 124 65 shares share NOUN cblr-1720 124 66 of of ADP cblr-1720 124 67 the the DET cblr-1720 124 68 target target NOUN cblr-1720 124 69 firms firm NOUN cblr-1720 124 70 if if SCONJ cblr-1720 124 71 the the DET cblr-1720 124 72 bid bid NOUN cblr-1720 124 73 fails fail VERB cblr-1720 124 74 . . PUNCT cblr-1720 125 1 therefore therefore ADV cblr-1720 125 2 , , PUNCT cblr-1720 125 3 based base VERB cblr-1720 125 4 on on ADP cblr-1720 125 5 a a DET cblr-1720 125 6 well well ADV cblr-1720 125 7 - - PUNCT cblr-1720 125 8 established establish VERB cblr-1720 125 9 game game NOUN cblr-1720 125 10 theory theory NOUN cblr-1720 125 11 model,6 model,6 NOUN cblr-1720 125 12 i i PRON cblr-1720 125 13 propose propose VERB cblr-1720 125 14 a a DET cblr-1720 125 15 novel novel ADJ cblr-1720 125 16 legal legal ADJ cblr-1720 125 17 approach approach NOUN cblr-1720 125 18 to to ADP cblr-1720 125 19 the the DET cblr-1720 125 20 problem problem NOUN cblr-1720 125 21 : : PUNCT cblr-1720 125 22 a a DET cblr-1720 125 23 multistage multistage NOUN cblr-1720 125 24 , , PUNCT cblr-1720 125 25 collaborative collaborative ADJ cblr-1720 125 26 , , PUNCT cblr-1720 125 27 decision decision NOUN cblr-1720 125 28 - - PUNCT cblr-1720 125 29 making make VERB cblr-1720 125 30 procedure procedure NOUN cblr-1720 125 31 that that PRON cblr-1720 125 32 boards board NOUN cblr-1720 125 33 would would AUX cblr-1720 125 34 initiate initiate VERB cblr-1720 125 35 and and CCONJ cblr-1720 125 36 shareholders shareholder NOUN cblr-1720 125 37 and and CCONJ cblr-1720 125 38 courts court NOUN cblr-1720 125 39 would would AUX cblr-1720 125 40 engage engage VERB cblr-1720 125 41 in in ADP cblr-1720 125 42 and and CCONJ cblr-1720 125 43 monitor monitor VERB cblr-1720 125 44 . . PUNCT cblr-1720 126 1 the the DET cblr-1720 126 2 procedure procedure NOUN cblr-1720 126 3 would would AUX cblr-1720 126 4 work work VERB cblr-1720 126 5 with with ADP cblr-1720 126 6 the the DET cblr-1720 126 7 existing exist VERB cblr-1720 126 8 delaware delaware PROPN cblr-1720 126 9 doctrine doctrine NOUN cblr-1720 126 10 to to PART cblr-1720 126 11 induce induce VERB cblr-1720 126 12 the the DET cblr-1720 126 13 target target NOUN cblr-1720 126 14 ’s ’s PART cblr-1720 126 15 independent independent ADJ cblr-1720 126 16 directors director NOUN cblr-1720 126 17 to to PART cblr-1720 126 18 prove prove VERB cblr-1720 126 19 their their PRON cblr-1720 126 20 opposition opposition NOUN cblr-1720 126 21 to to ADP cblr-1720 126 22 6 6 NUM cblr-1720 126 23 such such ADJ cblr-1720 126 24 game game NOUN cblr-1720 126 25 theory theory NOUN cblr-1720 126 26 economic economic ADJ cblr-1720 126 27 models model NOUN cblr-1720 126 28 demonstrate demonstrate VERB cblr-1720 126 29 how how SCONJ cblr-1720 126 30 the the DET cblr-1720 126 31 quality quality NOUN cblr-1720 126 32 of of ADP cblr-1720 126 33 goods good NOUN cblr-1720 126 34 traded trade VERB cblr-1720 126 35 in in ADP cblr-1720 126 36 a a DET cblr-1720 126 37 market market NOUN cblr-1720 126 38 can can AUX cblr-1720 126 39 degrade degrade VERB cblr-1720 126 40 in in ADP cblr-1720 126 41 the the DET cblr-1720 126 42 presence presence NOUN cblr-1720 126 43 of of ADP cblr-1720 126 44 information information NOUN cblr-1720 126 45 asymmetry asymmetry NOUN cblr-1720 126 46 between between ADP cblr-1720 126 47 buyers buyer NOUN cblr-1720 126 48 and and CCONJ cblr-1720 126 49 sellers seller NOUN cblr-1720 126 50 , , PUNCT cblr-1720 126 51 leaving leave VERB cblr-1720 126 52 only only ADV cblr-1720 126 53 “ " PUNCT cblr-1720 126 54 lemons”—cars lemons”—car NOUN cblr-1720 126 55 that that PRON cblr-1720 126 56 are be AUX cblr-1720 126 57 found find VERB cblr-1720 126 58 to to PART cblr-1720 126 59 be be AUX cblr-1720 126 60 defective defective ADJ cblr-1720 126 61 only only ADV cblr-1720 126 62 after after SCONJ cblr-1720 126 63 they they PRON cblr-1720 126 64 have have AUX cblr-1720 126 65 been be AUX cblr-1720 126 66 bought buy VERB cblr-1720 126 67 — — PUNCT cblr-1720 126 68 behind behind ADV cblr-1720 126 69 . . PUNCT cblr-1720 127 1 see see VERB cblr-1720 127 2 , , PUNCT cblr-1720 127 3 e.g. e.g. ADV cblr-1720 127 4 , , PUNCT cblr-1720 127 5 george george PROPN cblr-1720 127 6 a. a. NOUN cblr-1720 127 7 akerlof akerlof PROPN cblr-1720 127 8 , , PUNCT cblr-1720 127 9 the the DET cblr-1720 127 10 market market NOUN cblr-1720 127 11 for for ADP cblr-1720 127 12 “ " PUNCT cblr-1720 127 13 lemons lemon NOUN cblr-1720 127 14 ” " PUNCT cblr-1720 127 15 : : PUNCT cblr-1720 127 16 quality quality NOUN cblr-1720 127 17 uncertainty uncertainty NOUN cblr-1720 127 18 and and CCONJ cblr-1720 127 19 the the DET cblr-1720 127 20 market market NOUN cblr-1720 127 21 mechanism mechanism NOUN cblr-1720 127 22 , , PUNCT cblr-1720 127 23 84 84 NUM cblr-1720 127 24 q.j q.j PROPN cblr-1720 127 25 . . PROPN cblr-1720 127 26 econ econ PROPN cblr-1720 127 27 . . PUNCT cblr-1720 128 1 488 488 NUM cblr-1720 128 2 ( ( PUNCT cblr-1720 128 3 1970 1970 NUM cblr-1720 128 4 ) ) PUNCT cblr-1720 128 5 . . PUNCT cblr-1720 129 1 it it PRON cblr-1720 129 2 further far ADV cblr-1720 129 3 demonstrates demonstrate VERB cblr-1720 129 4 that that SCONJ cblr-1720 129 5 when when SCONJ cblr-1720 129 6 the the DET cblr-1720 129 7 party party NOUN cblr-1720 129 8 who who PRON cblr-1720 129 9 possesses possess VERB cblr-1720 129 10 the the DET cblr-1720 129 11 private private ADJ cblr-1720 129 12 information information NOUN cblr-1720 129 13 credibly credibly ADV cblr-1720 129 14 conveys convey VERB cblr-1720 129 15 it it PRON cblr-1720 129 16 to to ADP cblr-1720 129 17 the the DET cblr-1720 129 18 other other ADJ cblr-1720 129 19 party party NOUN cblr-1720 129 20 , , PUNCT cblr-1720 129 21 the the DET cblr-1720 129 22 latter latter ADJ cblr-1720 129 23 can can AUX cblr-1720 129 24 reliably reliably ADV cblr-1720 129 25 conclude conclude VERB cblr-1720 129 26 the the DET cblr-1720 129 27 quality quality NOUN cblr-1720 129 28 of of ADP cblr-1720 129 29 the the DET cblr-1720 129 30 good good NOUN cblr-1720 129 31 . . PUNCT cblr-1720 130 1 see see VERB cblr-1720 130 2 michael michael PROPN cblr-1720 130 3 spence spence PROPN cblr-1720 130 4 , , PUNCT cblr-1720 130 5 job job NOUN cblr-1720 130 6 market market NOUN cblr-1720 130 7 signaling signal VERB cblr-1720 130 8 , , PUNCT cblr-1720 130 9 87 87 NUM cblr-1720 130 10 q.j q.j PROPN cblr-1720 130 11 . . PROPN cblr-1720 130 12 econ econ PROPN cblr-1720 130 13 . . PUNCT cblr-1720 131 1 355 355 NUM cblr-1720 131 2 ( ( PUNCT cblr-1720 131 3 1973 1973 NUM cblr-1720 131 4 ) ) PUNCT cblr-1720 131 5 . . PUNCT cblr-1720 132 1 the the DET cblr-1720 132 2 asymmetric asymmetric ADJ cblr-1720 132 3 information information NOUN cblr-1720 132 4 problem problem NOUN cblr-1720 132 5 manifests manifest VERB cblr-1720 132 6 itself itself PRON cblr-1720 132 7 in in ADP cblr-1720 132 8 this this DET cblr-1720 132 9 article article NOUN cblr-1720 132 10 when when SCONJ cblr-1720 132 11 courts court NOUN cblr-1720 132 12 , , PUNCT cblr-1720 132 13 shareholders shareholder NOUN cblr-1720 132 14 , , PUNCT cblr-1720 132 15 and and CCONJ cblr-1720 132 16 potential potential ADJ cblr-1720 132 17 bidders bidder NOUN cblr-1720 132 18 do do AUX cblr-1720 132 19 not not PART cblr-1720 132 20 know know VERB cblr-1720 132 21 the the DET cblr-1720 132 22 intrinsic intrinsic ADJ cblr-1720 132 23 value value NOUN cblr-1720 132 24 of of ADP cblr-1720 132 25 the the DET cblr-1720 132 26 target target NOUN cblr-1720 132 27 firm firm NOUN cblr-1720 132 28 if if SCONJ cblr-1720 132 29 it it PRON cblr-1720 132 30 stays stay VERB cblr-1720 132 31 independent independent ADJ cblr-1720 132 32 because because SCONJ cblr-1720 132 33 they they PRON cblr-1720 132 34 do do AUX cblr-1720 132 35 not not PART cblr-1720 132 36 know know VERB cblr-1720 132 37 important important ADJ cblr-1720 132 38 information information NOUN cblr-1720 132 39 held hold VERB cblr-1720 132 40 by by ADP cblr-1720 132 41 the the DET cblr-1720 132 42 incumbent incumbent ADJ cblr-1720 132 43 directors director NOUN cblr-1720 132 44 . . PUNCT cblr-1720 133 1 because because SCONJ cblr-1720 133 2 they they PRON cblr-1720 133 3 do do AUX cblr-1720 133 4 not not PART cblr-1720 133 5 know know VERB cblr-1720 133 6 the the DET cblr-1720 133 7 intrinsic intrinsic ADJ cblr-1720 133 8 value value NOUN cblr-1720 133 9 of of ADP cblr-1720 133 10 the the DET cblr-1720 133 11 firm firm NOUN cblr-1720 133 12 they they PRON cblr-1720 133 13 do do AUX cblr-1720 133 14 not not PART cblr-1720 133 15 know know VERB cblr-1720 133 16 if if SCONJ cblr-1720 133 17 the the DET cblr-1720 133 18 bid bid NOUN cblr-1720 133 19 price price NOUN cblr-1720 133 20 exceeds exceed VERB cblr-1720 133 21 it it PRON cblr-1720 133 22 . . PUNCT cblr-1720 134 1 the the DET cblr-1720 134 2 court court NOUN cblr-1720 134 3 ’s ’s PART cblr-1720 134 4 inferior inferior ADJ cblr-1720 134 5 information information NOUN cblr-1720 134 6 , , PUNCT cblr-1720 134 7 especially especially ADV cblr-1720 134 8 when when SCONJ cblr-1720 134 9 combined combine VERB cblr-1720 134 10 with with ADP cblr-1720 134 11 the the DET cblr-1720 134 12 process process NOUN cblr-1720 134 13 - - PUNCT cblr-1720 134 14 based base VERB cblr-1720 134 15 lenient lenient ADJ cblr-1720 134 16 delaware delaware PROPN cblr-1720 134 17 doctrine doctrine NOUN cblr-1720 134 18 , , PUNCT cblr-1720 134 19 results result NOUN cblr-1720 134 20 in in ADP cblr-1720 134 21 target target NOUN cblr-1720 134 22 boards board NOUN cblr-1720 134 23 that that PRON cblr-1720 134 24 exercise exercise VERB cblr-1720 134 25 too too ADV cblr-1720 134 26 many many ADJ cblr-1720 134 27 defensive defensive ADJ cblr-1720 134 28 tactics tactic NOUN cblr-1720 134 29 against against ADP cblr-1720 134 30 unsolicited unsolicited ADJ cblr-1720 134 31 bidders bidder NOUN cblr-1720 134 32 , , PUNCT cblr-1720 134 33 which which PRON cblr-1720 134 34 , , PUNCT cblr-1720 134 35 in in ADP cblr-1720 134 36 turn turn NOUN cblr-1720 134 37 , , PUNCT cblr-1720 134 38 destroys destroy VERB cblr-1720 134 39 shareholder shareholder NOUN cblr-1720 134 40 value value NOUN cblr-1720 134 41 . . PUNCT cblr-1720 135 1 the the DET cblr-1720 135 2 proposed propose VERB cblr-1720 135 3 arrangement arrangement NOUN cblr-1720 135 4 credibly credibly ADV cblr-1720 135 5 transmits transmit VERB cblr-1720 135 6 the the DET cblr-1720 135 7 incumbents incumbent NOUN cblr-1720 135 8 ’ ’ PART cblr-1720 135 9 private private ADJ cblr-1720 135 10 information information NOUN cblr-1720 135 11 to to ADP cblr-1720 135 12 outsiders outsider NOUN cblr-1720 135 13 , , PUNCT cblr-1720 135 14 and and CCONJ cblr-1720 135 15 is be AUX cblr-1720 135 16 expected expect VERB cblr-1720 135 17 to to PART cblr-1720 135 18 allow allow VERB cblr-1720 135 19 courts court NOUN cblr-1720 135 20 , , PUNCT cblr-1720 135 21 shareholders shareholder NOUN cblr-1720 135 22 , , PUNCT cblr-1720 135 23 and and CCONJ cblr-1720 135 24 potential potential ADJ cblr-1720 135 25 bidders bidder NOUN cblr-1720 135 26 to to PART cblr-1720 135 27 distinguish distinguish VERB cblr-1720 135 28 between between ADP cblr-1720 135 29 firms firm NOUN cblr-1720 135 30 that that PRON cblr-1720 135 31 should should AUX cblr-1720 135 32 stay stay VERB cblr-1720 135 33 independent independent ADJ cblr-1720 135 34 and and CCONJ cblr-1720 135 35 those those PRON cblr-1720 135 36 that that PRON cblr-1720 135 37 should should AUX cblr-1720 135 38 be be AUX cblr-1720 135 39 taken take VERB cblr-1720 135 40 over over ADP cblr-1720 135 41 . . PUNCT cblr-1720 136 1 shilon shilon NOUN cblr-1720 136 2 – – PUNCT cblr-1720 136 3 final final ADJ cblr-1720 136 4 no no NOUN cblr-1720 136 5 . . PUNCT cblr-1720 136 6 2:511 2:511 NOUN cblr-1720 136 7 ] ] X cblr-1720 136 8 improving improve VERB cblr-1720 136 9 corporate corporate ADJ cblr-1720 136 10 takeover takeover NOUN cblr-1720 136 11 dynamics dynamic NOUN cblr-1720 136 12 519 519 NUM cblr-1720 136 13 the the DET cblr-1720 136 14 bid bid NOUN cblr-1720 136 15 by by ADP cblr-1720 136 16 committing commit VERB cblr-1720 136 17 to to PART cblr-1720 136 18 buy buy VERB cblr-1720 136 19 and and CCONJ cblr-1720 136 20 keep keep VERB cblr-1720 136 21 a a DET cblr-1720 136 22 certain certain ADJ cblr-1720 136 23 amount amount NOUN cblr-1720 136 24 of of ADP cblr-1720 136 25 stock stock NOUN cblr-1720 136 26 at at ADP cblr-1720 136 27 the the DET cblr-1720 136 28 bid bid NOUN cblr-1720 136 29 price price NOUN cblr-1720 136 30 should should AUX cblr-1720 136 31 the the DET cblr-1720 136 32 bid bid NOUN cblr-1720 136 33 fail fail VERB cblr-1720 136 34 — — PUNCT cblr-1720 136 35 in in ADP cblr-1720 136 36 essence essence NOUN cblr-1720 136 37 , , PUNCT cblr-1720 136 38 to to PART cblr-1720 136 39 “ " PUNCT cblr-1720 136 40 put put VERB cblr-1720 136 41 their their PRON cblr-1720 136 42 money money NOUN cblr-1720 136 43 where where SCONJ cblr-1720 136 44 their their PRON cblr-1720 136 45 mouths mouth NOUN cblr-1720 136 46 are be AUX cblr-1720 136 47 . . PUNCT cblr-1720 136 48 ” " PUNCT cblr-1720 137 1 adopting adopt VERB cblr-1720 137 2 my my PRON cblr-1720 137 3 proposal proposal NOUN cblr-1720 137 4 would would AUX cblr-1720 137 5 address address VERB cblr-1720 137 6 courts court NOUN cblr-1720 137 7 ’ ' PUNCT cblr-1720 137 8 and and CCONJ cblr-1720 137 9 shareholders shareholder NOUN cblr-1720 137 10 ’ ' PUNCT cblr-1720 137 11 lack lack NOUN cblr-1720 137 12 of of ADP cblr-1720 137 13 access access NOUN cblr-1720 137 14 to to ADP cblr-1720 137 15 material material NOUN cblr-1720 137 16 information information NOUN cblr-1720 137 17 as as ADV cblr-1720 137 18 well well ADV cblr-1720 137 19 as as ADP cblr-1720 137 20 boards board NOUN cblr-1720 137 21 ’ ' PUNCT cblr-1720 137 22 skewed skewed ADJ cblr-1720 137 23 incentives incentive NOUN cblr-1720 137 24 and and CCONJ cblr-1720 137 25 thus thus ADV cblr-1720 137 26 would would AUX cblr-1720 137 27 considerably considerably ADV cblr-1720 137 28 improve improve VERB cblr-1720 137 29 corporate corporate ADJ cblr-1720 137 30 takeover takeover NOUN cblr-1720 137 31 dynamics dynamic NOUN cblr-1720 137 32 . . PUNCT cblr-1720 138 1 part part NOUN cblr-1720 138 2 ii ii PROPN cblr-1720 138 3 explains explain VERB cblr-1720 138 4 why why SCONJ cblr-1720 138 5 shareholders shareholder NOUN cblr-1720 138 6 might might AUX cblr-1720 138 7 erroneously erroneously ADV cblr-1720 138 8 accept accept VERB cblr-1720 138 9 underpriced underpriced ADJ cblr-1720 138 10 takeover takeover NOUN cblr-1720 138 11 bids bid NOUN cblr-1720 138 12 . . PUNCT cblr-1720 139 1 shareholders shareholder NOUN cblr-1720 139 2 face face VERB cblr-1720 139 3 severe severe ADJ cblr-1720 139 4 challenges challenge NOUN cblr-1720 139 5 in in ADP cblr-1720 139 6 their their PRON cblr-1720 139 7 efforts effort NOUN cblr-1720 139 8 to to PART cblr-1720 139 9 receive receive VERB cblr-1720 139 10 , , PUNCT cblr-1720 139 11 process process NOUN cblr-1720 139 12 , , PUNCT cblr-1720 139 13 and and CCONJ cblr-1720 139 14 evaluate evaluate VERB cblr-1720 139 15 the the DET cblr-1720 139 16 information information NOUN cblr-1720 139 17 necessary necessary ADJ cblr-1720 139 18 to to PART cblr-1720 139 19 assess assess VERB cblr-1720 139 20 the the DET cblr-1720 139 21 true true ADJ cblr-1720 139 22 intrinsic intrinsic ADJ cblr-1720 139 23 value value NOUN cblr-1720 139 24 of of ADP cblr-1720 139 25 the the DET cblr-1720 139 26 target target NOUN cblr-1720 139 27 and and CCONJ cblr-1720 139 28 , , PUNCT cblr-1720 139 29 hence hence ADV cblr-1720 139 30 , , PUNCT cblr-1720 139 31 to to PART cblr-1720 139 32 evaluate evaluate VERB cblr-1720 139 33 whether whether SCONJ cblr-1720 139 34 the the DET cblr-1720 139 35 bid bid NOUN cblr-1720 139 36 price price NOUN cblr-1720 139 37 is be AUX cblr-1720 139 38 adequate adequate ADJ cblr-1720 139 39 . . PUNCT cblr-1720 140 1 in in ADP cblr-1720 140 2 particular particular ADJ cblr-1720 140 3 , , PUNCT cblr-1720 140 4 they they PRON cblr-1720 140 5 lack lack VERB cblr-1720 140 6 access access NOUN cblr-1720 140 7 to to ADP cblr-1720 140 8 important important ADJ cblr-1720 140 9 nonpublic nonpublic ADJ cblr-1720 140 10 information information NOUN cblr-1720 140 11 . . PUNCT cblr-1720 141 1 this this PRON cblr-1720 141 2 , , PUNCT cblr-1720 141 3 as as ADV cblr-1720 141 4 well well ADV cblr-1720 141 5 as as ADP cblr-1720 141 6 market market NOUN cblr-1720 141 7 inefficiencies inefficiency NOUN cblr-1720 141 8 in in ADP cblr-1720 141 9 pricing price VERB cblr-1720 141 10 public public ADJ cblr-1720 141 11 information information NOUN cblr-1720 141 12 , , PUNCT cblr-1720 141 13 often often ADV cblr-1720 141 14 render render VERB cblr-1720 141 15 shareholders shareholder NOUN cblr-1720 141 16 unable unable ADJ cblr-1720 141 17 to to PART cblr-1720 141 18 distinguish distinguish VERB cblr-1720 141 19 between between ADP cblr-1720 141 20 the the DET cblr-1720 141 21 stock stock NOUN cblr-1720 141 22 value value NOUN cblr-1720 141 23 and and CCONJ cblr-1720 141 24 the the DET cblr-1720 141 25 true true ADJ cblr-1720 141 26 intrinsic intrinsic ADJ cblr-1720 141 27 value value NOUN cblr-1720 141 28 . . PUNCT cblr-1720 142 1 in in ADP cblr-1720 142 2 addition addition NOUN cblr-1720 142 3 , , PUNCT cblr-1720 142 4 because because SCONJ cblr-1720 142 5 of of ADP cblr-1720 142 6 restrictions restriction NOUN cblr-1720 142 7 imposed impose VERB cblr-1720 142 8 by by ADP cblr-1720 142 9 federal federal ADJ cblr-1720 142 10 laws law NOUN cblr-1720 142 11 and and CCONJ cblr-1720 142 12 collective collective ADJ cblr-1720 142 13 action action NOUN cblr-1720 142 14 problems problem NOUN cblr-1720 142 15 among among ADP cblr-1720 142 16 shareholders shareholder NOUN cblr-1720 142 17 , , PUNCT cblr-1720 142 18 investors investor NOUN cblr-1720 142 19 do do AUX cblr-1720 142 20 not not PART cblr-1720 142 21 gather gather VERB cblr-1720 142 22 important important ADJ cblr-1720 142 23 information information NOUN cblr-1720 142 24 independently independently ADV cblr-1720 142 25 . . PUNCT cblr-1720 143 1 moreover moreover ADV cblr-1720 143 2 , , PUNCT cblr-1720 143 3 even even ADV cblr-1720 143 4 if if SCONJ cblr-1720 143 5 investors investor NOUN cblr-1720 143 6 were be AUX cblr-1720 143 7 motivated motivated ADJ cblr-1720 143 8 to to PART cblr-1720 143 9 do do VERB cblr-1720 143 10 so so ADV cblr-1720 143 11 , , PUNCT cblr-1720 143 12 frictions friction NOUN cblr-1720 143 13 of of ADP cblr-1720 143 14 various various ADJ cblr-1720 143 15 sorts sort NOUN cblr-1720 143 16 currently currently ADV cblr-1720 143 17 prevent prevent VERB cblr-1720 143 18 target target NOUN cblr-1720 143 19 boards board NOUN cblr-1720 143 20 from from ADP cblr-1720 143 21 credibly credibly ADV cblr-1720 143 22 transmitting transmit VERB cblr-1720 143 23 their their PRON cblr-1720 143 24 inside inside ADJ cblr-1720 143 25 understanding understanding NOUN cblr-1720 143 26 about about ADP cblr-1720 143 27 the the DET cblr-1720 143 28 desirability desirability NOUN cblr-1720 143 29 of of ADP cblr-1720 143 30 a a DET cblr-1720 143 31 hostile hostile ADJ cblr-1720 143 32 bid bid NOUN cblr-1720 143 33 to to ADP cblr-1720 143 34 their their PRON cblr-1720 143 35 shareholders shareholder NOUN cblr-1720 143 36 . . PUNCT cblr-1720 144 1 even even ADV cblr-1720 144 2 if if SCONJ cblr-1720 144 3 shareholders shareholder NOUN cblr-1720 144 4 could could AUX cblr-1720 144 5 accurately accurately ADV cblr-1720 144 6 evaluate evaluate VERB cblr-1720 144 7 the the DET cblr-1720 144 8 intrinsic intrinsic ADJ cblr-1720 144 9 value value NOUN cblr-1720 144 10 of of ADP cblr-1720 144 11 the the DET cblr-1720 144 12 target target NOUN cblr-1720 144 13 and and CCONJ cblr-1720 144 14 , , PUNCT cblr-1720 144 15 hence hence ADV cblr-1720 144 16 , , PUNCT cblr-1720 144 17 the the DET cblr-1720 144 18 fairness fairness NOUN cblr-1720 144 19 of of ADP cblr-1720 144 20 the the DET cblr-1720 144 21 bid bid NOUN cblr-1720 144 22 price price NOUN cblr-1720 144 23 , , PUNCT cblr-1720 144 24 the the DET cblr-1720 144 25 firm firm NOUN cblr-1720 144 26 sometimes sometimes ADV cblr-1720 144 27 needs need VERB cblr-1720 144 28 the the DET cblr-1720 144 29 board board NOUN cblr-1720 144 30 to to PART cblr-1720 144 31 protect protect VERB cblr-1720 144 32 it it PRON cblr-1720 144 33 because because SCONJ cblr-1720 144 34 shareholders shareholder NOUN cblr-1720 144 35 might might AUX cblr-1720 144 36 not not PART cblr-1720 144 37 make make VERB cblr-1720 144 38 a a DET cblr-1720 144 39 choice choice NOUN cblr-1720 144 40 that that PRON cblr-1720 144 41 maximizes maximize VERB cblr-1720 144 42 the the DET cblr-1720 144 43 firm firm NOUN cblr-1720 144 44 ’s ’s PART cblr-1720 144 45 long long ADJ cblr-1720 144 46 - - PUNCT cblr-1720 144 47 term term NOUN cblr-1720 144 48 value value NOUN cblr-1720 144 49 . . PUNCT cblr-1720 145 1 there there PRON cblr-1720 145 2 is be VERB cblr-1720 145 3 a a DET cblr-1720 145 4 substantial substantial ADJ cblr-1720 145 5 risk risk NOUN cblr-1720 145 6 that that SCONJ cblr-1720 145 7 certain certain ADJ cblr-1720 145 8 special special ADJ cblr-1720 145 9 interests interest NOUN cblr-1720 145 10 would would AUX cblr-1720 145 11 push push VERB cblr-1720 145 12 shareholder shareholder NOUN cblr-1720 145 13 response response NOUN cblr-1720 145 14 to to ADP cblr-1720 145 15 a a DET cblr-1720 145 16 takeover takeover NOUN cblr-1720 145 17 away away ADV cblr-1720 145 18 from from ADP cblr-1720 145 19 maximizing maximize VERB cblr-1720 145 20 the the DET cblr-1720 145 21 target target NOUN cblr-1720 145 22 ’s ’s PART cblr-1720 145 23 long long ADJ cblr-1720 145 24 - - PUNCT cblr-1720 145 25 term term NOUN cblr-1720 145 26 value value NOUN cblr-1720 145 27 . . PUNCT cblr-1720 146 1 such such ADJ cblr-1720 146 2 interests interest NOUN cblr-1720 146 3 include include VERB cblr-1720 146 4 the the DET cblr-1720 146 5 short short ADJ cblr-1720 146 6 - - PUNCT cblr-1720 146 7 term term NOUN cblr-1720 146 8 motivation motivation NOUN cblr-1720 146 9 of of ADP cblr-1720 146 10 merger merger NOUN cblr-1720 146 11 arbitrageurs arbitrageur NOUN cblr-1720 146 12 , , PUNCT cblr-1720 146 13 the the DET cblr-1720 146 14 financial financial ADJ cblr-1720 146 15 interest interest NOUN cblr-1720 146 16 that that PRON cblr-1720 146 17 the the DET cblr-1720 146 18 target target NOUN cblr-1720 146 19 ’s ’s PART cblr-1720 146 20 institutional institutional ADJ cblr-1720 146 21 shareholders shareholder NOUN cblr-1720 146 22 often often ADV cblr-1720 146 23 have have VERB cblr-1720 146 24 in in ADP cblr-1720 146 25 the the DET cblr-1720 146 26 bidder bidder NOUN cblr-1720 146 27 due due ADP cblr-1720 146 28 to to ADP cblr-1720 146 29 their their PRON cblr-1720 146 30 portfolio portfolio NOUN cblr-1720 146 31 diversification diversification NOUN cblr-1720 146 32 strategies strategy NOUN cblr-1720 146 33 , , PUNCT cblr-1720 146 34 the the DET cblr-1720 146 35 special special ADJ cblr-1720 146 36 concerns concern NOUN cblr-1720 146 37 of of ADP cblr-1720 146 38 shareholder shareholder NOUN cblr-1720 146 39 groups group NOUN cblr-1720 146 40 such such ADJ cblr-1720 146 41 as as ADP cblr-1720 146 42 public public ADJ cblr-1720 146 43 pension pension NOUN cblr-1720 146 44 funds fund NOUN cblr-1720 146 45 and and CCONJ cblr-1720 146 46 labor labor NOUN cblr-1720 146 47 union union NOUN cblr-1720 146 48 pension pension NOUN cblr-1720 146 49 funds fund NOUN cblr-1720 146 50 , , PUNCT cblr-1720 146 51 and and CCONJ cblr-1720 146 52 the the DET cblr-1720 146 53 entrenchment entrenchment ADJ cblr-1720 146 54 bias bias NOUN cblr-1720 146 55 of of ADP cblr-1720 146 56 inside inside ADJ cblr-1720 146 57 shareholders shareholder NOUN cblr-1720 146 58 ( ( PUNCT cblr-1720 146 59 i.e. i.e. X cblr-1720 146 60 , , PUNCT cblr-1720 146 61 employees employee NOUN cblr-1720 146 62 and and CCONJ cblr-1720 146 63 directors director NOUN cblr-1720 146 64 ) ) PUNCT cblr-1720 146 65 . . PUNCT cblr-1720 147 1 importantly importantly ADV cblr-1720 147 2 , , PUNCT cblr-1720 147 3 solutions solution NOUN cblr-1720 147 4 offered offer VERB cblr-1720 147 5 to to PART cblr-1720 147 6 counter counter VERB cblr-1720 147 7 distorted distorted ADJ cblr-1720 147 8 shareholder shareholder NOUN cblr-1720 147 9 choice choice NOUN cblr-1720 147 10 in in ADP cblr-1720 147 11 corporate corporate ADJ cblr-1720 147 12 takeovers takeover NOUN cblr-1720 147 13 — — PUNCT cblr-1720 147 14 in in ADP cblr-1720 147 15 shilon shilon NOUN cblr-1720 147 16 – – PUNCT cblr-1720 147 17 final final ADJ cblr-1720 147 18 520 520 NUM cblr-1720 147 19 columbia columbia PROPN cblr-1720 147 20 business business NOUN cblr-1720 147 21 law law NOUN cblr-1720 147 22 review review NOUN cblr-1720 148 1 [ [ X cblr-1720 148 2 vol vol NOUN cblr-1720 148 3 . . PUNCT cblr-1720 148 4 2017 2017 NUM cblr-1720 148 5 particular particular ADJ cblr-1720 148 6 , , PUNCT cblr-1720 148 7 remedies remedy NOUN cblr-1720 148 8 to to ADP cblr-1720 148 9 their their PRON cblr-1720 148 10 pressure pressure NOUN cblr-1720 148 11 to to PART cblr-1720 148 12 tender tender VERB cblr-1720 148 13 and and CCONJ cblr-1720 148 14 freeriding freeriding NOUN cblr-1720 148 15 problem problem NOUN cblr-1720 148 16 — — PUNCT cblr-1720 148 17 often often ADV cblr-1720 148 18 rely rely VERB cblr-1720 148 19 on on ADP cblr-1720 148 20 the the DET cblr-1720 148 21 assumption assumption NOUN cblr-1720 148 22 that that SCONJ cblr-1720 148 23 shareholders shareholder NOUN cblr-1720 148 24 have have AUX cblr-1720 148 25 full full ADJ cblr-1720 148 26 information information NOUN cblr-1720 148 27 about about ADP cblr-1720 148 28 the the DET cblr-1720 148 29 desirability desirability NOUN cblr-1720 148 30 of of ADP cblr-1720 148 31 the the DET cblr-1720 148 32 bid bid NOUN cblr-1720 148 33 . . PUNCT cblr-1720 149 1 the the DET cblr-1720 149 2 analysis analysis NOUN cblr-1720 149 3 in in ADP cblr-1720 149 4 the the DET cblr-1720 149 5 beginning beginning NOUN cblr-1720 149 6 of of ADP cblr-1720 149 7 this this DET cblr-1720 149 8 part part NOUN cblr-1720 149 9 indicates indicate VERB cblr-1720 149 10 that that SCONJ cblr-1720 149 11 , , PUNCT cblr-1720 149 12 unfortunately unfortunately ADV cblr-1720 149 13 , , PUNCT cblr-1720 149 14 this this DET cblr-1720 149 15 assumption assumption NOUN cblr-1720 149 16 is be AUX cblr-1720 149 17 unwarranted unwarranted ADJ cblr-1720 149 18 . . PUNCT cblr-1720 150 1 part part NOUN cblr-1720 150 2 iii iii NOUN cblr-1720 150 3 explains explain VERB cblr-1720 150 4 that that SCONJ cblr-1720 150 5 target target NOUN cblr-1720 150 6 boards board NOUN cblr-1720 150 7 , , PUNCT cblr-1720 150 8 while while SCONJ cblr-1720 150 9 best well ADV cblr-1720 150 10 situated situate VERB cblr-1720 150 11 to to PART cblr-1720 150 12 evaluate evaluate VERB cblr-1720 150 13 hostile hostile ADJ cblr-1720 150 14 bids bid NOUN cblr-1720 150 15 , , PUNCT cblr-1720 150 16 should should AUX cblr-1720 150 17 not not PART cblr-1720 150 18 be be AUX cblr-1720 150 19 relied rely VERB cblr-1720 150 20 upon upon SCONJ cblr-1720 150 21 to to PART cblr-1720 150 22 fix fix VERB cblr-1720 150 23 the the DET cblr-1720 150 24 problems problem NOUN cblr-1720 150 25 identified identify VERB cblr-1720 150 26 in in ADP cblr-1720 150 27 part part PROPN cblr-1720 150 28 ii ii PROPN cblr-1720 150 29 . . PUNCT cblr-1720 151 1 the the DET cblr-1720 151 2 analysis analysis NOUN cblr-1720 151 3 in in ADP cblr-1720 151 4 part part NOUN cblr-1720 151 5 iii iii NUM cblr-1720 151 6 shows show VERB cblr-1720 151 7 that that SCONJ cblr-1720 151 8 because because SCONJ cblr-1720 151 9 of of ADP cblr-1720 151 10 their their PRON cblr-1720 151 11 clear clear ADJ cblr-1720 151 12 conflict conflict NOUN cblr-1720 151 13 of of ADP cblr-1720 151 14 interest interest NOUN cblr-1720 151 15 with with ADP cblr-1720 151 16 their their PRON cblr-1720 151 17 shareholders shareholder NOUN cblr-1720 151 18 in in ADP cblr-1720 151 19 takeover takeover NOUN cblr-1720 151 20 situations situation NOUN cblr-1720 151 21 , , PUNCT cblr-1720 151 22 target target NOUN cblr-1720 151 23 boards board NOUN cblr-1720 151 24 excessively excessively ADV cblr-1720 151 25 misuse misuse VERB cblr-1720 151 26 their their PRON cblr-1720 151 27 power power NOUN cblr-1720 151 28 to to PART cblr-1720 151 29 reject reject VERB cblr-1720 151 30 unsolicited unsolicited ADJ cblr-1720 151 31 takeover takeover NOUN cblr-1720 151 32 attempts attempt NOUN cblr-1720 151 33 . . PUNCT cblr-1720 152 1 although although SCONJ cblr-1720 152 2 virtually virtually ADV cblr-1720 152 3 all all DET cblr-1720 152 4 boards board NOUN cblr-1720 152 5 have have VERB cblr-1720 152 6 a a DET cblr-1720 152 7 majority majority NOUN cblr-1720 152 8 composition composition NOUN cblr-1720 152 9 of of ADP cblr-1720 152 10 independent independent ADJ cblr-1720 152 11 directors director NOUN cblr-1720 152 12 , , PUNCT cblr-1720 152 13 these these DET cblr-1720 152 14 directors director NOUN cblr-1720 152 15 can can AUX cblr-1720 152 16 not not PART cblr-1720 152 17 be be AUX cblr-1720 152 18 relied rely VERB cblr-1720 152 19 upon upon SCONJ cblr-1720 152 20 to to PART cblr-1720 152 21 exercise exercise VERB cblr-1720 152 22 business business NOUN cblr-1720 152 23 judgment judgment NOUN cblr-1720 152 24 that that PRON cblr-1720 152 25 is be AUX cblr-1720 152 26 free free ADJ cblr-1720 152 27 from from ADP cblr-1720 152 28 the the DET cblr-1720 152 29 target target NOUN cblr-1720 152 30 ’s ’s PART cblr-1720 152 31 executive executive ADJ cblr-1720 152 32 officers officer NOUN cblr-1720 152 33 ’ ’ PART cblr-1720 152 34 influence influence NOUN cblr-1720 152 35 . . PUNCT cblr-1720 153 1 also also ADV cblr-1720 153 2 , , PUNCT cblr-1720 153 3 because because SCONJ cblr-1720 153 4 a a DET cblr-1720 153 5 successful successful ADJ cblr-1720 153 6 takeover takeover NOUN cblr-1720 153 7 will will AUX cblr-1720 153 8 result result VERB cblr-1720 153 9 in in ADP cblr-1720 153 10 their their PRON cblr-1720 153 11 involuntary involuntary ADJ cblr-1720 153 12 removal removal NOUN cblr-1720 153 13 , , PUNCT cblr-1720 153 14 target target NOUN cblr-1720 153 15 boards board NOUN cblr-1720 153 16 have have VERB cblr-1720 153 17 a a DET cblr-1720 153 18 personal personal ADJ cblr-1720 153 19 interest interest NOUN cblr-1720 153 20 in in ADP cblr-1720 153 21 rejecting reject VERB cblr-1720 153 22 hostile hostile ADJ cblr-1720 153 23 bids bid NOUN cblr-1720 153 24 . . PUNCT cblr-1720 154 1 furthermore furthermore ADV cblr-1720 154 2 , , PUNCT cblr-1720 154 3 the the DET cblr-1720 154 4 design design NOUN cblr-1720 154 5 of of ADP cblr-1720 154 6 their their PRON cblr-1720 154 7 incentive incentive NOUN cblr-1720 154 8 compensation compensation NOUN cblr-1720 154 9 arrangements arrangement NOUN cblr-1720 154 10 , , PUNCT cblr-1720 154 11 which which PRON cblr-1720 154 12 generally generally ADV cblr-1720 154 13 helps help VERB cblr-1720 154 14 bond bond VERB cblr-1720 154 15 them they PRON cblr-1720 154 16 with with ADP cblr-1720 154 17 their their PRON cblr-1720 154 18 long long ADJ cblr-1720 154 19 - - PUNCT cblr-1720 154 20 term term NOUN cblr-1720 154 21 shareholders shareholder NOUN cblr-1720 154 22 , , PUNCT cblr-1720 154 23 functions function NOUN cblr-1720 154 24 in in ADP cblr-1720 154 25 the the DET cblr-1720 154 26 opposite opposite ADJ cblr-1720 154 27 way way NOUN cblr-1720 154 28 in in ADP cblr-1720 154 29 takeover takeover NOUN cblr-1720 154 30 situations situation NOUN cblr-1720 154 31 . . PUNCT cblr-1720 155 1 finally finally ADV cblr-1720 155 2 , , PUNCT cblr-1720 155 3 there there PRON cblr-1720 155 4 is be VERB cblr-1720 155 5 significant significant ADJ cblr-1720 155 6 empirical empirical ADJ cblr-1720 155 7 evidence evidence NOUN cblr-1720 155 8 indicating indicate VERB cblr-1720 155 9 that that SCONJ cblr-1720 155 10 directors director NOUN cblr-1720 155 11 indeed indeed ADV cblr-1720 155 12 overuse overuse VERB cblr-1720 155 13 their their PRON cblr-1720 155 14 power power NOUN cblr-1720 155 15 to to PART cblr-1720 155 16 insulate insulate VERB cblr-1720 155 17 their their PRON cblr-1720 155 18 firms firm NOUN cblr-1720 155 19 from from ADP cblr-1720 155 20 unsolicited unsolicited ADJ cblr-1720 155 21 acquisition acquisition NOUN cblr-1720 155 22 offers offer NOUN cblr-1720 155 23 . . PUNCT cblr-1720 156 1 because because SCONJ cblr-1720 156 2 of of ADP cblr-1720 156 3 the the DET cblr-1720 156 4 perils peril NOUN cblr-1720 156 5 identified identify VERB cblr-1720 156 6 in in ADP cblr-1720 156 7 parts part NOUN cblr-1720 156 8 ii ii PROPN cblr-1720 156 9 and and CCONJ cblr-1720 156 10 iii iii PROPN cblr-1720 156 11 , , PUNCT cblr-1720 156 12 the the DET cblr-1720 156 13 courts court NOUN cblr-1720 156 14 in in ADP cblr-1720 156 15 delaware delaware PROPN cblr-1720 156 16 , , PUNCT cblr-1720 156 17 where where SCONJ cblr-1720 156 18 most most ADJ cblr-1720 156 19 u.s u.s PROPN cblr-1720 156 20 . . PROPN cblr-1720 156 21 corporations corporation NOUN cblr-1720 156 22 are be AUX cblr-1720 156 23 incorporated incorporate VERB cblr-1720 156 24 , , PUNCT cblr-1720 156 25 have have AUX cblr-1720 156 26 developed develop VERB cblr-1720 156 27 a a DET cblr-1720 156 28 rich rich ADJ cblr-1720 156 29 takeover takeover NOUN cblr-1720 156 30 doctrine doctrine NOUN cblr-1720 156 31 , , PUNCT cblr-1720 156 32 which which PRON cblr-1720 156 33 is be AUX cblr-1720 156 34 described describe VERB cblr-1720 156 35 in in ADP cblr-1720 156 36 part part NOUN cblr-1720 156 37 iv iv NUM cblr-1720 156 38 . . PUNCT cblr-1720 157 1 the the DET cblr-1720 157 2 doctrine7 doctrine7 NOUN cblr-1720 157 3 requires require VERB cblr-1720 157 4 ( ( PUNCT cblr-1720 157 5 1 1 X cblr-1720 157 6 ) ) PUNCT cblr-1720 157 7 the the DET cblr-1720 157 8 identification identification NOUN cblr-1720 157 9 of of ADP cblr-1720 157 10 a a DET cblr-1720 157 11 cognizable cognizable ADJ cblr-1720 157 12 threat threat NOUN cblr-1720 157 13 and and CCONJ cblr-1720 157 14 ( ( PUNCT cblr-1720 157 15 2 2 X cblr-1720 157 16 ) ) PUNCT cblr-1720 157 17 a a DET cblr-1720 157 18 showing showing NOUN cblr-1720 157 19 that that SCONJ cblr-1720 157 20 the the DET cblr-1720 157 21 response response NOUN cblr-1720 157 22 is be AUX cblr-1720 157 23 proportional proportional ADJ cblr-1720 157 24 to to ADP cblr-1720 157 25 the the DET cblr-1720 157 26 threat threat NOUN cblr-1720 157 27 posed pose VERB cblr-1720 157 28 . . PUNCT cblr-1720 158 1 the the DET cblr-1720 158 2 doctrine doctrine NOUN cblr-1720 158 3 places place VERB cblr-1720 158 4 the the DET cblr-1720 158 5 most most ADV cblr-1720 158 6 demanding demanding ADJ cblr-1720 158 7 burden burden NOUN cblr-1720 158 8 on on ADP cblr-1720 158 9 demonstrating demonstrate VERB cblr-1720 158 10 “ " PUNCT cblr-1720 158 11 substantive substantive ADJ cblr-1720 158 12 coercion coercion NOUN cblr-1720 158 13 . . PUNCT cblr-1720 158 14 ” " PUNCT cblr-1720 159 1 to to PART cblr-1720 159 2 support support VERB cblr-1720 159 3 such such DET cblr-1720 159 4 an an DET cblr-1720 159 5 allegation allegation NOUN cblr-1720 159 6 , , PUNCT cblr-1720 159 7 the the DET cblr-1720 159 8 board board NOUN cblr-1720 159 9 of of ADP cblr-1720 159 10 directors director NOUN cblr-1720 159 11 must must AUX cblr-1720 159 12 show show VERB cblr-1720 159 13 that that SCONJ cblr-1720 159 14 it it PRON cblr-1720 159 15 has have AUX cblr-1720 159 16 reasonably reasonably ADV cblr-1720 159 17 determined determine VERB cblr-1720 159 18 both both CCONJ cblr-1720 159 19 that that SCONJ cblr-1720 159 20 the the DET cblr-1720 159 21 bid bid NOUN cblr-1720 159 22 is be AUX cblr-1720 159 23 underpriced underprice VERB cblr-1720 159 24 and and CCONJ cblr-1720 159 25 that that SCONJ cblr-1720 159 26 shareholders shareholder NOUN cblr-1720 159 27 will will AUX cblr-1720 159 28 mistakenly mistakenly ADV cblr-1720 159 29 accept accept VERB cblr-1720 159 30 that that DET cblr-1720 159 31 offer offer NOUN cblr-1720 159 32 because because SCONJ cblr-1720 159 33 of of ADP cblr-1720 159 34 7 7 NUM cblr-1720 159 35 see see NOUN cblr-1720 159 36 paramount paramount PROPN cblr-1720 159 37 commc’ns commc’ns PROPN cblr-1720 159 38 , , PUNCT cblr-1720 159 39 inc inc PROPN cblr-1720 159 40 . . PROPN cblr-1720 159 41 v. v. PROPN cblr-1720 159 42 time time PROPN cblr-1720 159 43 inc inc PROPN cblr-1720 159 44 . . PROPN cblr-1720 159 45 , , PUNCT cblr-1720 159 46 571 571 NUM cblr-1720 159 47 a.2d a.2d SYM cblr-1720 159 48 1140 1140 NUM cblr-1720 159 49 , , PUNCT cblr-1720 159 50 1152 1152 NUM cblr-1720 159 51 ( ( PUNCT cblr-1720 159 52 del del PROPN cblr-1720 159 53 . . PROPN cblr-1720 159 54 1989 1989 NUM cblr-1720 159 55 ) ) PUNCT cblr-1720 159 56 . . PUNCT cblr-1720 160 1 shilon shilon NOUN cblr-1720 160 2 – – PUNCT cblr-1720 160 3 final final ADJ cblr-1720 160 4 no no NOUN cblr-1720 160 5 . . PUNCT cblr-1720 161 1 2:511 2:511 NOUN cblr-1720 161 2 ] ] X cblr-1720 161 3 improving improve VERB cblr-1720 161 4 corporate corporate ADJ cblr-1720 161 5 takeover takeover NOUN cblr-1720 161 6 dynamics dynamic NOUN cblr-1720 161 7 521 521 NUM cblr-1720 161 8 their their PRON cblr-1720 161 9 “ " PUNCT cblr-1720 161 10 ignorance ignorance NOUN cblr-1720 161 11 or or CCONJ cblr-1720 161 12 mistaken mistaken ADJ cblr-1720 161 13 belief belief NOUN cblr-1720 161 14 ” " PUNCT cblr-1720 161 15 regarding regard VERB cblr-1720 161 16 the the DET cblr-1720 161 17 target target NOUN cblr-1720 161 18 ’s ’s PART cblr-1720 161 19 long long ADJ cblr-1720 161 20 - - PUNCT cblr-1720 161 21 term term NOUN cblr-1720 161 22 value.8 value.8 NOUN cblr-1720 161 23 this this DET cblr-1720 161 24 doctrine doctrine NOUN cblr-1720 161 25 essentially essentially ADV cblr-1720 161 26 requires require VERB cblr-1720 161 27 a a DET cblr-1720 161 28 process process NOUN cblr-1720 161 29 - - PUNCT cblr-1720 161 30 based base VERB cblr-1720 161 31 judicial judicial ADJ cblr-1720 161 32 review review NOUN cblr-1720 161 33 . . PUNCT cblr-1720 162 1 the the DET cblr-1720 162 2 directors director NOUN cblr-1720 162 3 may may AUX cblr-1720 162 4 satisfy satisfy VERB cblr-1720 162 5 this this DET cblr-1720 162 6 requirement requirement NOUN cblr-1720 162 7 by by ADP cblr-1720 162 8 demonstrating demonstrate VERB cblr-1720 162 9 good good ADJ cblr-1720 162 10 faith faith NOUN cblr-1720 162 11 and and CCONJ cblr-1720 162 12 reasonable reasonable ADJ cblr-1720 162 13 investigation investigation NOUN cblr-1720 162 14 , , PUNCT cblr-1720 162 15 which which PRON cblr-1720 162 16 is be AUX cblr-1720 162 17 commonly commonly ADV cblr-1720 162 18 provided provide VERB cblr-1720 162 19 by by ADP cblr-1720 162 20 the the DET cblr-1720 162 21 approval approval NOUN cblr-1720 162 22 that that PRON cblr-1720 162 23 comes come VERB cblr-1720 162 24 from from ADP cblr-1720 162 25 a a DET cblr-1720 162 26 legally legally ADV cblr-1720 162 27 independent independent ADJ cblr-1720 162 28 board board NOUN cblr-1720 162 29 and and CCONJ cblr-1720 162 30 is be AUX cblr-1720 162 31 backed back VERB cblr-1720 162 32 by by ADP cblr-1720 162 33 opinions opinion NOUN cblr-1720 162 34 from from ADP cblr-1720 162 35 outside outside ADP cblr-1720 162 36 financial financial ADJ cblr-1720 162 37 and and CCONJ cblr-1720 162 38 legal legal ADJ cblr-1720 162 39 advisors.9 advisors.9 ADJ cblr-1720 162 40 part part NOUN cblr-1720 162 41 v v NOUN cblr-1720 162 42 discusses discuss VERB cblr-1720 162 43 why why SCONJ cblr-1720 162 44 judicial judicial ADJ cblr-1720 162 45 review review NOUN cblr-1720 162 46 of of ADP cblr-1720 162 47 the the DET cblr-1720 162 48 substantive substantive ADJ cblr-1720 162 49 coercion coercion NOUN cblr-1720 162 50 doctrine doctrine NOUN cblr-1720 162 51 is be AUX cblr-1720 162 52 ineffective ineffective ADJ cblr-1720 162 53 . . PUNCT cblr-1720 163 1 it it PRON cblr-1720 163 2 first first ADV cblr-1720 163 3 examines examine VERB cblr-1720 163 4 the the DET cblr-1720 163 5 impediments impediment NOUN cblr-1720 163 6 to to PART cblr-1720 163 7 reviewing review VERB cblr-1720 163 8 the the DET cblr-1720 163 9 target target NOUN cblr-1720 163 10 board board NOUN cblr-1720 163 11 ’s ’s PART cblr-1720 163 12 process process NOUN cblr-1720 163 13 . . PUNCT cblr-1720 164 1 according accord VERB cblr-1720 164 2 to to ADP cblr-1720 164 3 the the DET cblr-1720 164 4 analysis analysis NOUN cblr-1720 164 5 in in ADP cblr-1720 164 6 part part NOUN cblr-1720 164 7 iii iii NOUN cblr-1720 164 8 , , PUNCT cblr-1720 164 9 even even ADV cblr-1720 164 10 when when SCONJ cblr-1720 164 11 a a DET cblr-1720 164 12 majority majority NOUN cblr-1720 164 13 of of ADP cblr-1720 164 14 the the DET cblr-1720 164 15 approving approve VERB cblr-1720 164 16 directors director NOUN cblr-1720 164 17 are be AUX cblr-1720 164 18 determined determine VERB cblr-1720 164 19 by by ADP cblr-1720 164 20 the the DET cblr-1720 164 21 courts court NOUN cblr-1720 164 22 to to PART cblr-1720 164 23 be be AUX cblr-1720 164 24 legally legally ADV cblr-1720 164 25 independent independent ADJ cblr-1720 164 26 , , PUNCT cblr-1720 164 27 such such ADJ cblr-1720 164 28 directors director NOUN cblr-1720 164 29 tend tend VERB cblr-1720 164 30 to to PART cblr-1720 164 31 favor favor VERB cblr-1720 164 32 the the DET cblr-1720 164 33 interests interest NOUN cblr-1720 164 34 of of ADP cblr-1720 164 35 incumbent incumbent NOUN cblr-1720 164 36 managers manager NOUN cblr-1720 164 37 . . PUNCT cblr-1720 165 1 it it PRON cblr-1720 165 2 then then ADV cblr-1720 165 3 notes note VERB cblr-1720 165 4 that that SCONJ cblr-1720 165 5 the the DET cblr-1720 165 6 financial financial ADJ cblr-1720 165 7 and and CCONJ cblr-1720 165 8 legal legal ADJ cblr-1720 165 9 expert expert NOUN cblr-1720 165 10 opinions opinion NOUN cblr-1720 165 11 that that PRON cblr-1720 165 12 target target NOUN cblr-1720 165 13 boards board NOUN cblr-1720 165 14 rely rely VERB cblr-1720 165 15 on on ADP cblr-1720 165 16 to to PART cblr-1720 165 17 justify justify VERB cblr-1720 165 18 their their PRON cblr-1720 165 19 takeover takeover NOUN cblr-1720 165 20 decisions decision NOUN cblr-1720 165 21 are be AUX cblr-1720 165 22 extremely extremely ADV cblr-1720 165 23 hard hard ADJ cblr-1720 165 24 for for SCONJ cblr-1720 165 25 courts court NOUN cblr-1720 165 26 to to PART cblr-1720 165 27 assess assess VERB cblr-1720 165 28 effectively effectively ADV cblr-1720 165 29 because because SCONJ cblr-1720 165 30 these these DET cblr-1720 165 31 experts expert NOUN cblr-1720 165 32 tend tend VERB cblr-1720 165 33 to to PART cblr-1720 165 34 favor favor VERB cblr-1720 165 35 the the DET cblr-1720 165 36 interests interest NOUN cblr-1720 165 37 of of ADP cblr-1720 165 38 the the DET cblr-1720 165 39 managers manager NOUN cblr-1720 165 40 who who PRON cblr-1720 165 41 bought buy VERB cblr-1720 165 42 and and CCONJ cblr-1720 165 43 paid pay VERB cblr-1720 165 44 for for ADP cblr-1720 165 45 them they PRON cblr-1720 165 46 , , PUNCT cblr-1720 165 47 choosing choose VERB cblr-1720 165 48 their their PRON cblr-1720 165 49 assumptions assumption NOUN cblr-1720 165 50 from from ADP cblr-1720 165 51 among among ADP cblr-1720 165 52 several several ADJ cblr-1720 165 53 widely widely ADV cblr-1720 165 54 disparate disparate ADJ cblr-1720 165 55 and and CCONJ cblr-1720 165 56 justifiable justifiable ADJ cblr-1720 165 57 estimates estimate NOUN cblr-1720 165 58 and and CCONJ cblr-1720 165 59 using use VERB cblr-1720 165 60 language language NOUN cblr-1720 165 61 that that PRON cblr-1720 165 62 will will AUX cblr-1720 165 63 almost almost ADV cblr-1720 165 64 assuredly assuredly ADV cblr-1720 165 65 justify justify VERB cblr-1720 165 66 the the DET cblr-1720 165 67 defensive defensive ADJ cblr-1720 165 68 tactics tactic NOUN cblr-1720 165 69 . . PUNCT cblr-1720 166 1 that that PRON cblr-1720 166 2 investment investment NOUN cblr-1720 166 3 bankers banker NOUN cblr-1720 166 4 ’ ’ PART cblr-1720 166 5 opinions opinion NOUN cblr-1720 166 6 are be AUX cblr-1720 166 7 so so ADV cblr-1720 166 8 lacking lacking ADJ cblr-1720 166 9 in in ADP cblr-1720 166 10 credibility credibility NOUN cblr-1720 166 11 is be AUX cblr-1720 166 12 underscored underscore VERB cblr-1720 166 13 by by ADP cblr-1720 166 14 the the DET cblr-1720 166 15 fact fact NOUN cblr-1720 166 16 that that SCONJ cblr-1720 166 17 the the DET cblr-1720 166 18 bankers banker NOUN cblr-1720 166 19 have have AUX cblr-1720 166 20 not not PART cblr-1720 166 21 been be AUX cblr-1720 166 22 shy shy ADJ cblr-1720 166 23 about about ADP cblr-1720 166 24 changing change VERB cblr-1720 166 25 their their PRON cblr-1720 166 26 models model NOUN cblr-1720 166 27 ’ ' PUNCT cblr-1720 166 28 assumptions assumption NOUN cblr-1720 166 29 in in ADP cblr-1720 166 30 response response NOUN cblr-1720 166 31 to to ADP cblr-1720 166 32 changes change NOUN cblr-1720 166 33 in in ADP cblr-1720 166 34 the the DET cblr-1720 166 35 bid bid NOUN cblr-1720 166 36 price price NOUN cblr-1720 166 37 . . PUNCT cblr-1720 167 1 part part NOUN cblr-1720 167 2 v v NOUN cblr-1720 167 3 shows show VERB cblr-1720 167 4 how how SCONJ cblr-1720 167 5 the the DET cblr-1720 167 6 inability inability NOUN cblr-1720 167 7 of of ADP cblr-1720 167 8 courts court NOUN cblr-1720 167 9 to to PART cblr-1720 167 10 effectively effectively ADV cblr-1720 167 11 review review VERB cblr-1720 167 12 target target NOUN cblr-1720 167 13 boards board NOUN cblr-1720 167 14 ’ ' PUNCT cblr-1720 167 15 allegations allegation NOUN cblr-1720 167 16 of of ADP cblr-1720 167 17 substantive substantive ADJ cblr-1720 167 18 coercion coercion NOUN cblr-1720 167 19 has have AUX cblr-1720 167 20 resulted result VERB cblr-1720 167 21 in in ADP cblr-1720 167 22 the the DET cblr-1720 167 23 directors director NOUN cblr-1720 167 24 ’ ’ PART cblr-1720 167 25 ability ability NOUN cblr-1720 167 26 to to PART cblr-1720 167 27 “ " PUNCT cblr-1720 167 28 just just ADV cblr-1720 167 29 say say VERB cblr-1720 167 30 no no INTJ cblr-1720 167 31 ” " PUNCT cblr-1720 167 32 to to ADP cblr-1720 167 33 unsolicited unsolicited ADJ cblr-1720 167 34 acquisition acquisition NOUN cblr-1720 167 35 offers offer NOUN cblr-1720 167 36 . . PUNCT cblr-1720 168 1 empirical empirical ADJ cblr-1720 168 2 studies study NOUN cblr-1720 168 3 indicate indicate VERB cblr-1720 168 4 that that SCONJ cblr-1720 168 5 this this DET cblr-1720 168 6 outcome outcome NOUN cblr-1720 168 7 is be AUX cblr-1720 168 8 inefficient inefficient ADJ cblr-1720 168 9 because because SCONJ cblr-1720 168 10 , , PUNCT cblr-1720 168 11 on on ADP cblr-1720 168 12 average average ADJ cblr-1720 168 13 , , PUNCT cblr-1720 168 14 board board NOUN cblr-1720 168 15 resistance resistance NOUN cblr-1720 168 16 to to ADP cblr-1720 168 17 unsolicited unsolicited ADJ cblr-1720 168 18 bids bid NOUN cblr-1720 168 19 results result NOUN cblr-1720 168 20 in in ADP cblr-1720 168 21 both both CCONJ cblr-1720 168 22 short short ADJ cblr-1720 168 23 - - PUNCT cblr-1720 168 24 term term NOUN cblr-1720 168 25 and and CCONJ cblr-1720 168 26 long long ADJ cblr-1720 168 27 - - PUNCT cblr-1720 168 28 term term NOUN cblr-1720 168 29 shareholder shareholder NOUN cblr-1720 168 30 value value NOUN cblr-1720 168 31 destruction destruction NOUN cblr-1720 168 32 . . PUNCT cblr-1720 169 1 part part NOUN cblr-1720 169 2 vi vi PROPN cblr-1720 169 3 proposes propose VERB cblr-1720 169 4 a a DET cblr-1720 169 5 novel novel ADJ cblr-1720 169 6 arrangement arrangement NOUN cblr-1720 169 7 to to PART cblr-1720 169 8 protect protect VERB cblr-1720 169 9 shareholders shareholder NOUN cblr-1720 169 10 from from ADP cblr-1720 169 11 underpriced underpriced ADJ cblr-1720 169 12 bids bid NOUN cblr-1720 169 13 by by ADP cblr-1720 169 14 improving improve VERB cblr-1720 169 15 the the DET cblr-1720 169 16 judicial judicial ADJ cblr-1720 169 17 8 8 NUM cblr-1720 169 18 see see NOUN cblr-1720 169 19 unitrin unitrin PROPN cblr-1720 169 20 , , PUNCT cblr-1720 169 21 inc inc PROPN cblr-1720 169 22 . . PROPN cblr-1720 170 1 v. v. PROPN cblr-1720 170 2 am be AUX cblr-1720 170 3 . . PUNCT cblr-1720 171 1 gen gen PROPN cblr-1720 171 2 . . PROPN cblr-1720 171 3 corp corp PROPN cblr-1720 171 4 . . PROPN cblr-1720 171 5 , , PUNCT cblr-1720 171 6 651 651 NUM cblr-1720 171 7 a.2d a.2d SYM cblr-1720 171 8 1361 1361 NUM cblr-1720 171 9 , , PUNCT cblr-1720 171 10 1385 1385 NUM cblr-1720 171 11 ( ( PUNCT cblr-1720 171 12 del del PROPN cblr-1720 171 13 . . PROPN cblr-1720 171 14 1995 1995 NUM cblr-1720 171 15 ) ) PUNCT cblr-1720 171 16 . . PUNCT cblr-1720 172 1 9 9 NUM cblr-1720 172 2 see see VERB cblr-1720 172 3 air air NOUN cblr-1720 172 4 prods prod NOUN cblr-1720 172 5 . . PUNCT cblr-1720 173 1 & & CCONJ cblr-1720 174 1 chems chem NOUN cblr-1720 174 2 . . PUNCT cblr-1720 174 3 , , PUNCT cblr-1720 174 4 inc inc PROPN cblr-1720 174 5 . . PROPN cblr-1720 175 1 v. v. PROPN cblr-1720 175 2 airgas airgas PROPN cblr-1720 175 3 , , PUNCT cblr-1720 175 4 inc inc PROPN cblr-1720 175 5 . . PROPN cblr-1720 175 6 , , PUNCT cblr-1720 175 7 16 16 NUM cblr-1720 175 8 a.3d a.3d ADP cblr-1720 175 9 48 48 NUM cblr-1720 175 10 , , PUNCT cblr-1720 175 11 124–25 124–25 X cblr-1720 175 12 ( ( PUNCT cblr-1720 175 13 del del PROPN cblr-1720 175 14 . . PROPN cblr-1720 175 15 ch ch PROPN cblr-1720 175 16 . . PROPN cblr-1720 175 17 2011 2011 NUM cblr-1720 175 18 ) ) PUNCT cblr-1720 175 19 . . PUNCT cblr-1720 176 1 shilon shilon NOUN cblr-1720 176 2 – – PUNCT cblr-1720 176 3 final final ADJ cblr-1720 176 4 522 522 NUM cblr-1720 176 5 columbia columbia PROPN cblr-1720 176 6 business business NOUN cblr-1720 176 7 law law NOUN cblr-1720 176 8 review review NOUN cblr-1720 177 1 [ [ X cblr-1720 177 2 vol vol NOUN cblr-1720 177 3 . . NOUN cblr-1720 177 4 2017 2017 NUM cblr-1720 177 5 review review NOUN cblr-1720 177 6 of of ADP cblr-1720 177 7 substantive substantive ADJ cblr-1720 177 8 coercion coercion NOUN cblr-1720 177 9 and and CCONJ cblr-1720 177 10 alleviating alleviate VERB cblr-1720 177 11 the the DET cblr-1720 177 12 managerial managerial ADJ cblr-1720 177 13 conflict conflict NOUN cblr-1720 177 14 of of ADP cblr-1720 177 15 interest interest NOUN cblr-1720 177 16 in in ADP cblr-1720 177 17 takeover takeover NOUN cblr-1720 177 18 situations situation NOUN cblr-1720 177 19 . . PUNCT cblr-1720 178 1 the the DET cblr-1720 178 2 core core ADJ cblr-1720 178 3 purpose purpose NOUN cblr-1720 178 4 of of ADP cblr-1720 178 5 this this DET cblr-1720 178 6 arrangement arrangement NOUN cblr-1720 178 7 is be AUX cblr-1720 178 8 to to PART cblr-1720 178 9 ensure ensure VERB cblr-1720 178 10 that that SCONJ cblr-1720 178 11 target target NOUN cblr-1720 178 12 boards board NOUN cblr-1720 178 13 communicate communicate VERB cblr-1720 178 14 their their PRON cblr-1720 178 15 genuine genuine ADJ cblr-1720 178 16 beliefs belief NOUN cblr-1720 178 17 about about ADP cblr-1720 178 18 the the DET cblr-1720 178 19 desirability desirability NOUN cblr-1720 178 20 of of ADP cblr-1720 178 21 pending pende VERB cblr-1720 178 22 acquisition acquisition NOUN cblr-1720 178 23 offers offer NOUN cblr-1720 178 24 . . PUNCT cblr-1720 179 1 under under ADP cblr-1720 179 2 the the DET cblr-1720 179 3 arrangement arrangement NOUN cblr-1720 179 4 , , PUNCT cblr-1720 179 5 which which PRON cblr-1720 179 6 is be AUX cblr-1720 179 7 based base VERB cblr-1720 179 8 on on ADP cblr-1720 179 9 well well ADV cblr-1720 179 10 - - PUNCT cblr-1720 179 11 established establish VERB cblr-1720 179 12 economic economic ADJ cblr-1720 179 13 game game NOUN cblr-1720 179 14 theory theory NOUN cblr-1720 179 15 models model NOUN cblr-1720 179 16 , , PUNCT cblr-1720 179 17 directors director NOUN cblr-1720 179 18 who who PRON cblr-1720 179 19 wish wish VERB cblr-1720 179 20 to to PART cblr-1720 179 21 reject reject VERB cblr-1720 179 22 a a DET cblr-1720 179 23 hostile hostile ADJ cblr-1720 179 24 bid bid NOUN cblr-1720 179 25 are be AUX cblr-1720 179 26 encouraged encourage VERB cblr-1720 179 27 to to PART cblr-1720 179 28 show show VERB cblr-1720 179 29 their their PRON cblr-1720 179 30 genuine genuine ADJ cblr-1720 179 31 opposition opposition NOUN cblr-1720 179 32 to to ADP cblr-1720 179 33 the the DET cblr-1720 179 34 bid bid NOUN cblr-1720 179 35 by by ADP cblr-1720 179 36 committing commit VERB cblr-1720 179 37 to to PART cblr-1720 179 38 purchase purchase VERB cblr-1720 179 39 from from ADP cblr-1720 179 40 the the DET cblr-1720 179 41 target target NOUN cblr-1720 179 42 if if SCONJ cblr-1720 179 43 the the DET cblr-1720 179 44 bid bid NOUN cblr-1720 179 45 fails fail VERB cblr-1720 179 46 , , PUNCT cblr-1720 179 47 and and CCONJ cblr-1720 179 48 hold hold VERB cblr-1720 179 49 for for ADP cblr-1720 179 50 a a DET cblr-1720 179 51 specified specified ADJ cblr-1720 179 52 period period NOUN cblr-1720 179 53 of of ADP cblr-1720 179 54 time time NOUN cblr-1720 179 55 a a DET cblr-1720 179 56 certain certain ADJ cblr-1720 179 57 amount amount NOUN cblr-1720 179 58 of of ADP cblr-1720 179 59 target target NOUN cblr-1720 179 60 ’s ’s PART cblr-1720 179 61 shares share NOUN cblr-1720 179 62 at at ADP cblr-1720 179 63 the the DET cblr-1720 179 64 bid bid NOUN cblr-1720 179 65 price price NOUN cblr-1720 179 66 . . PUNCT cblr-1720 180 1 the the DET cblr-1720 180 2 directors director NOUN cblr-1720 180 3 would would AUX cblr-1720 180 4 be be AUX cblr-1720 180 5 incentivized incentivize VERB cblr-1720 180 6 to to PART cblr-1720 180 7 follow follow VERB cblr-1720 180 8 this this DET cblr-1720 180 9 arrangement arrangement NOUN cblr-1720 180 10 because because SCONJ cblr-1720 180 11 they they PRON cblr-1720 180 12 know know VERB cblr-1720 180 13 that that PRON cblr-1720 180 14 , , PUNCT cblr-1720 180 15 according accord VERB cblr-1720 180 16 to to ADP cblr-1720 180 17 the the DET cblr-1720 180 18 arrangement arrangement NOUN cblr-1720 180 19 , , PUNCT cblr-1720 180 20 courts court NOUN cblr-1720 180 21 would would AUX cblr-1720 180 22 give give VERB cblr-1720 180 23 their their PRON cblr-1720 180 24 aforementioned aforementione VERB cblr-1720 180 25 commitment commitment NOUN cblr-1720 180 26 significant significant ADJ cblr-1720 180 27 weight weight NOUN cblr-1720 180 28 in in ADP cblr-1720 180 29 evaluating evaluate VERB cblr-1720 180 30 their their PRON cblr-1720 180 31 substantive substantive ADJ cblr-1720 180 32 coercion coercion NOUN cblr-1720 180 33 defense defense NOUN cblr-1720 180 34 in in ADP cblr-1720 180 35 a a DET cblr-1720 180 36 potential potential ADJ cblr-1720 180 37 fiduciary fiduciary ADJ cblr-1720 180 38 duties duty NOUN cblr-1720 180 39 lawsuit lawsuit NOUN cblr-1720 180 40 . . PUNCT cblr-1720 181 1 part part NOUN cblr-1720 181 2 vi vi PROPN cblr-1720 181 3 further far ADV cblr-1720 181 4 discusses discuss VERB cblr-1720 181 5 the the DET cblr-1720 181 6 specifications specification NOUN cblr-1720 181 7 of of ADP cblr-1720 181 8 the the DET cblr-1720 181 9 arrangement arrangement NOUN cblr-1720 181 10 . . PUNCT cblr-1720 182 1 it it PRON cblr-1720 182 2 provides provide VERB cblr-1720 182 3 that that SCONJ cblr-1720 182 4 the the DET cblr-1720 182 5 directors director NOUN cblr-1720 182 6 ’ ’ PART cblr-1720 182 7 stock stock NOUN cblr-1720 182 8 commitments commitment NOUN cblr-1720 182 9 be be AUX cblr-1720 182 10 made make VERB cblr-1720 182 11 only only ADV cblr-1720 182 12 by by ADP cblr-1720 182 13 the the DET cblr-1720 182 14 target target NOUN cblr-1720 182 15 ’s ’s X cblr-1720 182 16 outside outside ADJ cblr-1720 182 17 directors director NOUN cblr-1720 182 18 and and CCONJ cblr-1720 182 19 that that SCONJ cblr-1720 182 20 the the DET cblr-1720 182 21 committed committed ADJ cblr-1720 182 22 stock stock NOUN cblr-1720 182 23 should should AUX cblr-1720 182 24 be be AUX cblr-1720 182 25 purchased purchase VERB cblr-1720 182 26 from from ADP cblr-1720 182 27 the the DET cblr-1720 182 28 target target NOUN cblr-1720 182 29 rather rather ADV cblr-1720 182 30 than than ADP cblr-1720 182 31 from from ADP cblr-1720 182 32 the the DET cblr-1720 182 33 shareholders shareholder NOUN cblr-1720 182 34 . . PUNCT cblr-1720 183 1 it it PRON cblr-1720 183 2 also also ADV cblr-1720 183 3 explains explain VERB cblr-1720 183 4 that that SCONJ cblr-1720 183 5 the the DET cblr-1720 183 6 commitments commitment NOUN cblr-1720 183 7 should should AUX cblr-1720 183 8 be be AUX cblr-1720 183 9 made make VERB cblr-1720 183 10 simultaneously simultaneously ADV cblr-1720 183 11 with with ADP cblr-1720 183 12 the the DET cblr-1720 183 13 board board NOUN cblr-1720 183 14 ’s ’s PART cblr-1720 183 15 rejection rejection NOUN cblr-1720 183 16 of of ADP cblr-1720 183 17 the the DET cblr-1720 183 18 bid bid NOUN cblr-1720 183 19 and and CCONJ cblr-1720 183 20 after after ADP cblr-1720 183 21 engagement engagement NOUN cblr-1720 183 22 with with ADP cblr-1720 183 23 the the DET cblr-1720 183 24 target target NOUN cblr-1720 183 25 ’s ’s PART cblr-1720 183 26 major major ADJ cblr-1720 183 27 long long ADJ cblr-1720 183 28 - - PUNCT cblr-1720 183 29 term term NOUN cblr-1720 183 30 shareholders shareholder NOUN cblr-1720 183 31 , , PUNCT cblr-1720 183 32 who who PRON cblr-1720 183 33 may may AUX cblr-1720 183 34 be be AUX cblr-1720 183 35 assisted assist VERB cblr-1720 183 36 by by ADP cblr-1720 183 37 their their PRON cblr-1720 183 38 proxy proxy ADJ cblr-1720 183 39 advisory advisory ADJ cblr-1720 183 40 firms firm NOUN cblr-1720 183 41 . . PUNCT cblr-1720 184 1 despite despite SCONJ cblr-1720 184 2 the the DET cblr-1720 184 3 personal personal ADJ cblr-1720 184 4 aspect aspect NOUN cblr-1720 184 5 of of ADP cblr-1720 184 6 the the DET cblr-1720 184 7 costs cost NOUN cblr-1720 184 8 that that PRON cblr-1720 184 9 directors director NOUN cblr-1720 184 10 ’ ’ PART cblr-1720 184 11 stock stock NOUN cblr-1720 184 12 commitments commitment NOUN cblr-1720 184 13 impose impose VERB cblr-1720 184 14 , , PUNCT cblr-1720 184 15 to to PART cblr-1720 184 16 prevent prevent VERB cblr-1720 184 17 free free ADJ cblr-1720 184 18 riding riding NOUN cblr-1720 184 19 , , PUNCT cblr-1720 184 20 the the DET cblr-1720 184 21 arrangement arrangement NOUN cblr-1720 184 22 requires require VERB cblr-1720 184 23 the the DET cblr-1720 184 24 board board NOUN cblr-1720 184 25 to to PART cblr-1720 184 26 recommend recommend VERB cblr-1720 184 27 the the DET cblr-1720 184 28 amount amount NOUN cblr-1720 184 29 of of ADP cblr-1720 184 30 the the DET cblr-1720 184 31 directors director NOUN cblr-1720 184 32 ’ ’ PART cblr-1720 184 33 stock stock NOUN cblr-1720 184 34 commitments commitment NOUN cblr-1720 184 35 . . PUNCT cblr-1720 185 1 part part NOUN cblr-1720 185 2 vi vi PROPN cblr-1720 185 3 also also ADV cblr-1720 185 4 introduces introduce VERB cblr-1720 185 5 a a DET cblr-1720 185 6 formal formal ADJ cblr-1720 185 7 and and CCONJ cblr-1720 185 8 practical practical ADJ cblr-1720 185 9 technique technique NOUN cblr-1720 185 10 by by ADP cblr-1720 185 11 which which PRON cblr-1720 185 12 courts court NOUN cblr-1720 185 13 and and CCONJ cblr-1720 185 14 shareholders shareholder NOUN cblr-1720 185 15 can can AUX cblr-1720 185 16 infer infer VERB cblr-1720 185 17 whether whether SCONJ cblr-1720 185 18 the the DET cblr-1720 185 19 commitment commitment NOUN cblr-1720 185 20 amounts amount NOUN cblr-1720 185 21 are be AUX cblr-1720 185 22 strong strong ADJ cblr-1720 185 23 enough enough ADV cblr-1720 185 24 to to PART cblr-1720 185 25 show show VERB cblr-1720 185 26 a a DET cblr-1720 185 27 genuine genuine ADJ cblr-1720 185 28 belief belief NOUN cblr-1720 185 29 in in ADP cblr-1720 185 30 opposing oppose VERB cblr-1720 185 31 the the DET cblr-1720 185 32 bid bid NOUN cblr-1720 185 33 , , PUNCT cblr-1720 185 34 and and CCONJ cblr-1720 185 35 it it PRON cblr-1720 185 36 reviews review VERB cblr-1720 185 37 special special ADJ cblr-1720 185 38 circumstances circumstance NOUN cblr-1720 185 39 under under ADP cblr-1720 185 40 which which PRON cblr-1720 185 41 the the DET cblr-1720 185 42 arrangement arrangement NOUN cblr-1720 185 43 should should AUX cblr-1720 185 44 be be AUX cblr-1720 185 45 adjusted adjust VERB cblr-1720 185 46 . . PUNCT cblr-1720 186 1 finally finally ADV cblr-1720 186 2 , , PUNCT cblr-1720 186 3 part part NOUN cblr-1720 186 4 vi vi PROPN cblr-1720 186 5 explains explain VERB cblr-1720 186 6 how how SCONJ cblr-1720 186 7 the the DET cblr-1720 186 8 arrangement arrangement NOUN cblr-1720 186 9 would would AUX cblr-1720 186 10 be be AUX cblr-1720 186 11 implemented implement VERB cblr-1720 186 12 and and CCONJ cblr-1720 186 13 enforced enforce VERB cblr-1720 186 14 within within ADP cblr-1720 186 15 the the DET cblr-1720 186 16 existing exist VERB cblr-1720 186 17 delaware delaware PROPN cblr-1720 186 18 takeover takeover NOUN cblr-1720 186 19 doctrine doctrine NOUN cblr-1720 186 20 . . PUNCT cblr-1720 187 1 part part NOUN cblr-1720 187 2 vii vii PROPN cblr-1720 187 3 discusses discuss VERB cblr-1720 187 4 the the DET cblr-1720 187 5 potential potential ADJ cblr-1720 187 6 benefits benefit NOUN cblr-1720 187 7 of of ADP cblr-1720 187 8 the the DET cblr-1720 187 9 proposed propose VERB cblr-1720 187 10 arrangement arrangement NOUN cblr-1720 187 11 . . PUNCT cblr-1720 188 1 specifically specifically ADV cblr-1720 188 2 , , PUNCT cblr-1720 188 3 it it PRON cblr-1720 188 4 shows show VERB cblr-1720 188 5 that that SCONJ cblr-1720 188 6 the the DET cblr-1720 188 7 arrangement arrangement NOUN cblr-1720 188 8 would would AUX cblr-1720 188 9 induce induce VERB cblr-1720 188 10 target target NOUN cblr-1720 188 11 boards board NOUN cblr-1720 188 12 to to PART cblr-1720 188 13 credibly credibly ADV cblr-1720 188 14 transmit transmit VERB cblr-1720 188 15 their their PRON cblr-1720 188 16 shilon shilon NOUN cblr-1720 188 17 – – PUNCT cblr-1720 188 18 final final ADJ cblr-1720 188 19 no no NOUN cblr-1720 188 20 . . PUNCT cblr-1720 189 1 2:511 2:511 NOUN cblr-1720 189 2 ] ] X cblr-1720 189 3 improving improve VERB cblr-1720 189 4 corporate corporate ADJ cblr-1720 189 5 takeover takeover NOUN cblr-1720 189 6 dynamics dynamic NOUN cblr-1720 189 7 523 523 NUM cblr-1720 189 8 superior superior ADJ cblr-1720 189 9 bottom bottom ADJ cblr-1720 189 10 - - PUNCT cblr-1720 189 11 line line NOUN cblr-1720 189 12 inside inside ADP cblr-1720 189 13 understanding understanding NOUN cblr-1720 189 14 about about ADP cblr-1720 189 15 the the DET cblr-1720 189 16 desirability desirability NOUN cblr-1720 189 17 of of ADP cblr-1720 189 18 the the DET cblr-1720 189 19 bid bid NOUN cblr-1720 189 20 to to ADP cblr-1720 189 21 courts court NOUN cblr-1720 189 22 and and CCONJ cblr-1720 189 23 shareholders shareholder NOUN cblr-1720 189 24 . . PUNCT cblr-1720 190 1 because because SCONJ cblr-1720 190 2 of of ADP cblr-1720 190 3 this this DET cblr-1720 190 4 informational informational ADJ cblr-1720 190 5 improvement improvement NOUN cblr-1720 190 6 , , PUNCT cblr-1720 190 7 the the DET cblr-1720 190 8 arrangement arrangement NOUN cblr-1720 190 9 would would AUX cblr-1720 190 10 also also ADV cblr-1720 190 11 empower empower VERB cblr-1720 190 12 markets market NOUN cblr-1720 190 13 and and CCONJ cblr-1720 190 14 would would AUX cblr-1720 190 15 likely likely ADV cblr-1720 190 16 shift shift VERB cblr-1720 190 17 a a DET cblr-1720 190 18 significant significant ADJ cblr-1720 190 19 amount amount NOUN cblr-1720 190 20 of of ADP cblr-1720 190 21 current current ADJ cblr-1720 190 22 takeover takeover NOUN cblr-1720 190 23 action action NOUN cblr-1720 190 24 away away ADV cblr-1720 190 25 from from ADP cblr-1720 190 26 the the DET cblr-1720 190 27 courtroom courtroom NOUN cblr-1720 190 28 . . PUNCT cblr-1720 191 1 in in ADP cblr-1720 191 2 addition addition NOUN cblr-1720 191 3 , , PUNCT cblr-1720 191 4 the the DET cblr-1720 191 5 arrangement arrangement NOUN cblr-1720 191 6 is be AUX cblr-1720 191 7 expected expect VERB cblr-1720 191 8 to to PART cblr-1720 191 9 correct correct VERB cblr-1720 191 10 directors director NOUN cblr-1720 191 11 ’ ' PUNCT cblr-1720 191 12 ex ex NOUN cblr-1720 191 13 - - NOUN cblr-1720 191 14 post post ADJ cblr-1720 191 15 incentives incentive NOUN cblr-1720 191 16 to to PART cblr-1720 191 17 reject reject VERB cblr-1720 191 18 hostile hostile ADJ cblr-1720 191 19 bids bid NOUN cblr-1720 191 20 excessively excessively ADV cblr-1720 191 21 by by ADP cblr-1720 191 22 imposing impose VERB cblr-1720 191 23 personal personal ADJ cblr-1720 191 24 costs cost NOUN cblr-1720 191 25 that that PRON cblr-1720 191 26 they they PRON cblr-1720 191 27 would would AUX cblr-1720 191 28 have have VERB cblr-1720 191 29 to to PART cblr-1720 191 30 incur incur VERB cblr-1720 191 31 if if SCONJ cblr-1720 191 32 they they PRON cblr-1720 191 33 wished wish VERB cblr-1720 191 34 to to PART cblr-1720 191 35 reject reject VERB cblr-1720 191 36 hostile hostile ADJ cblr-1720 191 37 bids bid NOUN cblr-1720 191 38 . . PUNCT cblr-1720 192 1 ex ex NOUN cblr-1720 192 2 - - NOUN cblr-1720 192 3 ante ante NOUN cblr-1720 192 4 , , PUNCT cblr-1720 192 5 by by ADP cblr-1720 192 6 increasing increase VERB cblr-1720 192 7 target target NOUN cblr-1720 192 8 boards board NOUN cblr-1720 192 9 ’ ' PUNCT cblr-1720 192 10 incentives incentive VERB cblr-1720 192 11 to to PART cblr-1720 192 12 reduce reduce VERB cblr-1720 192 13 the the DET cblr-1720 192 14 likelihood likelihood NOUN cblr-1720 192 15 that that SCONJ cblr-1720 192 16 bidders bidder NOUN cblr-1720 192 17 will will AUX cblr-1720 192 18 approach approach VERB cblr-1720 192 19 their their PRON cblr-1720 192 20 firms firm NOUN cblr-1720 192 21 , , PUNCT cblr-1720 192 22 the the DET cblr-1720 192 23 arrangement arrangement NOUN cblr-1720 192 24 is be AUX cblr-1720 192 25 expected expect VERB cblr-1720 192 26 to to PART cblr-1720 192 27 motivate motivate VERB cblr-1720 192 28 them they PRON cblr-1720 192 29 to to PART cblr-1720 192 30 increase increase VERB cblr-1720 192 31 firm firm ADJ cblr-1720 192 32 value value NOUN cblr-1720 192 33 and and CCONJ cblr-1720 192 34 reduce reduce VERB cblr-1720 192 35 agency agency NOUN cblr-1720 192 36 costs cost NOUN cblr-1720 192 37 . . PUNCT cblr-1720 193 1 furthermore furthermore ADV cblr-1720 193 2 , , PUNCT cblr-1720 193 3 the the DET cblr-1720 193 4 arrangement arrangement NOUN cblr-1720 193 5 would would AUX cblr-1720 193 6 significantly significantly ADV cblr-1720 193 7 improve improve VERB cblr-1720 193 8 what what PRON cblr-1720 193 9 is be AUX cblr-1720 193 10 perhaps perhaps ADV cblr-1720 193 11 the the DET cblr-1720 193 12 biggest big ADJ cblr-1720 193 13 failure failure NOUN cblr-1720 193 14 of of ADP cblr-1720 193 15 corporate corporate ADJ cblr-1720 193 16 governance governance NOUN cblr-1720 193 17 today today NOUN cblr-1720 193 18 : : PUNCT cblr-1720 193 19 its its PRON cblr-1720 193 20 emphasis emphasis NOUN cblr-1720 193 21 on on ADP cblr-1720 193 22 short short ADJ cblr-1720 193 23 - - PUNCT cblr-1720 193 24 term term NOUN cblr-1720 193 25 performance performance NOUN cblr-1720 193 26 . . PUNCT cblr-1720 194 1 boards board NOUN cblr-1720 194 2 are be AUX cblr-1720 194 3 currently currently ADV cblr-1720 194 4 consumed consume VERB cblr-1720 194 5 by by ADP cblr-1720 194 6 the the DET cblr-1720 194 7 fear fear NOUN cblr-1720 194 8 that that SCONJ cblr-1720 194 9 markets market NOUN cblr-1720 194 10 will will AUX cblr-1720 194 11 not not PART cblr-1720 194 12 understand understand VERB cblr-1720 194 13 the the DET cblr-1720 194 14 positive positive ADJ cblr-1720 194 15 , , PUNCT cblr-1720 194 16 long long ADJ cblr-1720 194 17 - - PUNCT cblr-1720 194 18 term term NOUN cblr-1720 194 19 effects effect NOUN cblr-1720 194 20 of of ADP cblr-1720 194 21 actions action NOUN cblr-1720 194 22 that that PRON cblr-1720 194 23 sacrifice sacrifice VERB cblr-1720 194 24 short short ADJ cblr-1720 194 25 - - PUNCT cblr-1720 194 26 term term NOUN cblr-1720 194 27 profits profit NOUN cblr-1720 194 28 . . PUNCT cblr-1720 195 1 by by ADP cblr-1720 195 2 making make VERB cblr-1720 195 3 the the DET cblr-1720 195 4 directors director NOUN cblr-1720 195 5 ’ ’ PART cblr-1720 195 6 stock stock NOUN cblr-1720 195 7 commitment commitment NOUN cblr-1720 195 8 cheap cheap ADV cblr-1720 195 9 when when SCONJ cblr-1720 195 10 the the DET cblr-1720 195 11 long long ADJ cblr-1720 195 12 - - PUNCT cblr-1720 195 13 term term NOUN cblr-1720 195 14 intrinsic intrinsic ADJ cblr-1720 195 15 value value NOUN cblr-1720 195 16 of of ADP cblr-1720 195 17 the the DET cblr-1720 195 18 firm firm NOUN cblr-1720 195 19 is be AUX cblr-1720 195 20 high high ADJ cblr-1720 195 21 , , PUNCT cblr-1720 195 22 the the DET cblr-1720 195 23 arrangement arrangement NOUN cblr-1720 195 24 protects protect VERB cblr-1720 195 25 firms firm NOUN cblr-1720 195 26 with with ADP cblr-1720 195 27 long long ADJ cblr-1720 195 28 - - PUNCT cblr-1720 195 29 term term NOUN cblr-1720 195 30 focus focus NOUN cblr-1720 195 31 from from ADP cblr-1720 195 32 myopic myopic ADJ cblr-1720 195 33 bidders bidder NOUN cblr-1720 195 34 and and CCONJ cblr-1720 195 35 alleviates alleviate VERB cblr-1720 195 36 their their PRON cblr-1720 195 37 unrelenting unrelenting ADJ cblr-1720 195 38 pressure pressure NOUN cblr-1720 195 39 to to PART cblr-1720 195 40 meet meet VERB cblr-1720 195 41 quarterly quarterly ADJ cblr-1720 195 42 earnings earning NOUN cblr-1720 195 43 expectations expectation NOUN cblr-1720 195 44 . . PUNCT cblr-1720 196 1 finally finally ADV cblr-1720 196 2 , , PUNCT cblr-1720 196 3 part part NOUN cblr-1720 196 4 viii viii ADJ cblr-1720 196 5 responds respond VERB cblr-1720 196 6 to to ADP cblr-1720 196 7 concerns concern NOUN cblr-1720 196 8 that that SCONJ cblr-1720 196 9 the the DET cblr-1720 196 10 arrangement arrangement NOUN cblr-1720 196 11 would would AUX cblr-1720 196 12 involve involve VERB cblr-1720 196 13 significant significant ADJ cblr-1720 196 14 costs cost NOUN cblr-1720 196 15 . . PUNCT cblr-1720 197 1 first first ADV cblr-1720 197 2 , , PUNCT cblr-1720 197 3 it it PRON cblr-1720 197 4 shows show VERB cblr-1720 197 5 that that SCONJ cblr-1720 197 6 , , PUNCT cblr-1720 197 7 practically practically ADV cblr-1720 197 8 , , PUNCT cblr-1720 197 9 the the DET cblr-1720 197 10 arrangement arrangement NOUN cblr-1720 197 11 does do AUX cblr-1720 197 12 not not PART cblr-1720 197 13 expect expect VERB cblr-1720 197 14 the the DET cblr-1720 197 15 directors director NOUN cblr-1720 197 16 to to PART cblr-1720 197 17 use use VERB cblr-1720 197 18 funds fund NOUN cblr-1720 197 19 they they PRON cblr-1720 197 20 already already ADV cblr-1720 197 21 own own VERB cblr-1720 197 22 and and CCONJ cblr-1720 197 23 that that SCONJ cblr-1720 197 24 it it PRON cblr-1720 197 25 is be AUX cblr-1720 197 26 in in ADP cblr-1720 197 27 line line NOUN cblr-1720 197 28 with with ADP cblr-1720 197 29 current current ADJ cblr-1720 197 30 director director NOUN cblr-1720 197 31 compensation compensation NOUN cblr-1720 197 32 arrangements arrangement NOUN cblr-1720 197 33 . . PUNCT cblr-1720 198 1 second second ADJ cblr-1720 198 2 , , PUNCT cblr-1720 198 3 it it PRON cblr-1720 198 4 explains explain VERB cblr-1720 198 5 that that SCONJ cblr-1720 198 6 the the DET cblr-1720 198 7 amount amount NOUN cblr-1720 198 8 of of ADP cblr-1720 198 9 directors director NOUN cblr-1720 198 10 ’ ’ PART cblr-1720 198 11 stock stock NOUN cblr-1720 198 12 commitment commitment NOUN cblr-1720 198 13 that that PRON cblr-1720 198 14 would would AUX cblr-1720 198 15 render render VERB cblr-1720 198 16 that that DET cblr-1720 198 17 commitment commitment NOUN cblr-1720 198 18 credible credible ADJ cblr-1720 198 19 can can AUX cblr-1720 198 20 practically practically ADV cblr-1720 198 21 be be AUX cblr-1720 198 22 calculated calculate VERB cblr-1720 198 23 and and CCONJ cblr-1720 198 24 that that SCONJ cblr-1720 198 25 the the DET cblr-1720 198 26 setting set VERB cblr-1720 198 27 process process NOUN cblr-1720 198 28 of of ADP cblr-1720 198 29 such such ADJ cblr-1720 198 30 amounts amount NOUN cblr-1720 198 31 is be AUX cblr-1720 198 32 well well ADV cblr-1720 198 33 - - PUNCT cblr-1720 198 34 monitored monitor VERB cblr-1720 198 35 . . PUNCT cblr-1720 199 1 third third ADJ cblr-1720 199 2 , , PUNCT cblr-1720 199 3 it it PRON cblr-1720 199 4 shows show VERB cblr-1720 199 5 that that SCONJ cblr-1720 199 6 the the DET cblr-1720 199 7 arrangement arrangement NOUN cblr-1720 199 8 ’s ’s PART cblr-1720 199 9 increase increase NOUN cblr-1720 199 10 of of ADP cblr-1720 199 11 director director NOUN cblr-1720 199 12 long long ADJ cblr-1720 199 13 - - PUNCT cblr-1720 199 14 term term NOUN cblr-1720 199 15 stock stock NOUN cblr-1720 199 16 holdings holding NOUN cblr-1720 199 17 is be AUX cblr-1720 199 18 in in ADP cblr-1720 199 19 line line NOUN cblr-1720 199 20 with with ADP cblr-1720 199 21 modern modern ADJ cblr-1720 199 22 corporate corporate ADJ cblr-1720 199 23 governance governance NOUN cblr-1720 199 24 and and CCONJ cblr-1720 199 25 would would AUX cblr-1720 199 26 not not PART cblr-1720 199 27 impair impair VERB cblr-1720 199 28 director director NOUN cblr-1720 199 29 independence independence NOUN cblr-1720 199 30 . . PUNCT cblr-1720 200 1 fourth fourth ADJ cblr-1720 200 2 , , PUNCT cblr-1720 200 3 it it PRON cblr-1720 200 4 explains explain VERB cblr-1720 200 5 why why SCONJ cblr-1720 200 6 the the DET cblr-1720 200 7 reality reality NOUN cblr-1720 200 8 of of ADP cblr-1720 200 9 corporate corporate ADJ cblr-1720 200 10 governance governance NOUN cblr-1720 200 11 today today NOUN cblr-1720 200 12 ensures ensure VERB cblr-1720 200 13 that that SCONJ cblr-1720 200 14 the the DET cblr-1720 200 15 target target NOUN cblr-1720 200 16 ’s ’s PART cblr-1720 200 17 executives executive NOUN cblr-1720 200 18 would would AUX cblr-1720 200 19 not not PART cblr-1720 200 20 compensate compensate VERB cblr-1720 200 21 the the DET cblr-1720 200 22 outside outside ADJ cblr-1720 200 23 directors director NOUN cblr-1720 200 24 for for ADP cblr-1720 200 25 their their PRON cblr-1720 200 26 stock stock NOUN cblr-1720 200 27 commitment commitment NOUN cblr-1720 200 28 costs cost NOUN cblr-1720 200 29 and and CCONJ cblr-1720 200 30 pass pass VERB cblr-1720 200 31 them they PRON cblr-1720 200 32 to to ADP cblr-1720 200 33 their their PRON cblr-1720 200 34 shareholders shareholder NOUN cblr-1720 200 35 . . PUNCT cblr-1720 201 1 finally finally ADV cblr-1720 201 2 , , PUNCT cblr-1720 201 3 it it PRON cblr-1720 201 4 argues argue VERB cblr-1720 201 5 that that SCONJ cblr-1720 201 6 the the DET cblr-1720 201 7 fact fact NOUN cblr-1720 201 8 that that SCONJ cblr-1720 201 9 firms firm NOUN cblr-1720 201 10 have have AUX cblr-1720 201 11 shilon shilon NOUN cblr-1720 201 12 – – PUNCT cblr-1720 201 13 final final ADJ cblr-1720 201 14 524 524 NUM cblr-1720 201 15 columbia columbia PROPN cblr-1720 201 16 business business NOUN cblr-1720 201 17 law law PROPN cblr-1720 201 18 review review NOUN cblr-1720 201 19 [ [ X cblr-1720 201 20 vol vol NOUN cblr-1720 201 21 . . NOUN cblr-1720 201 22 2017 2017 NUM cblr-1720 201 23 not not PART cblr-1720 201 24 adopted adopt VERB cblr-1720 201 25 the the DET cblr-1720 201 26 arrangement arrangement NOUN cblr-1720 201 27 already already ADV cblr-1720 201 28 does do AUX cblr-1720 201 29 not not PART cblr-1720 201 30 indicate indicate VERB cblr-1720 201 31 its its PRON cblr-1720 201 32 undesirability undesirability NOUN cblr-1720 201 33 because because SCONJ cblr-1720 201 34 u.s u.s PROPN cblr-1720 201 35 . . PROPN cblr-1720 201 36 federal federal ADJ cblr-1720 201 37 laws law NOUN cblr-1720 201 38 have have AUX cblr-1720 201 39 long long ADV cblr-1720 201 40 prohibited prohibit VERB cblr-1720 201 41 directors director NOUN cblr-1720 201 42 from from ADP cblr-1720 201 43 purchasing purchase VERB cblr-1720 201 44 stock stock NOUN cblr-1720 201 45 in in ADP cblr-1720 201 46 the the DET cblr-1720 201 47 context context NOUN cblr-1720 201 48 of of ADP cblr-1720 201 49 a a DET cblr-1720 201 50 takeover takeover NOUN cblr-1720 201 51 . . PUNCT cblr-1720 202 1 therefore therefore ADV cblr-1720 202 2 , , PUNCT cblr-1720 202 3 it it PRON cblr-1720 202 4 details detail VERB cblr-1720 202 5 the the DET cblr-1720 202 6 specific specific ADJ cblr-1720 202 7 regulatory regulatory ADJ cblr-1720 202 8 barriers barrier NOUN cblr-1720 202 9 that that PRON cblr-1720 202 10 should should AUX cblr-1720 202 11 be be AUX cblr-1720 202 12 removed remove VERB cblr-1720 202 13 . . PUNCT cblr-1720 203 1 before before ADP cblr-1720 203 2 proceeding proceeding NOUN cblr-1720 203 3 , , PUNCT cblr-1720 203 4 it it PRON cblr-1720 203 5 should should AUX cblr-1720 203 6 be be AUX cblr-1720 203 7 noted note VERB cblr-1720 203 8 that that SCONJ cblr-1720 203 9 this this DET cblr-1720 203 10 paper paper NOUN cblr-1720 203 11 is be AUX cblr-1720 203 12 concerned concern VERB cblr-1720 203 13 only only ADV cblr-1720 203 14 with with ADP cblr-1720 203 15 takeover takeover NOUN cblr-1720 203 16 situations situation NOUN cblr-1720 203 17 that that PRON cblr-1720 203 18 potentially potentially ADV cblr-1720 203 19 involve involve VERB cblr-1720 203 20 a a DET cblr-1720 203 21 substantive substantive ADJ cblr-1720 203 22 coercion coercion NOUN cblr-1720 203 23 threat threat NOUN cblr-1720 203 24 . . PUNCT cblr-1720 204 1 unsolicited unsolicited ADJ cblr-1720 204 2 acquisition acquisition NOUN cblr-1720 204 3 offers offer NOUN cblr-1720 204 4 that that PRON cblr-1720 204 5 involve involve VERB cblr-1720 204 6 structurally structurally ADV cblr-1720 204 7 coercive coercive ADJ cblr-1720 204 8 schemes scheme NOUN cblr-1720 204 9 pose pose VERB cblr-1720 204 10 a a DET cblr-1720 204 11 special special ADJ cblr-1720 204 12 set set NOUN cblr-1720 204 13 of of ADP cblr-1720 204 14 problems problem NOUN cblr-1720 204 15 and and CCONJ cblr-1720 204 16 require require VERB cblr-1720 204 17 a a DET cblr-1720 204 18 separate separate ADJ cblr-1720 204 19 analysis analysis NOUN cblr-1720 204 20 . . PUNCT cblr-1720 205 1 ii ii X cblr-1720 205 2 . . PUNCT cblr-1720 206 1 why why SCONJ cblr-1720 206 2 shareholders shareholder NOUN cblr-1720 206 3 might might AUX cblr-1720 206 4 erroneously erroneously ADV cblr-1720 206 5 accept accept VERB cblr-1720 206 6 underpriced underpriced ADJ cblr-1720 206 7 bids bid NOUN cblr-1720 206 8 who who PRON cblr-1720 206 9 should should AUX cblr-1720 206 10 decide decide VERB cblr-1720 206 11 the the DET cblr-1720 206 12 outcome outcome NOUN cblr-1720 206 13 of of ADP cblr-1720 206 14 a a DET cblr-1720 206 15 hostile hostile ADJ cblr-1720 206 16 bid bid NOUN cblr-1720 206 17 ? ? PUNCT cblr-1720 207 1 two two NUM cblr-1720 207 2 different different ADJ cblr-1720 207 3 groups group NOUN cblr-1720 207 4 have have AUX cblr-1720 207 5 advanced advance VERB cblr-1720 207 6 polarized polarize VERB cblr-1720 207 7 answers answer NOUN cblr-1720 207 8 with with ADP cblr-1720 207 9 equal equal ADJ cblr-1720 207 10 vigor vigor NOUN cblr-1720 207 11 . . PUNCT cblr-1720 208 1 one one NUM cblr-1720 208 2 camp camp NOUN cblr-1720 208 3 argues argue VERB cblr-1720 208 4 that that SCONJ cblr-1720 208 5 boards board NOUN cblr-1720 208 6 should should AUX cblr-1720 208 7 decide decide VERB cblr-1720 208 8 because because SCONJ cblr-1720 208 9 responding respond VERB cblr-1720 208 10 to to ADP cblr-1720 208 11 a a DET cblr-1720 208 12 takeover takeover NOUN cblr-1720 208 13 is be AUX cblr-1720 208 14 a a DET cblr-1720 208 15 quintessential quintessential ADJ cblr-1720 208 16 business business NOUN cblr-1720 208 17 decision decision NOUN cblr-1720 208 18 that that PRON cblr-1720 208 19 rests rest VERB cblr-1720 208 20 inherently inherently ADV cblr-1720 208 21 in in ADP cblr-1720 208 22 the the DET cblr-1720 208 23 professional professional ADJ cblr-1720 208 24 expertise10 expertise10 NOUN cblr-1720 208 25 and and CCONJ cblr-1720 208 26 authority11 authority11 NOUN cblr-1720 208 27 of of ADP cblr-1720 208 28 management management NOUN cblr-1720 208 29 . . PUNCT cblr-1720 209 1 moreover moreover ADV cblr-1720 209 2 , , PUNCT cblr-1720 209 3 only only ADJ cblr-1720 209 4 target target NOUN cblr-1720 209 5 boards board NOUN cblr-1720 209 6 have have VERB cblr-1720 209 7 the the DET cblr-1720 209 8 necessary necessary ADJ cblr-1720 209 9 long long ADJ cblr-1720 209 10 - - PUNCT cblr-1720 209 11 term term NOUN cblr-1720 209 12 focus focus NOUN cblr-1720 209 13 to to PART cblr-1720 209 14 protect protect VERB cblr-1720 209 15 the the DET cblr-1720 209 16 corporation corporation NOUN cblr-1720 209 17 from from ADP cblr-1720 209 18 opportunistic opportunistic ADJ cblr-1720 209 19 short short ADJ cblr-1720 209 20 - - PUNCT cblr-1720 209 21 term term NOUN cblr-1720 209 22 driven drive VERB cblr-1720 209 23 bidders,12 bidders,12 NOUN cblr-1720 209 24 and and CCONJ cblr-1720 209 25 only only ADV cblr-1720 209 26 they they PRON cblr-1720 209 27 owe owe VERB cblr-1720 209 28 fiduciary fiduciary ADJ cblr-1720 209 29 duties duty NOUN cblr-1720 209 30 to to ADP cblr-1720 209 31 the the DET cblr-1720 209 32 corporation corporation NOUN cblr-1720 209 33 to to PART cblr-1720 209 34 ensure ensure VERB cblr-1720 209 35 its its PRON cblr-1720 209 36 sustainable sustainable ADJ cblr-1720 209 37 long long ADJ cblr-1720 209 38 - - PUNCT cblr-1720 209 39 term term NOUN cblr-1720 209 40 growth.13 growth.13 NOUN cblr-1720 209 41 however however ADV cblr-1720 209 42 , , PUNCT cblr-1720 209 43 the the DET cblr-1720 209 44 other other ADJ cblr-1720 209 45 camp camp NOUN cblr-1720 209 46 argues argue VERB cblr-1720 209 47 that that SCONJ cblr-1720 209 48 giving give VERB cblr-1720 209 49 target target NOUN cblr-1720 209 50 boards board NOUN cblr-1720 209 51 the the DET cblr-1720 209 52 power power NOUN cblr-1720 209 53 to to PART cblr-1720 209 54 block block VERB cblr-1720 209 55 unsolicited unsolicited ADJ cblr-1720 209 56 takeovers takeover NOUN cblr-1720 209 57 allows allow VERB cblr-1720 209 58 incumbents incumbent NOUN cblr-1720 209 59 10 10 NUM cblr-1720 209 60 see see VERB cblr-1720 209 61 eugene eugene PROPN cblr-1720 209 62 f. f. PROPN cblr-1720 209 63 fama fama PROPN cblr-1720 209 64 & & CCONJ cblr-1720 209 65 michael michael PROPN cblr-1720 209 66 c. c. PROPN cblr-1720 209 67 jensen jensen PROPN cblr-1720 209 68 , , PUNCT cblr-1720 209 69 separation separation NOUN cblr-1720 209 70 of of ADP cblr-1720 209 71 ownership ownership NOUN cblr-1720 209 72 and and CCONJ cblr-1720 209 73 control control NOUN cblr-1720 209 74 , , PUNCT cblr-1720 209 75 26 26 NUM cblr-1720 209 76 j.l j.l PROPN cblr-1720 209 77 . . PROPN cblr-1720 209 78 & & CCONJ cblr-1720 209 79 econ econ PROPN cblr-1720 209 80 . . PUNCT cblr-1720 210 1 301 301 NUM cblr-1720 210 2 ( ( PUNCT cblr-1720 210 3 1983 1983 NUM cblr-1720 210 4 ) ) PUNCT cblr-1720 210 5 ( ( PUNCT cblr-1720 210 6 explaining explain VERB cblr-1720 210 7 that that SCONJ cblr-1720 210 8 the the DET cblr-1720 210 9 separation separation NOUN cblr-1720 210 10 of of ADP cblr-1720 210 11 ownership ownership NOUN cblr-1720 210 12 and and CCONJ cblr-1720 210 13 control control NOUN cblr-1720 210 14 is be AUX cblr-1720 210 15 desirable desirable ADJ cblr-1720 210 16 because because SCONJ cblr-1720 210 17 of of ADP cblr-1720 210 18 the the DET cblr-1720 210 19 benefits benefit NOUN cblr-1720 210 20 of of ADP cblr-1720 210 21 board board NOUN cblr-1720 210 22 specialization specialization NOUN cblr-1720 210 23 in in ADP cblr-1720 210 24 management management NOUN cblr-1720 210 25 and and CCONJ cblr-1720 210 26 shareholder shareholder NOUN cblr-1720 210 27 specialization specialization NOUN cblr-1720 210 28 in in ADP cblr-1720 210 29 risk risk NOUN cblr-1720 210 30 bearing bearing NOUN cblr-1720 210 31 ) ) PUNCT cblr-1720 210 32 . . PUNCT cblr-1720 211 1 11 11 NUM cblr-1720 211 2 see see VERB cblr-1720 211 3 takeover takeover NOUN cblr-1720 211 4 bids bid NOUN cblr-1720 211 5 in in ADP cblr-1720 211 6 the the DET cblr-1720 211 7 target target NOUN cblr-1720 211 8 ’s ’s PART cblr-1720 211 9 boardroom boardroom NOUN cblr-1720 211 10 , , PUNCT cblr-1720 211 11 supra supra PROPN cblr-1720 211 12 note note NOUN cblr-1720 211 13 4 4 NUM cblr-1720 211 14 . . NOUN cblr-1720 211 15 12 12 NUM cblr-1720 212 1 i i PROPN cblr-1720 212 2 d. d. PROPN cblr-1720 212 3 13 13 NUM cblr-1720 212 4 see see VERB cblr-1720 212 5 , , PUNCT cblr-1720 212 6 e.g. e.g. ADV cblr-1720 212 7 , , PUNCT cblr-1720 212 8 william william PROPN cblr-1720 212 9 t. t. PROPN cblr-1720 212 10 allen allen PROPN cblr-1720 212 11 , , PUNCT cblr-1720 212 12 ambiguity ambiguity NOUN cblr-1720 212 13 in in ADP cblr-1720 212 14 corporation corporation NOUN cblr-1720 212 15 law law NOUN cblr-1720 212 16 , , PUNCT cblr-1720 212 17 22 22 NUM cblr-1720 212 18 del del PROPN cblr-1720 212 19 . . PROPN cblr-1720 212 20 j. j. PROPN cblr-1720 212 21 corp corp PROPN cblr-1720 212 22 . . PROPN cblr-1720 212 23 l. l. PROPN cblr-1720 212 24 894 894 NUM cblr-1720 212 25 , , PUNCT cblr-1720 212 26 896–97 896–97 NUM cblr-1720 212 27 ( ( PUNCT cblr-1720 212 28 1997 1997 NUM cblr-1720 212 29 ) ) PUNCT cblr-1720 212 30 ( ( PUNCT cblr-1720 212 31 stating state VERB cblr-1720 212 32 that that SCONJ cblr-1720 212 33 “ " PUNCT cblr-1720 212 34 the the DET cblr-1720 212 35 proper proper ADJ cblr-1720 212 36 orientation orientation NOUN cblr-1720 212 37 of of ADP cblr-1720 212 38 corporation corporation NOUN cblr-1720 212 39 law law NOUN cblr-1720 212 40 is be AUX cblr-1720 212 41 the the DET cblr-1720 212 42 protection protection NOUN cblr-1720 212 43 of of ADP cblr-1720 212 44 long long ADJ cblr-1720 212 45 - - PUNCT cblr-1720 212 46 term term NOUN cblr-1720 212 47 value value NOUN cblr-1720 212 48 of of ADP cblr-1720 212 49 capital capital NOUN cblr-1720 212 50 committed commit VERB cblr-1720 212 51 indefinitely indefinitely ADV cblr-1720 212 52 to to ADP cblr-1720 212 53 the the DET cblr-1720 212 54 firm firm NOUN cblr-1720 212 55 ” " PUNCT cblr-1720 212 56 ) ) PUNCT cblr-1720 212 57 ; ; PUNCT cblr-1720 212 58 see see VERB cblr-1720 212 59 iman iman PROPN cblr-1720 212 60 anabtawi anabtawi PROPN cblr-1720 212 61 & & CCONJ cblr-1720 212 62 lynn lynn PROPN cblr-1720 212 63 stout stout PROPN cblr-1720 212 64 , , PUNCT cblr-1720 212 65 fiduciary fiduciary ADJ cblr-1720 212 66 duties duty NOUN cblr-1720 212 67 for for ADP cblr-1720 212 68 activist activist ADJ cblr-1720 212 69 shareholders shareholder NOUN cblr-1720 212 70 , , PUNCT cblr-1720 212 71 60 60 NUM cblr-1720 212 72 stan stan PROPN cblr-1720 212 73 . . PUNCT cblr-1720 213 1 l. l. PROPN cblr-1720 213 2 rev rev PROPN cblr-1720 213 3 . . PROPN cblr-1720 213 4 1255 1255 NUM cblr-1720 213 5 ( ( PUNCT cblr-1720 213 6 2008 2008 NUM cblr-1720 213 7 ) ) PUNCT cblr-1720 213 8 . . PUNCT cblr-1720 214 1 shilon shilon NOUN cblr-1720 214 2 – – PUNCT cblr-1720 214 3 final final ADJ cblr-1720 214 4 no no NOUN cblr-1720 214 5 . . PUNCT cblr-1720 215 1 2:511 2:511 NOUN cblr-1720 215 2 ] ] X cblr-1720 215 3 improving improve VERB cblr-1720 215 4 corporate corporate ADJ cblr-1720 215 5 takeover takeover NOUN cblr-1720 215 6 dynamics dynamic NOUN cblr-1720 215 7 525 525 NUM cblr-1720 215 8 to to PART cblr-1720 215 9 entrench entrench VERB cblr-1720 215 10 themselves themselves PRON cblr-1720 215 11 at at ADP cblr-1720 215 12 the the DET cblr-1720 215 13 expense expense NOUN cblr-1720 215 14 of of ADP cblr-1720 215 15 shareholders.14 shareholders.14 NOUN cblr-1720 215 16 thus thus ADV cblr-1720 215 17 , , PUNCT cblr-1720 215 18 only only ADV cblr-1720 215 19 shareholders shareholder NOUN cblr-1720 215 20 should should AUX cblr-1720 215 21 decide decide VERB cblr-1720 215 22 the the DET cblr-1720 215 23 outcome outcome NOUN cblr-1720 215 24 of of ADP cblr-1720 215 25 takeover takeover NOUN cblr-1720 215 26 bids bid NOUN cblr-1720 215 27 because because SCONJ cblr-1720 215 28 only only ADV cblr-1720 215 29 shareholders shareholder NOUN cblr-1720 215 30 will will AUX cblr-1720 215 31 protect protect VERB cblr-1720 215 32 their their PRON cblr-1720 215 33 own own ADJ cblr-1720 215 34 interests interest NOUN cblr-1720 215 35 effectively.15 effectively.15 VERB cblr-1720 215 36 the the DET cblr-1720 215 37 law law NOUN cblr-1720 215 38 should should AUX cblr-1720 215 39 not not PART cblr-1720 215 40 be be AUX cblr-1720 215 41 paternalistic paternalistic ADJ cblr-1720 215 42 toward toward ADP cblr-1720 215 43 shareholders shareholder NOUN cblr-1720 215 44 in in ADP cblr-1720 215 45 perhaps perhaps ADV cblr-1720 215 46 the the DET cblr-1720 215 47 most most ADV cblr-1720 215 48 important important ADJ cblr-1720 215 49 investment investment NOUN cblr-1720 215 50 decision decision NOUN cblr-1720 215 51 they they PRON cblr-1720 215 52 face face VERB cblr-1720 215 53 . . PUNCT cblr-1720 216 1 because because SCONJ cblr-1720 216 2 they they PRON cblr-1720 216 3 are be AUX cblr-1720 216 4 the the DET cblr-1720 216 5 residual residual ADJ cblr-1720 216 6 claimants claimant NOUN cblr-1720 216 7 of of ADP cblr-1720 216 8 the the DET cblr-1720 216 9 firm firm NOUN cblr-1720 216 10 , , PUNCT cblr-1720 216 11 shareholder shareholder NOUN cblr-1720 216 12 primacy primacy NOUN cblr-1720 216 13 in in ADP cblr-1720 216 14 takeover takeover NOUN cblr-1720 216 15 situations situation NOUN cblr-1720 216 16 will will AUX cblr-1720 216 17 also also ADV cblr-1720 216 18 ensure ensure VERB cblr-1720 216 19 the the DET cblr-1720 216 20 maximization maximization NOUN cblr-1720 216 21 of of ADP cblr-1720 216 22 firm firm ADJ cblr-1720 216 23 value value NOUN cblr-1720 216 24 . . PUNCT cblr-1720 217 1 in in ADP cblr-1720 217 2 this this DET cblr-1720 217 3 view view NOUN cblr-1720 217 4 , , PUNCT cblr-1720 217 5 the the DET cblr-1720 217 6 market market NOUN cblr-1720 217 7 for for ADP cblr-1720 217 8 corporate corporate ADJ cblr-1720 217 9 control control NOUN cblr-1720 217 10 serves serve VERB cblr-1720 217 11 as as ADP cblr-1720 217 12 an an DET cblr-1720 217 13 important important ADJ cblr-1720 217 14 governance governance NOUN cblr-1720 217 15 mechanism mechanism NOUN cblr-1720 217 16 to to PART cblr-1720 217 17 displace displace VERB cblr-1720 217 18 inefficient inefficient ADJ cblr-1720 217 19 managers,16 managers,16 NOUN cblr-1720 217 20 especially especially ADV cblr-1720 217 21 those those PRON cblr-1720 217 22 that that PRON cblr-1720 217 23 produce produce VERB cblr-1720 217 24 large large ADJ cblr-1720 217 25 agency agency NOUN cblr-1720 217 26 costs.17 costs.17 NOUN cblr-1720 217 27 this this DET cblr-1720 217 28 article article NOUN cblr-1720 217 29 does do AUX cblr-1720 217 30 not not PART cblr-1720 217 31 aim aim VERB cblr-1720 217 32 to to PART cblr-1720 217 33 take take VERB cblr-1720 217 34 part part NOUN cblr-1720 217 35 in in ADP cblr-1720 217 36 the the DET cblr-1720 217 37 general general ADJ cblr-1720 217 38 debate debate NOUN cblr-1720 217 39 on on ADP cblr-1720 217 40 who who PRON cblr-1720 217 41 should should AUX cblr-1720 217 42 decide decide VERB cblr-1720 217 43 unsolicited unsolicited ADJ cblr-1720 217 44 acquisition acquisition NOUN cblr-1720 217 45 offers offer NOUN cblr-1720 217 46 — — PUNCT cblr-1720 217 47 that that PRON cblr-1720 217 48 is is ADV cblr-1720 217 49 , , PUNCT cblr-1720 217 50 whether whether SCONJ cblr-1720 217 51 target target NOUN cblr-1720 217 52 boards board NOUN cblr-1720 217 53 should should AUX cblr-1720 217 54 be be AUX cblr-1720 217 55 allowed allow VERB cblr-1720 217 56 to to PART cblr-1720 217 57 block block VERB cblr-1720 217 58 the the DET cblr-1720 217 59 bidder bidder NOUN cblr-1720 217 60 from from ADP cblr-1720 217 61 taking take VERB cblr-1720 217 62 over over ADP cblr-1720 217 63 the the DET cblr-1720 217 64 corporation corporation NOUN cblr-1720 217 65 by by ADP cblr-1720 217 66 approaching approach VERB cblr-1720 217 67 the the DET cblr-1720 217 68 shareholders shareholder NOUN cblr-1720 217 69 directly directly ADV cblr-1720 217 70 . . PUNCT cblr-1720 218 1 instead instead ADV cblr-1720 218 2 , , PUNCT cblr-1720 218 3 this this DET cblr-1720 218 4 article article NOUN cblr-1720 218 5 focuses focus VERB cblr-1720 218 6 only only ADV cblr-1720 218 7 on on ADP cblr-1720 218 8 14 14 NUM cblr-1720 218 9 see see NOUN cblr-1720 218 10 , , PUNCT cblr-1720 218 11 e.g. e.g. ADV cblr-1720 218 12 , , PUNCT cblr-1720 218 13 the the DET cblr-1720 218 14 proper proper ADJ cblr-1720 218 15 role role NOUN cblr-1720 218 16 , , PUNCT cblr-1720 218 17 supra supra PROPN cblr-1720 218 18 note note NOUN cblr-1720 218 19 4 4 NUM cblr-1720 218 20 ; ; PUNCT cblr-1720 218 21 bebchuk bebchuk NOUN cblr-1720 218 22 , , PUNCT cblr-1720 218 23 supra supra PROPN cblr-1720 218 24 note note PROPN cblr-1720 218 25 4 4 NUM cblr-1720 218 26 ; ; PUNCT cblr-1720 218 27 gilson gilson PROPN cblr-1720 218 28 , , PUNCT cblr-1720 218 29 supra supra PROPN cblr-1720 218 30 note note NOUN cblr-1720 218 31 4 4 NUM cblr-1720 218 32 . . SYM cblr-1720 218 33 15 15 NUM cblr-1720 218 34 see see VERB cblr-1720 218 35 , , PUNCT cblr-1720 218 36 e.g. e.g. ADV cblr-1720 218 37 , , PUNCT cblr-1720 218 38 the the DET cblr-1720 218 39 proper proper ADJ cblr-1720 218 40 role role NOUN cblr-1720 218 41 , , PUNCT cblr-1720 218 42 supra supra PROPN cblr-1720 218 43 note note NOUN cblr-1720 218 44 4 4 NUM cblr-1720 218 45 ; ; PUNCT cblr-1720 218 46 bebchuk bebchuk NOUN cblr-1720 218 47 , , PUNCT cblr-1720 218 48 supra supra PROPN cblr-1720 218 49 note note PROPN cblr-1720 218 50 4 4 NUM cblr-1720 218 51 ; ; PUNCT cblr-1720 218 52 gilson gilson PROPN cblr-1720 218 53 , , PUNCT cblr-1720 218 54 supra supra PROPN cblr-1720 218 55 note note NOUN cblr-1720 218 56 4 4 NUM cblr-1720 218 57 . . X cblr-1720 218 58 16 16 NUM cblr-1720 218 59 see see VERB cblr-1720 218 60 , , PUNCT cblr-1720 218 61 e.g. e.g. ADV cblr-1720 218 62 , , PUNCT cblr-1720 218 63 the the DET cblr-1720 218 64 proper proper ADJ cblr-1720 218 65 role role NOUN cblr-1720 218 66 , , PUNCT cblr-1720 218 67 supra supra PROPN cblr-1720 218 68 note note NOUN cblr-1720 218 69 4 4 NUM cblr-1720 218 70 , , PUNCT cblr-1720 218 71 at at ADP cblr-1720 218 72 1164 1164 NUM cblr-1720 218 73 ; ; PUNCT cblr-1720 218 74 gilson gilson PROPN cblr-1720 218 75 , , PUNCT cblr-1720 218 76 supra supra PROPN cblr-1720 218 77 note note PROPN cblr-1720 218 78 4 4 NUM cblr-1720 218 79 , , PUNCT cblr-1720 218 80 at at ADP cblr-1720 218 81 845–48 845–48 NUM cblr-1720 218 82 . . PUNCT cblr-1720 219 1 17 17 NUM cblr-1720 219 2 agency agency NOUN cblr-1720 219 3 theory theory NOUN cblr-1720 219 4 contends contend VERB cblr-1720 219 5 that that SCONJ cblr-1720 219 6 shareholders shareholder NOUN cblr-1720 219 7 - - PUNCT cblr-1720 219 8 principals principal NOUN cblr-1720 219 9 and and CCONJ cblr-1720 219 10 managers manager NOUN cblr-1720 219 11 - - NOUN cblr-1720 219 12 agents agent NOUN cblr-1720 219 13 are be AUX cblr-1720 219 14 parties party NOUN cblr-1720 219 15 to to ADP cblr-1720 219 16 an an DET cblr-1720 219 17 agency agency NOUN cblr-1720 219 18 relationship relationship NOUN cblr-1720 219 19 , , PUNCT cblr-1720 219 20 under under ADP cblr-1720 219 21 which which PRON cblr-1720 219 22 the the DET cblr-1720 219 23 former former ADJ cblr-1720 219 24 engage engage VERB cblr-1720 219 25 the the DET cblr-1720 219 26 latter latter ADJ cblr-1720 219 27 to to PART cblr-1720 219 28 manage manage VERB cblr-1720 219 29 the the DET cblr-1720 219 30 corporation corporation NOUN cblr-1720 219 31 on on ADP cblr-1720 219 32 their their PRON cblr-1720 219 33 behalf behalf NOUN cblr-1720 219 34 , , PUNCT cblr-1720 219 35 which which PRON cblr-1720 219 36 involves involve VERB cblr-1720 219 37 delegating delegate VERB cblr-1720 219 38 some some DET cblr-1720 219 39 decision decision NOUN cblr-1720 219 40 - - PUNCT cblr-1720 219 41 making make VERB cblr-1720 219 42 authority authority NOUN cblr-1720 219 43 to to ADP cblr-1720 219 44 the the DET cblr-1720 219 45 manager manager NOUN cblr-1720 219 46 - - PUNCT cblr-1720 219 47 agents agent NOUN cblr-1720 219 48 . . PUNCT cblr-1720 220 1 the the DET cblr-1720 220 2 agency agency NOUN cblr-1720 220 3 relationship relationship NOUN cblr-1720 220 4 creates create VERB cblr-1720 220 5 agency agency NOUN cblr-1720 220 6 costs cost NOUN cblr-1720 220 7 , , PUNCT cblr-1720 220 8 which which PRON cblr-1720 220 9 are be AUX cblr-1720 220 10 the the DET cblr-1720 220 11 sum sum NOUN cblr-1720 220 12 of of ADP cblr-1720 220 13 ( ( PUNCT cblr-1720 220 14 1 1 X cblr-1720 220 15 ) ) PUNCT cblr-1720 220 16 monitoring monitor VERB cblr-1720 220 17 expenditures expenditure NOUN cblr-1720 220 18 by by ADP cblr-1720 220 19 the the DET cblr-1720 220 20 shareholder shareholder NOUN cblr-1720 220 21 - - PUNCT cblr-1720 220 22 principals principal NOUN cblr-1720 220 23 , , PUNCT cblr-1720 220 24 ( ( PUNCT cblr-1720 220 25 2 2 X cblr-1720 220 26 ) ) PUNCT cblr-1720 220 27 bonding bonding NOUN cblr-1720 220 28 expenditures expenditure NOUN cblr-1720 220 29 by by ADP cblr-1720 220 30 the the DET cblr-1720 220 31 manager manager NOUN cblr-1720 220 32 - - PUNCT cblr-1720 220 33 agents agent NOUN cblr-1720 220 34 , , PUNCT cblr-1720 220 35 and and CCONJ cblr-1720 220 36 ( ( PUNCT cblr-1720 220 37 3 3 X cblr-1720 220 38 ) ) PUNCT cblr-1720 220 39 residual residual ADJ cblr-1720 220 40 agency agency NOUN cblr-1720 220 41 costs cost NOUN cblr-1720 220 42 . . PUNCT cblr-1720 221 1 such such ADJ cblr-1720 221 2 residual residual ADJ cblr-1720 221 3 agency agency NOUN cblr-1720 221 4 costs cost NOUN cblr-1720 221 5 may may AUX cblr-1720 221 6 be be AUX cblr-1720 221 7 triggered trigger VERB cblr-1720 221 8 either either CCONJ cblr-1720 221 9 by by ADP cblr-1720 221 10 ( ( PUNCT cblr-1720 221 11 1 1 X cblr-1720 221 12 ) ) PUNCT cblr-1720 221 13 managers manager NOUN cblr-1720 221 14 diverting divert VERB cblr-1720 221 15 corporate corporate ADJ cblr-1720 221 16 resources resource NOUN cblr-1720 221 17 to to ADP cblr-1720 221 18 themselves themselves PRON cblr-1720 221 19 , , PUNCT cblr-1720 221 20 taking take VERB cblr-1720 221 21 perquisites perquisite NOUN cblr-1720 221 22 , , PUNCT cblr-1720 221 23 and and CCONJ cblr-1720 221 24 exerting exert VERB cblr-1720 221 25 too too ADV cblr-1720 221 26 little little ADJ cblr-1720 221 27 effort effort NOUN cblr-1720 221 28 in in ADP cblr-1720 221 29 performing perform VERB cblr-1720 221 30 their their PRON cblr-1720 221 31 jobs job NOUN cblr-1720 221 32 ( ( PUNCT cblr-1720 221 33 “ " PUNCT cblr-1720 221 34 shirking shirk VERB cblr-1720 221 35 ” " PUNCT cblr-1720 221 36 ) ) PUNCT cblr-1720 221 37 , , PUNCT cblr-1720 221 38 or or CCONJ cblr-1720 221 39 ( ( PUNCT cblr-1720 221 40 2 2 X cblr-1720 221 41 ) ) PUNCT cblr-1720 221 42 managerial managerial ADJ cblr-1720 221 43 pursuit pursuit NOUN cblr-1720 221 44 of of ADP cblr-1720 221 45 non non ADJ cblr-1720 221 46 - - ADJ cblr-1720 221 47 value value NOUN cblr-1720 221 48 - - PUNCT cblr-1720 221 49 maximizing maximize VERB cblr-1720 221 50 objectives objective NOUN cblr-1720 221 51 , , PUNCT cblr-1720 221 52 such such ADJ cblr-1720 221 53 as as ADP cblr-1720 221 54 making make VERB cblr-1720 221 55 excessive excessive ADJ cblr-1720 221 56 acquisitions acquisition NOUN cblr-1720 221 57 ( ( PUNCT cblr-1720 221 58 “ " PUNCT cblr-1720 221 59 empire empire NOUN cblr-1720 221 60 building building NOUN cblr-1720 221 61 ” " PUNCT cblr-1720 221 62 ) ) PUNCT cblr-1720 221 63 , , PUNCT cblr-1720 221 64 encouraging encourage VERB cblr-1720 221 65 excessive excessive ADJ cblr-1720 221 66 sales sale NOUN cblr-1720 221 67 growth growth NOUN cblr-1720 221 68 , , PUNCT cblr-1720 221 69 and and CCONJ cblr-1720 221 70 putting put VERB cblr-1720 221 71 employee employee NOUN cblr-1720 221 72 interests interest NOUN cblr-1720 221 73 ahead ahead ADV cblr-1720 221 74 of of ADP cblr-1720 221 75 those those PRON cblr-1720 221 76 of of ADP cblr-1720 221 77 shareholders shareholder NOUN cblr-1720 221 78 . . PUNCT cblr-1720 222 1 in in ADP cblr-1720 222 2 either either DET cblr-1720 222 3 case case NOUN cblr-1720 222 4 , , PUNCT cblr-1720 222 5 corporate corporate ADJ cblr-1720 222 6 assets asset NOUN cblr-1720 222 7 end end VERB cblr-1720 222 8 up up ADP cblr-1720 222 9 being be AUX cblr-1720 222 10 abused abuse VERB cblr-1720 222 11 to to PART cblr-1720 222 12 benefit benefit VERB cblr-1720 222 13 managers manager NOUN cblr-1720 222 14 at at ADP cblr-1720 222 15 shareholder shareholder NOUN cblr-1720 222 16 expense expense NOUN cblr-1720 222 17 . . PUNCT cblr-1720 223 1 see see VERB cblr-1720 223 2 michael michael PROPN cblr-1720 223 3 c. c. PROPN cblr-1720 223 4 jensen jensen PROPN cblr-1720 223 5 & & CCONJ cblr-1720 223 6 william william PROPN cblr-1720 223 7 h. h. PROPN cblr-1720 223 8 meckling meckling PROPN cblr-1720 223 9 , , PUNCT cblr-1720 223 10 theory theory NOUN cblr-1720 223 11 of of ADP cblr-1720 223 12 the the DET cblr-1720 223 13 firm firm NOUN cblr-1720 223 14 : : PUNCT cblr-1720 223 15 managerial managerial ADJ cblr-1720 223 16 behavior behavior NOUN cblr-1720 223 17 , , PUNCT cblr-1720 223 18 agency agency NOUN cblr-1720 223 19 costs cost NOUN cblr-1720 223 20 and and CCONJ cblr-1720 223 21 ownership ownership NOUN cblr-1720 223 22 structure structure NOUN cblr-1720 223 23 , , PUNCT cblr-1720 223 24 3 3 NUM cblr-1720 223 25 j. j. PROPN cblr-1720 223 26 fin fin PROPN cblr-1720 223 27 . . PUNCT cblr-1720 223 28 econ econ PROPN cblr-1720 223 29 . . PUNCT cblr-1720 224 1 305 305 NUM cblr-1720 224 2 , , PUNCT cblr-1720 224 3 308 308 NUM cblr-1720 224 4 ( ( PUNCT cblr-1720 224 5 1976 1976 NUM cblr-1720 224 6 ) ) PUNCT cblr-1720 224 7 . . PUNCT cblr-1720 225 1 shilon shilon NOUN cblr-1720 225 2 – – PUNCT cblr-1720 225 3 final final ADJ cblr-1720 225 4 526 526 NUM cblr-1720 225 5 columbia columbia PROPN cblr-1720 225 6 business business NOUN cblr-1720 225 7 law law NOUN cblr-1720 225 8 review review NOUN cblr-1720 225 9 [ [ X cblr-1720 225 10 vol vol NOUN cblr-1720 225 11 . . NOUN cblr-1720 225 12 2017 2017 NUM cblr-1720 225 13 whether whether SCONJ cblr-1720 225 14 target target NOUN cblr-1720 225 15 boards board NOUN cblr-1720 225 16 should should AUX cblr-1720 225 17 be be AUX cblr-1720 225 18 allowed allow VERB cblr-1720 225 19 to to PART cblr-1720 225 20 block block VERB cblr-1720 225 21 an an DET cblr-1720 225 22 underpriced underpriced ADJ cblr-1720 225 23 bid bid NOUN cblr-1720 225 24 , , PUNCT cblr-1720 225 25 allegedly allegedly ADV cblr-1720 225 26 because because SCONJ cblr-1720 225 27 the the DET cblr-1720 225 28 shareholders shareholder NOUN cblr-1720 225 29 , , PUNCT cblr-1720 225 30 if if SCONJ cblr-1720 225 31 given give VERB cblr-1720 225 32 the the DET cblr-1720 225 33 power power NOUN cblr-1720 225 34 , , PUNCT cblr-1720 225 35 might might AUX cblr-1720 225 36 accept accept VERB cblr-1720 225 37 it it PRON cblr-1720 225 38 erroneously erroneously ADV cblr-1720 225 39 . . PUNCT cblr-1720 226 1 this this DET cblr-1720 226 2 article article NOUN cblr-1720 226 3 first first ADV cblr-1720 226 4 argues argue VERB cblr-1720 226 5 that that SCONJ cblr-1720 226 6 shareholders shareholder NOUN cblr-1720 226 7 face face VERB cblr-1720 226 8 severe severe ADJ cblr-1720 226 9 challenges challenge NOUN cblr-1720 226 10 in in ADP cblr-1720 226 11 their their PRON cblr-1720 226 12 efforts effort NOUN cblr-1720 226 13 to to PART cblr-1720 226 14 receive receive VERB cblr-1720 226 15 , , PUNCT cblr-1720 226 16 process process NOUN cblr-1720 226 17 , , PUNCT cblr-1720 226 18 and and CCONJ cblr-1720 226 19 evaluate evaluate VERB cblr-1720 226 20 the the DET cblr-1720 226 21 information information NOUN cblr-1720 226 22 necessary necessary ADJ cblr-1720 226 23 to to PART cblr-1720 226 24 assess assess VERB cblr-1720 226 25 the the DET cblr-1720 226 26 true true ADJ cblr-1720 226 27 intrinsic intrinsic ADJ cblr-1720 226 28 value value NOUN cblr-1720 226 29 of of ADP cblr-1720 226 30 the the DET cblr-1720 226 31 target target NOUN cblr-1720 226 32 and and CCONJ cblr-1720 226 33 , , PUNCT cblr-1720 226 34 hence hence ADV cblr-1720 226 35 , , PUNCT cblr-1720 226 36 to to PART cblr-1720 226 37 evaluate evaluate VERB cblr-1720 226 38 whether whether SCONJ cblr-1720 226 39 the the DET cblr-1720 226 40 bid bid NOUN cblr-1720 226 41 price price NOUN cblr-1720 226 42 is be AUX cblr-1720 226 43 too too ADV cblr-1720 226 44 low low ADJ cblr-1720 226 45 . . PUNCT cblr-1720 227 1 it it PRON cblr-1720 227 2 then then ADV cblr-1720 227 3 argues argue VERB cblr-1720 227 4 that that SCONJ cblr-1720 227 5 even even ADV cblr-1720 227 6 if if SCONJ cblr-1720 227 7 shareholders shareholder NOUN cblr-1720 227 8 could could AUX cblr-1720 227 9 evaluate evaluate VERB cblr-1720 227 10 the the DET cblr-1720 227 11 fairness fairness NOUN cblr-1720 227 12 of of ADP cblr-1720 227 13 the the DET cblr-1720 227 14 bid bid NOUN cblr-1720 227 15 price price NOUN cblr-1720 227 16 correctly correctly ADV cblr-1720 227 17 , , PUNCT cblr-1720 227 18 the the DET cblr-1720 227 19 firm firm NOUN cblr-1720 227 20 sometimes sometimes ADV cblr-1720 227 21 needs need VERB cblr-1720 227 22 the the DET cblr-1720 227 23 board board NOUN cblr-1720 227 24 to to PART cblr-1720 227 25 protect protect VERB cblr-1720 227 26 it it PRON cblr-1720 227 27 because because SCONJ cblr-1720 227 28 shareholders shareholder NOUN cblr-1720 227 29 might might AUX cblr-1720 227 30 not not PART cblr-1720 227 31 make make VERB cblr-1720 227 32 a a DET cblr-1720 227 33 choice choice NOUN cblr-1720 227 34 that that PRON cblr-1720 227 35 maximizes maximize VERB cblr-1720 227 36 its its PRON cblr-1720 227 37 long long ADJ cblr-1720 227 38 - - PUNCT cblr-1720 227 39 term term NOUN cblr-1720 227 40 value value NOUN cblr-1720 227 41 . . PUNCT cblr-1720 228 1 a. a. NOUN cblr-1720 228 2 shareholder shareholder NOUN cblr-1720 228 3 inability inability NOUN cblr-1720 228 4 to to PART cblr-1720 228 5 assess assess VERB cblr-1720 228 6 the the DET cblr-1720 228 7 target target NOUN cblr-1720 228 8 ’s ’s PART cblr-1720 228 9 intrinsic intrinsic ADJ cblr-1720 228 10 value value NOUN cblr-1720 228 11 target target NOUN cblr-1720 228 12 shareholders shareholder NOUN cblr-1720 228 13 face face VERB cblr-1720 228 14 major major ADJ cblr-1720 228 15 challenges challenge NOUN cblr-1720 228 16 in in ADP cblr-1720 228 17 their their PRON cblr-1720 228 18 efforts effort NOUN cblr-1720 228 19 to to PART cblr-1720 228 20 assess assess VERB cblr-1720 228 21 the the DET cblr-1720 228 22 true true ADJ cblr-1720 228 23 intrinsic intrinsic ADJ cblr-1720 228 24 value value NOUN cblr-1720 228 25 of of ADP cblr-1720 228 26 the the DET cblr-1720 228 27 company company NOUN cblr-1720 228 28 for for ADP cblr-1720 228 29 three three NUM cblr-1720 228 30 reasons reason NOUN cblr-1720 228 31 . . PUNCT cblr-1720 229 1 first first ADV cblr-1720 229 2 , , PUNCT cblr-1720 229 3 they they PRON cblr-1720 229 4 are be AUX cblr-1720 229 5 often often ADV cblr-1720 229 6 unable unable ADJ cblr-1720 229 7 to to PART cblr-1720 229 8 distinguish distinguish VERB cblr-1720 229 9 between between ADP cblr-1720 229 10 stock stock NOUN cblr-1720 229 11 value value NOUN cblr-1720 229 12 and and CCONJ cblr-1720 229 13 intrinsic intrinsic ADJ cblr-1720 229 14 value value NOUN cblr-1720 229 15 . . PUNCT cblr-1720 230 1 second second ADJ cblr-1720 230 2 , , PUNCT cblr-1720 230 3 they they PRON cblr-1720 230 4 do do AUX cblr-1720 230 5 not not PART cblr-1720 230 6 gather gather VERB cblr-1720 230 7 important important ADJ cblr-1720 230 8 information information NOUN cblr-1720 230 9 independently independently ADV cblr-1720 230 10 . . PUNCT cblr-1720 231 1 third third ADV cblr-1720 231 2 , , PUNCT cblr-1720 231 3 their their PRON cblr-1720 231 4 boards board NOUN cblr-1720 231 5 are be AUX cblr-1720 231 6 unable unable ADJ cblr-1720 231 7 to to PART cblr-1720 231 8 credibly credibly ADV cblr-1720 231 9 transmit transmit VERB cblr-1720 231 10 such such ADJ cblr-1720 231 11 information information NOUN cblr-1720 231 12 to to ADP cblr-1720 231 13 them they PRON cblr-1720 231 14 . . PUNCT cblr-1720 232 1 1 1 X cblr-1720 232 2 . . X cblr-1720 232 3 challenges challenge NOUN cblr-1720 232 4 in in ADP cblr-1720 232 5 distinguishing distinguish VERB cblr-1720 232 6 between between ADP cblr-1720 232 7 market market NOUN cblr-1720 232 8 value value NOUN cblr-1720 232 9 and and CCONJ cblr-1720 232 10 intrinsic intrinsic ADJ cblr-1720 232 11 value value NOUN cblr-1720 232 12 the the DET cblr-1720 232 13 delaware delaware PROPN cblr-1720 232 14 courts court NOUN cblr-1720 232 15 have have AUX cblr-1720 232 16 long long ADV cblr-1720 232 17 recognized18 recognized18 NOUN cblr-1720 232 18 that that SCONJ cblr-1720 232 19 the the DET cblr-1720 232 20 divergence divergence NOUN cblr-1720 232 21 of of ADP cblr-1720 232 22 true true ADJ cblr-1720 232 23 intrinsic intrinsic ADJ cblr-1720 232 24 value value NOUN cblr-1720 232 25 from from ADP cblr-1720 232 26 market market NOUN cblr-1720 232 27 price price NOUN cblr-1720 232 28 can can AUX cblr-1720 232 29 be be AUX cblr-1720 232 30 extremely extremely ADV cblr-1720 232 31 large.19 large.19 NOUN cblr-1720 232 32 in in ADP cblr-1720 232 33 paramount paramount ADJ cblr-1720 232 34 communications communication NOUN cblr-1720 232 35 v. v. ADP cblr-1720 232 36 time time NOUN cblr-1720 232 37 , , PUNCT cblr-1720 232 38 for for ADP cblr-1720 232 39 example example NOUN cblr-1720 232 40 , , PUNCT cblr-1720 232 41 the the DET cblr-1720 232 42 delaware delaware PROPN cblr-1720 232 43 supreme supreme PROPN cblr-1720 232 44 court court PROPN cblr-1720 232 45 supported support VERB cblr-1720 232 46 the the DET cblr-1720 232 47 time time NOUN cblr-1720 232 48 directors director NOUN cblr-1720 232 49 ’ ' PUNCT cblr-1720 232 50 determination determination NOUN cblr-1720 232 51 that that SCONJ cblr-1720 232 52 the the DET cblr-1720 232 53 intrinsic intrinsic ADJ cblr-1720 232 54 value value NOUN cblr-1720 232 55 of of ADP cblr-1720 232 56 the the DET cblr-1720 232 57 post post ADJ cblr-1720 232 58 - - ADJ cblr-1720 232 59 merger merger ADJ cblr-1720 232 60 time time NOUN cblr-1720 232 61 - - PUNCT cblr-1720 232 62 warner warner NOUN cblr-1720 232 63 shares share NOUN cblr-1720 232 64 , , PUNCT cblr-1720 232 65 which which PRON cblr-1720 232 66 investors investor NOUN cblr-1720 232 67 valued value VERB cblr-1720 232 68 at at ADP cblr-1720 232 69 18 18 NUM cblr-1720 232 70 such such ADJ cblr-1720 232 71 recognition recognition NOUN cblr-1720 232 72 came come VERB cblr-1720 232 73 before before SCONJ cblr-1720 232 74 the the DET cblr-1720 232 75 delaware delaware PROPN cblr-1720 232 76 courts court NOUN cblr-1720 232 77 established establish VERB cblr-1720 232 78 their their PRON cblr-1720 232 79 takeover takeover NOUN cblr-1720 232 80 doctrine doctrine NOUN cblr-1720 232 81 . . PUNCT cblr-1720 233 1 see see VERB cblr-1720 233 2 , , PUNCT cblr-1720 233 3 e.g. e.g. ADV cblr-1720 233 4 , , PUNCT cblr-1720 233 5 smith smith PROPN cblr-1720 233 6 v. v. PROPN cblr-1720 233 7 van van PROPN cblr-1720 233 8 gorkom gorkom PROPN cblr-1720 233 9 , , PUNCT cblr-1720 233 10 488 488 NUM cblr-1720 233 11 a.2d a.2d NUM cblr-1720 233 12 858 858 NUM cblr-1720 233 13 , , PUNCT cblr-1720 233 14 875–76 875–76 NUM cblr-1720 233 15 ( ( PUNCT cblr-1720 233 16 del del PROPN cblr-1720 233 17 . . NOUN cblr-1720 233 18 1985 1985 NUM cblr-1720 233 19 ) ) PUNCT cblr-1720 233 20 ( ( PUNCT cblr-1720 233 21 “ " PUNCT cblr-1720 233 22 using use VERB cblr-1720 233 23 market market NOUN cblr-1720 233 24 price price NOUN cblr-1720 233 25 as as ADP cblr-1720 233 26 a a DET cblr-1720 233 27 basis basis NOUN cblr-1720 233 28 for for ADP cblr-1720 233 29 concluding conclude VERB cblr-1720 233 30 that that SCONJ cblr-1720 233 31 the the DET cblr-1720 233 32 premium premium NOUN cblr-1720 233 33 adequately adequately ADV cblr-1720 233 34 reflected reflect VERB cblr-1720 233 35 the the DET cblr-1720 233 36 true true ADJ cblr-1720 233 37 value value NOUN cblr-1720 233 38 of of ADP cblr-1720 233 39 the the DET cblr-1720 233 40 company company NOUN cblr-1720 233 41 was be AUX cblr-1720 233 42 a a DET cblr-1720 233 43 clearly clearly ADV cblr-1720 233 44 faulty faulty ADJ cblr-1720 233 45 , , PUNCT cblr-1720 233 46 indeed indeed ADV cblr-1720 233 47 fallacious fallacious ADJ cblr-1720 233 48 , , PUNCT cblr-1720 233 49 premise premise NOUN cblr-1720 233 50 . . PUNCT cblr-1720 233 51 ” " PUNCT cblr-1720 233 52 ) ) PUNCT cblr-1720 233 53 . . PUNCT cblr-1720 234 1 19 19 NUM cblr-1720 234 2 also also ADV cblr-1720 234 3 , , PUNCT cblr-1720 234 4 such such ADJ cblr-1720 234 5 intrinsic intrinsic ADJ cblr-1720 234 6 value value NOUN cblr-1720 234 7 can can AUX cblr-1720 234 8 remain remain VERB cblr-1720 234 9 hidden hidden ADJ cblr-1720 234 10 for for ADP cblr-1720 234 11 a a DET cblr-1720 234 12 long long ADJ cblr-1720 234 13 time time NOUN cblr-1720 234 14 . . PUNCT cblr-1720 235 1 see see VERB cblr-1720 235 2 bernard bernard PROPN cblr-1720 235 3 black black PROPN cblr-1720 235 4 & & CCONJ cblr-1720 235 5 reinier reinier PROPN cblr-1720 235 6 kraakman kraakman PROPN cblr-1720 235 7 , , PUNCT cblr-1720 235 8 delaware delaware PROPN cblr-1720 235 9 ’s ’s PART cblr-1720 235 10 takeover takeover NOUN cblr-1720 235 11 law law NOUN cblr-1720 235 12 : : PUNCT cblr-1720 235 13 the the DET cblr-1720 235 14 uncertain uncertain ADJ cblr-1720 235 15 search search NOUN cblr-1720 235 16 for for ADP cblr-1720 235 17 hidden hide VERB cblr-1720 235 18 value value NOUN cblr-1720 235 19 , , PUNCT cblr-1720 235 20 96 96 NUM cblr-1720 235 21 nw nw AUX cblr-1720 235 22 . . PUNCT cblr-1720 235 23 u.l u.l PROPN cblr-1720 235 24 . . PROPN cblr-1720 235 25 rev rev PROPN cblr-1720 235 26 . . PROPN cblr-1720 235 27 521 521 NUM cblr-1720 235 28 , , PUNCT cblr-1720 235 29 529 529 NUM cblr-1720 235 30 ( ( PUNCT cblr-1720 235 31 2002 2002 NUM cblr-1720 235 32 ) ) PUNCT cblr-1720 235 33 . . PUNCT cblr-1720 236 1 shilon shilon NOUN cblr-1720 236 2 – – PUNCT cblr-1720 236 3 final final ADJ cblr-1720 236 4 no no NOUN cblr-1720 236 5 . . PUNCT cblr-1720 237 1 2:511 2:511 NOUN cblr-1720 237 2 ] ] X cblr-1720 237 3 improving improve VERB cblr-1720 237 4 corporate corporate ADJ cblr-1720 237 5 takeover takeover NOUN cblr-1720 237 6 dynamics dynamic NOUN cblr-1720 237 7 527 527 NUM cblr-1720 237 8 roughly roughly ADV cblr-1720 237 9 $ $ SYM cblr-1720 237 10 100 100 NUM cblr-1720 237 11 , , PUNCT cblr-1720 237 12 was be AUX cblr-1720 237 13 more more ADJ cblr-1720 237 14 than than ADP cblr-1720 237 15 the the DET cblr-1720 237 16 $ $ SYM cblr-1720 237 17 200 200 NUM cblr-1720 237 18 per per ADP cblr-1720 237 19 share share NOUN cblr-1720 237 20 in in ADP cblr-1720 237 21 cash cash NOUN cblr-1720 237 22 that that PRON cblr-1720 237 23 paramount paramount PROPN cblr-1720 237 24 had have AUX cblr-1720 237 25 offered offer VERB cblr-1720 237 26 in in ADP cblr-1720 237 27 the the DET cblr-1720 237 28 friendly friendly ADJ cblr-1720 237 29 merger merger NOUN cblr-1720 237 30 ( ( PUNCT cblr-1720 237 31 let let VERB cblr-1720 237 32 alone alone ADV cblr-1720 237 33 the the DET cblr-1720 237 34 higher high ADJ cblr-1720 237 35 price price NOUN cblr-1720 237 36 that that PRON cblr-1720 237 37 paramount paramount ADJ cblr-1720 237 38 directors director NOUN cblr-1720 237 39 had have AUX cblr-1720 237 40 signaled signal VERB cblr-1720 237 41 they they PRON cblr-1720 237 42 were be AUX cblr-1720 237 43 willing willing ADJ cblr-1720 237 44 to to ADP cblr-1720 237 45 pay).20 pay).20 PROPN cblr-1720 237 46 a. a. NOUN cblr-1720 237 47 public public ADJ cblr-1720 237 48 information information NOUN cblr-1720 237 49 naturally naturally ADV cblr-1720 237 50 , , PUNCT cblr-1720 237 51 bidders bidder NOUN cblr-1720 237 52 launch launch VERB cblr-1720 237 53 takeover takeover NOUN cblr-1720 237 54 bids bid NOUN cblr-1720 237 55 for for ADP cblr-1720 237 56 targets target NOUN cblr-1720 237 57 with with ADP cblr-1720 237 58 depressed depressed ADJ cblr-1720 237 59 stock stock NOUN cblr-1720 237 60 prices.21 prices.21 NOUN cblr-1720 237 61 shareholders shareholder NOUN cblr-1720 237 62 who who PRON cblr-1720 237 63 wish wish VERB cblr-1720 237 64 to to PART cblr-1720 237 65 maximize maximize VERB cblr-1720 237 66 firm firm ADJ cblr-1720 237 67 value value NOUN cblr-1720 237 68 must must AUX cblr-1720 237 69 be be AUX cblr-1720 237 70 able able ADJ cblr-1720 237 71 to to PART cblr-1720 237 72 improve improve VERB cblr-1720 237 73 on on ADP cblr-1720 237 74 the the DET cblr-1720 237 75 market market NOUN cblr-1720 237 76 ’s ’s PART cblr-1720 237 77 data datum NOUN cblr-1720 237 78 , , PUNCT cblr-1720 237 79 because because SCONJ cblr-1720 237 80 absolute absolute ADJ cblr-1720 237 81 reliance reliance NOUN cblr-1720 237 82 on on ADP cblr-1720 237 83 market market NOUN cblr-1720 237 84 pricing pricing NOUN cblr-1720 237 85 would would AUX cblr-1720 237 86 result result VERB cblr-1720 237 87 in in ADP cblr-1720 237 88 an an DET cblr-1720 237 89 automatic automatic ADJ cblr-1720 237 90 acceptance acceptance NOUN cblr-1720 237 91 of of ADP cblr-1720 237 92 all all DET cblr-1720 237 93 takeover takeover NOUN cblr-1720 237 94 bids bid NOUN cblr-1720 237 95 that that PRON cblr-1720 237 96 offer offer VERB cblr-1720 237 97 a a DET cblr-1720 237 98 premium premium NOUN cblr-1720 237 99 above above ADP cblr-1720 237 100 stock stock NOUN cblr-1720 237 101 price.22 price.22 NOUN cblr-1720 237 102 to to ADP cblr-1720 237 103 that that DET cblr-1720 237 104 end end NOUN cblr-1720 237 105 , , PUNCT cblr-1720 237 106 investors investor NOUN cblr-1720 237 107 should should AUX cblr-1720 237 108 be be AUX cblr-1720 237 109 able able ADJ cblr-1720 237 110 to to PART cblr-1720 237 111 tell tell VERB cblr-1720 237 112 if if SCONJ cblr-1720 237 113 all all DET cblr-1720 237 114 material material NOUN cblr-1720 237 115 information information NOUN cblr-1720 237 116 is be AUX cblr-1720 237 117 well well ADV cblr-1720 237 118 - - PUNCT cblr-1720 237 119 reflected reflect VERB cblr-1720 237 120 in in ADP cblr-1720 237 121 the the DET cblr-1720 237 122 current current ADJ cblr-1720 237 123 stock stock NOUN cblr-1720 237 124 price price NOUN cblr-1720 237 125 . . PUNCT cblr-1720 238 1 however however ADV cblr-1720 238 2 , , PUNCT cblr-1720 238 3 if if SCONJ cblr-1720 238 4 shareholders shareholder NOUN cblr-1720 238 5 must must AUX cblr-1720 238 6 rely rely VERB cblr-1720 238 7 solely solely ADV cblr-1720 238 8 on on ADP cblr-1720 238 9 the the DET cblr-1720 238 10 stock stock NOUN cblr-1720 238 11 price price NOUN cblr-1720 238 12 to to PART cblr-1720 238 13 assess assess VERB cblr-1720 238 14 the the DET cblr-1720 238 15 desirability desirability NOUN cblr-1720 238 16 of of ADP cblr-1720 238 17 the the DET cblr-1720 238 18 bid bid NOUN cblr-1720 238 19 , , PUNCT cblr-1720 238 20 they they PRON cblr-1720 238 21 might might AUX cblr-1720 238 22 get get VERB cblr-1720 238 23 the the DET cblr-1720 238 24 wrong wrong ADJ cblr-1720 238 25 message message NOUN cblr-1720 238 26 . . PUNCT cblr-1720 239 1 this this PRON cblr-1720 239 2 is be AUX cblr-1720 239 3 because because SCONJ cblr-1720 239 4 stock stock NOUN cblr-1720 239 5 markets market NOUN cblr-1720 239 6 not not PART cblr-1720 239 7 only only ADV cblr-1720 239 8 lack lack VERB cblr-1720 239 9 access access NOUN cblr-1720 239 10 to to ADP cblr-1720 239 11 inside inside ADJ cblr-1720 239 12 information information NOUN cblr-1720 239 13 but but CCONJ cblr-1720 239 14 also also ADV cblr-1720 239 15 have have VERB cblr-1720 239 16 difficulty difficulty NOUN cblr-1720 239 17 fully fully ADV cblr-1720 239 18 capturing capture VERB cblr-1720 239 19 public public ADJ cblr-1720 239 20 information information NOUN cblr-1720 239 21 . . PUNCT cblr-1720 240 1 this this PRON cblr-1720 240 2 is be AUX cblr-1720 240 3 evidenced evidence VERB cblr-1720 240 4 by by ADP cblr-1720 240 5 most most ADJ cblr-1720 240 6 financiers financier NOUN cblr-1720 240 7 ’ ’ PART cblr-1720 240 8 belief belief NOUN cblr-1720 240 9 that that SCONJ cblr-1720 240 10 stock stock NOUN cblr-1720 240 11 markets market NOUN cblr-1720 240 12 are be AUX cblr-1720 240 13 not not PART cblr-1720 240 14 perfectly perfectly ADV cblr-1720 240 15 efficient,23 efficient,23 NOUN cblr-1720 240 16 so so ADV cblr-1720 240 17 in in ADP cblr-1720 240 18 reality reality NOUN cblr-1720 240 19 , , PUNCT cblr-1720 240 20 stock stock NOUN cblr-1720 240 21 prices price NOUN cblr-1720 240 22 do do AUX cblr-1720 240 23 not not PART cblr-1720 240 24 always always ADV cblr-1720 240 25 fully fully ADV cblr-1720 240 26 reflect reflect VERB cblr-1720 240 27 all all DET cblr-1720 240 28 the the DET cblr-1720 240 29 publicly publicly ADV cblr-1720 240 30 available available ADJ cblr-1720 240 31 information information NOUN cblr-1720 240 32 about about ADP cblr-1720 240 33 the the DET cblr-1720 240 34 target target NOUN cblr-1720 240 35 ’s ’s PART cblr-1720 240 36 intrinsic intrinsic ADJ cblr-1720 240 37 value value NOUN cblr-1720 240 38 . . PUNCT cblr-1720 241 1 b. b. PROPN cblr-1720 241 2 nonpublic nonpublic ADJ cblr-1720 241 3 information information NOUN cblr-1720 241 4 in in ADP cblr-1720 241 5 addition addition NOUN cblr-1720 241 6 to to ADP cblr-1720 241 7 their their PRON cblr-1720 241 8 inability inability NOUN cblr-1720 241 9 to to PART cblr-1720 241 10 evaluate evaluate VERB cblr-1720 241 11 all all DET cblr-1720 241 12 public public ADJ cblr-1720 241 13 information information NOUN cblr-1720 241 14 related relate VERB cblr-1720 241 15 to to ADP cblr-1720 241 16 the the DET cblr-1720 241 17 target target NOUN cblr-1720 241 18 ’s ’s PART cblr-1720 241 19 intrinsic intrinsic ADJ cblr-1720 241 20 value value NOUN cblr-1720 241 21 — — PUNCT cblr-1720 241 22 and and CCONJ cblr-1720 241 23 , , PUNCT cblr-1720 241 24 hence hence ADV cblr-1720 241 25 , , PUNCT cblr-1720 241 26 to to ADP cblr-1720 241 27 the the DET cblr-1720 241 28 desirability desirability NOUN cblr-1720 241 29 of of ADP cblr-1720 241 30 the the DET cblr-1720 241 31 bid bid NOUN cblr-1720 241 32 — — PUNCT cblr-1720 241 33 shareholders shareholder NOUN cblr-1720 241 34 do do VERB cblr-1720 241 35 not not PART cblr-1720 241 36 20 20 NUM cblr-1720 241 37 paramount paramount ADJ cblr-1720 241 38 commc’ns commc’ns PROPN cblr-1720 241 39 , , PUNCT cblr-1720 241 40 inc inc PROPN cblr-1720 241 41 . . PROPN cblr-1720 241 42 v. v. PROPN cblr-1720 241 43 time time PROPN cblr-1720 241 44 inc inc PROPN cblr-1720 241 45 . . PROPN cblr-1720 241 46 , , PUNCT cblr-1720 241 47 571 571 NUM cblr-1720 241 48 a.2d a.2d SYM cblr-1720 241 49 1140 1140 NUM cblr-1720 241 50 , , PUNCT cblr-1720 241 51 1140 1140 NUM cblr-1720 241 52 ( ( PUNCT cblr-1720 241 53 del del PROPN cblr-1720 241 54 . . PROPN cblr-1720 241 55 1989 1989 NUM cblr-1720 241 56 ) ) PUNCT cblr-1720 241 57 ; ; PUNCT cblr-1720 241 58 see see VERB cblr-1720 241 59 , , PUNCT cblr-1720 241 60 e.g. e.g. ADV cblr-1720 241 61 , , PUNCT cblr-1720 241 62 robert robert PROPN cblr-1720 241 63 a.g a.g PROPN cblr-1720 241 64 . . PROPN cblr-1720 241 65 monks monks PROPN cblr-1720 241 66 & & CCONJ cblr-1720 241 67 nell nell PROPN cblr-1720 241 68 minow minow PROPN cblr-1720 241 69 , , PUNCT cblr-1720 241 70 power power NOUN cblr-1720 241 71 and and CCONJ cblr-1720 241 72 accountability accountability NOUN cblr-1720 241 73 93–94 93–94 NUM cblr-1720 241 74 ( ( PUNCT cblr-1720 241 75 1991 1991 NUM cblr-1720 241 76 ) ) PUNCT cblr-1720 241 77 . . PUNCT cblr-1720 242 1 21 21 NUM cblr-1720 242 2 see see VERB cblr-1720 242 3 alex alex PROPN cblr-1720 242 4 edmans edmans PROPN cblr-1720 242 5 et et PROPN cblr-1720 242 6 al al PROPN cblr-1720 242 7 . . PROPN cblr-1720 242 8 , , PUNCT cblr-1720 242 9 the the DET cblr-1720 242 10 real real ADJ cblr-1720 242 11 effects effect NOUN cblr-1720 242 12 of of ADP cblr-1720 242 13 financial financial ADJ cblr-1720 242 14 markets market NOUN cblr-1720 242 15 : : PUNCT cblr-1720 242 16 the the DET cblr-1720 242 17 impact impact NOUN cblr-1720 242 18 of of ADP cblr-1720 242 19 prices price NOUN cblr-1720 242 20 on on ADP cblr-1720 242 21 takeovers takeover NOUN cblr-1720 242 22 , , PUNCT cblr-1720 242 23 67 67 NUM cblr-1720 242 24 j. j. PROPN cblr-1720 242 25 fin fin PROPN cblr-1720 242 26 . . PUNCT cblr-1720 243 1 933 933 NUM cblr-1720 243 2 ( ( PUNCT cblr-1720 243 3 2012 2012 NUM cblr-1720 243 4 ) ) PUNCT cblr-1720 243 5 ( ( PUNCT cblr-1720 243 6 reporting report VERB cblr-1720 243 7 that that SCONJ cblr-1720 243 8 a a DET cblr-1720 243 9 firm firm NOUN cblr-1720 243 10 ’s ’s PART cblr-1720 243 11 discount discount NOUN cblr-1720 243 12 to to ADP cblr-1720 243 13 its its PRON cblr-1720 243 14 potential potential ADJ cblr-1720 243 15 value value NOUN cblr-1720 243 16 significantly significantly ADV cblr-1720 243 17 attracts attract VERB cblr-1720 243 18 takeovers takeover NOUN cblr-1720 243 19 ) ) PUNCT cblr-1720 243 20 . . PUNCT cblr-1720 244 1 22 22 NUM cblr-1720 244 2 see see VERB cblr-1720 244 3 bebchuk bebchuk PROPN cblr-1720 244 4 et et PROPN cblr-1720 244 5 al al PROPN cblr-1720 244 6 . . PROPN cblr-1720 244 7 , , PUNCT cblr-1720 244 8 supra supra PROPN cblr-1720 244 9 note note NOUN cblr-1720 244 10 4 4 NUM cblr-1720 244 11 . . SYM cblr-1720 244 12 23 23 NUM cblr-1720 244 13 see see VERB cblr-1720 244 14 , , PUNCT cblr-1720 244 15 e.g. e.g. ADV cblr-1720 244 16 , , PUNCT cblr-1720 244 17 andrei andrei NOUN cblr-1720 244 18 shleifer shleifer PROPN cblr-1720 244 19 , , PUNCT cblr-1720 244 20 inefficient inefficient ADJ cblr-1720 244 21 markets market NOUN cblr-1720 244 22 : : PUNCT cblr-1720 244 23 an an DET cblr-1720 244 24 introduction introduction NOUN cblr-1720 244 25 to to ADP cblr-1720 244 26 behavioral behavioral ADJ cblr-1720 244 27 finance finance NOUN cblr-1720 244 28 1–2 1–2 NUM cblr-1720 244 29 ( ( PUNCT cblr-1720 244 30 2000 2000 NUM cblr-1720 244 31 ) ) PUNCT cblr-1720 244 32 . . PUNCT cblr-1720 245 1 shilon shilon NOUN cblr-1720 245 2 – – PUNCT cblr-1720 245 3 final final ADJ cblr-1720 245 4 528 528 NUM cblr-1720 245 5 columbia columbia PROPN cblr-1720 245 6 business business NOUN cblr-1720 245 7 law law PROPN cblr-1720 245 8 review review NOUN cblr-1720 246 1 [ [ X cblr-1720 246 2 vol vol NOUN cblr-1720 246 3 . . PUNCT cblr-1720 246 4 2017 2017 NUM cblr-1720 246 5 have have VERB cblr-1720 246 6 any any DET cblr-1720 246 7 access access NOUN cblr-1720 246 8 to to ADP cblr-1720 246 9 material material PROPN cblr-1720 246 10 nonpublic nonpublic ADJ cblr-1720 246 11 information information NOUN cblr-1720 246 12 that that PRON cblr-1720 246 13 might might AUX cblr-1720 246 14 affect affect VERB cblr-1720 246 15 the the DET cblr-1720 246 16 target target NOUN cblr-1720 246 17 ’s ’s PART cblr-1720 246 18 intrinsic intrinsic ADJ cblr-1720 246 19 value value NOUN cblr-1720 246 20 . . PUNCT cblr-1720 247 1 this this PRON cblr-1720 247 2 occurs occur VERB cblr-1720 247 3 because because SCONJ cblr-1720 247 4 u.s u.s PROPN cblr-1720 247 5 . . PROPN cblr-1720 247 6 securities security NOUN cblr-1720 247 7 laws law NOUN cblr-1720 247 8 do do AUX cblr-1720 247 9 not not PART cblr-1720 247 10 require require VERB cblr-1720 247 11 disclosure disclosure NOUN cblr-1720 247 12 of of ADP cblr-1720 247 13 all all DET cblr-1720 247 14 relevant relevant ADJ cblr-1720 247 15 , , PUNCT cblr-1720 247 16 firm firm ADJ cblr-1720 247 17 - - PUNCT cblr-1720 247 18 specific specific ADJ cblr-1720 247 19 information.24 information.24 NOUN cblr-1720 247 20 first first ADV cblr-1720 247 21 , , PUNCT cblr-1720 247 22 firms firm NOUN cblr-1720 247 23 may may AUX cblr-1720 247 24 hold hold VERB cblr-1720 247 25 back back ADP cblr-1720 247 26 some some DET cblr-1720 247 27 information information NOUN cblr-1720 247 28 for for ADP cblr-1720 247 29 competitive competitive ADJ cblr-1720 247 30 reasons.25 reasons.25 NOUN cblr-1720 247 31 second second ADJ cblr-1720 247 32 , , PUNCT cblr-1720 247 33 they they PRON cblr-1720 247 34 do do AUX cblr-1720 247 35 not not PART cblr-1720 247 36 have have VERB cblr-1720 247 37 to to PART cblr-1720 247 38 share share VERB cblr-1720 247 39 proprietary proprietary ADJ cblr-1720 247 40 data datum NOUN cblr-1720 247 41 , , PUNCT cblr-1720 247 42 such such ADJ cblr-1720 247 43 as as ADP cblr-1720 247 44 trade trade NOUN cblr-1720 247 45 secrets secret NOUN cblr-1720 247 46 or or CCONJ cblr-1720 247 47 secret secret ADJ cblr-1720 247 48 research research NOUN cblr-1720 247 49 and and CCONJ cblr-1720 247 50 development development NOUN cblr-1720 247 51 efforts effort NOUN cblr-1720 247 52 , , PUNCT cblr-1720 247 53 even even ADV cblr-1720 247 54 if if SCONJ cblr-1720 247 55 such such ADJ cblr-1720 247 56 information information NOUN cblr-1720 247 57 is be AUX cblr-1720 247 58 crucial crucial ADJ cblr-1720 247 59 to to ADP cblr-1720 247 60 an an DET cblr-1720 247 61 understanding understanding NOUN cblr-1720 247 62 of of ADP cblr-1720 247 63 the the DET cblr-1720 247 64 desirability desirability NOUN cblr-1720 247 65 of of ADP cblr-1720 247 66 defensive defensive ADJ cblr-1720 247 67 measures measure NOUN cblr-1720 247 68 . . PUNCT cblr-1720 248 1 in in ADP cblr-1720 248 2 fact fact NOUN cblr-1720 248 3 , , PUNCT cblr-1720 248 4 because because SCONJ cblr-1720 248 5 keeping keep VERB cblr-1720 248 6 such such ADJ cblr-1720 248 7 information information NOUN cblr-1720 248 8 secret secret NOUN cblr-1720 248 9 is be AUX cblr-1720 248 10 often often ADV cblr-1720 248 11 the the DET cblr-1720 248 12 subject subject NOUN cblr-1720 248 13 of of ADP cblr-1720 248 14 company company NOUN cblr-1720 248 15 codes code NOUN cblr-1720 248 16 of of ADP cblr-1720 248 17 conduct conduct NOUN cblr-1720 248 18 and and CCONJ cblr-1720 248 19 confidentiality confidentiality NOUN cblr-1720 248 20 policies policy NOUN cblr-1720 248 21 , , PUNCT cblr-1720 248 22 not not PART cblr-1720 248 23 only only ADV cblr-1720 248 24 are be AUX cblr-1720 248 25 directors director NOUN cblr-1720 248 26 under under ADP cblr-1720 248 27 no no DET cblr-1720 248 28 obligation obligation NOUN cblr-1720 248 29 to to PART cblr-1720 248 30 disclose disclose VERB cblr-1720 248 31 such such ADJ cblr-1720 248 32 information information NOUN cblr-1720 248 33 , , PUNCT cblr-1720 248 34 but but CCONJ cblr-1720 248 35 they they PRON cblr-1720 248 36 are be AUX cblr-1720 248 37 often often ADV cblr-1720 248 38 under under ADP cblr-1720 248 39 a a DET cblr-1720 248 40 duty duty NOUN cblr-1720 248 41 not not PART cblr-1720 248 42 to to PART cblr-1720 248 43 do do VERB cblr-1720 248 44 so.26 so.26 PROPN cblr-1720 248 45 third third ADJ cblr-1720 248 46 , , PUNCT cblr-1720 248 47 some some DET cblr-1720 248 48 important important ADJ cblr-1720 248 49 information information NOUN cblr-1720 248 50 is be AUX cblr-1720 248 51 not not PART cblr-1720 248 52 disclosed disclose VERB cblr-1720 248 53 because because SCONJ cblr-1720 248 54 it it PRON cblr-1720 248 55 is be AUX cblr-1720 248 56 too too ADV cblr-1720 248 57 speculative speculative ADJ cblr-1720 248 58 to to PART cblr-1720 248 59 be be AUX cblr-1720 248 60 deemed deem VERB cblr-1720 248 61 completely completely ADV cblr-1720 248 62 credible.27 credible.27 PROPN cblr-1720 248 63 if if SCONJ cblr-1720 248 64 such such ADJ cblr-1720 248 65 information information NOUN cblr-1720 248 66 is be AUX cblr-1720 248 67 communicated communicate VERB cblr-1720 248 68 to to ADP cblr-1720 248 69 shareholders shareholder NOUN cblr-1720 248 70 , , PUNCT cblr-1720 248 71 managers manager NOUN cblr-1720 248 72 could could AUX cblr-1720 248 73 subject subject VERB cblr-1720 248 74 themselves themselves PRON cblr-1720 248 75 to to ADP cblr-1720 248 76 the the DET cblr-1720 248 77 risk risk NOUN cblr-1720 248 78 of of ADP cblr-1720 248 79 fraud fraud NOUN cblr-1720 248 80 suits suit NOUN cblr-1720 248 81 should should AUX cblr-1720 248 82 certain certain ADJ cblr-1720 248 83 events event NOUN cblr-1720 248 84 not not PART cblr-1720 248 85 come come VERB cblr-1720 248 86 to to ADP cblr-1720 248 87 pass.28 pass.28 NOUN cblr-1720 248 88 undisclosed undisclosed ADJ cblr-1720 248 89 nonpublic nonpublic ADJ cblr-1720 248 90 information information NOUN cblr-1720 248 91 is be AUX cblr-1720 248 92 significant significant ADJ cblr-1720 248 93 . . PUNCT cblr-1720 249 1 in in ADP cblr-1720 249 2 a a DET cblr-1720 249 3 study study NOUN cblr-1720 249 4 of of ADP cblr-1720 249 5 executive executive ADJ cblr-1720 249 6 trading trading NOUN cblr-1720 249 7 in in ADP cblr-1720 249 8 over over ADP cblr-1720 249 9 1200 1200 NUM cblr-1720 249 10 firms firm NOUN cblr-1720 249 11 during during ADP cblr-1720 249 12 a a DET cblr-1720 249 13 fiveyear fiveyear NOUN cblr-1720 249 14 period period NOUN cblr-1720 249 15 ending end VERB cblr-1720 249 16 in in ADP cblr-1720 249 17 january january PROPN cblr-1720 249 18 2006 2006 NUM cblr-1720 249 19 , , PUNCT cblr-1720 249 20 alan alan PROPN cblr-1720 249 21 jagolinzer jagolinzer PROPN cblr-1720 249 22 found find VERB cblr-1720 249 23 that that SCONJ cblr-1720 249 24 insiders insider NOUN cblr-1720 249 25 regularly regularly ADV cblr-1720 249 26 sell sell VERB cblr-1720 249 27 on on ADP cblr-1720 249 28 inside inside ADJ cblr-1720 249 29 information information NOUN cblr-1720 249 30 and and CCONJ cblr-1720 249 31 24 24 NUM cblr-1720 249 32 disclosure disclosure NOUN cblr-1720 249 33 obligations obligation NOUN cblr-1720 249 34 are be AUX cblr-1720 249 35 generally generally ADV cblr-1720 249 36 limited limited ADJ cblr-1720 249 37 . . PUNCT cblr-1720 250 1 see see VERB cblr-1720 250 2 james james PROPN cblr-1720 250 3 d. d. PROPN cblr-1720 250 4 cox cox PROPN cblr-1720 250 5 et et PROPN cblr-1720 250 6 al al PROPN cblr-1720 250 7 . . PROPN cblr-1720 250 8 , , PUNCT cblr-1720 250 9 securities security NOUN cblr-1720 250 10 regulation regulation NOUN cblr-1720 250 11 : : PUNCT cblr-1720 250 12 cases case NOUN cblr-1720 250 13 and and CCONJ cblr-1720 250 14 materials material NOUN cblr-1720 250 15 , , PUNCT cblr-1720 250 16 548–49 548–49 NUM cblr-1720 250 17 ( ( PUNCT cblr-1720 250 18 6th 6th ADJ cblr-1720 250 19 ed ed NOUN cblr-1720 250 20 . . PROPN cblr-1720 250 21 2009 2009 NUM cblr-1720 250 22 ) ) PUNCT cblr-1720 250 23 . . PUNCT cblr-1720 251 1 25 25 NUM cblr-1720 251 2 see see VERB cblr-1720 251 3 , , PUNCT cblr-1720 251 4 e.g. e.g. ADV cblr-1720 251 5 , , PUNCT cblr-1720 251 6 instruction instruction NOUN cblr-1720 251 7 4 4 NUM cblr-1720 251 8 to to PART cblr-1720 251 9 item item VERB cblr-1720 251 10 402(b 402(b PROPN cblr-1720 251 11 ) ) PUNCT cblr-1720 251 12 of of ADP cblr-1720 251 13 regulation regulation NOUN cblr-1720 251 14 s s NOUN cblr-1720 251 15 - - PUNCT cblr-1720 251 16 k k NOUN cblr-1720 251 17 , , PUNCT cblr-1720 251 18 sec sec PROPN cblr-1720 251 19 executive executive PROPN cblr-1720 251 20 compensation compensation NOUN cblr-1720 251 21 , , PUNCT cblr-1720 251 22 17 17 NUM cblr-1720 251 23 c.f.r c.f.r NOUN cblr-1720 251 24 . . PUNCT cblr-1720 252 1 § § PROPN cblr-1720 252 2 229.402 229.402 NUM cblr-1720 252 3 ( ( PUNCT cblr-1720 252 4 2011 2011 NUM cblr-1720 252 5 ) ) PUNCT cblr-1720 252 6 ( ( PUNCT cblr-1720 252 7 permitting permit VERB cblr-1720 252 8 omission omission NOUN cblr-1720 252 9 of of ADP cblr-1720 252 10 performance performance NOUN cblr-1720 252 11 - - PUNCT cblr-1720 252 12 related relate VERB cblr-1720 252 13 factors factor NOUN cblr-1720 252 14 involved involve VERB cblr-1720 252 15 in in ADP cblr-1720 252 16 a a DET cblr-1720 252 17 pay pay NOUN cblr-1720 252 18 - - PUNCT cblr-1720 252 19 setting set VERB cblr-1720 252 20 process process NOUN cblr-1720 252 21 if if SCONJ cblr-1720 252 22 disclosure disclosure NOUN cblr-1720 252 23 would would AUX cblr-1720 252 24 result result VERB cblr-1720 252 25 in in ADP cblr-1720 252 26 “ " PUNCT cblr-1720 252 27 competitive competitive ADJ cblr-1720 252 28 harm harm NOUN cblr-1720 252 29 ” " PUNCT cblr-1720 252 30 ) ) PUNCT cblr-1720 252 31 . . PUNCT cblr-1720 253 1 prospective prospective ADJ cblr-1720 253 2 events event NOUN cblr-1720 253 3 that that PRON cblr-1720 253 4 remain remain VERB cblr-1720 253 5 uncertain uncertain ADJ cblr-1720 253 6 may may AUX cblr-1720 253 7 not not PART cblr-1720 253 8 need need VERB cblr-1720 253 9 to to PART cblr-1720 253 10 be be AUX cblr-1720 253 11 disclosed disclose VERB cblr-1720 253 12 . . PUNCT cblr-1720 254 1 see see VERB cblr-1720 254 2 basic basic PROPN cblr-1720 254 3 inc inc PROPN cblr-1720 254 4 . . PROPN cblr-1720 255 1 v. v. PROPN cblr-1720 255 2 levinson levinson PROPN cblr-1720 255 3 , , PUNCT cblr-1720 255 4 485 485 NUM cblr-1720 255 5 u.s u.s PROPN cblr-1720 255 6 . . PROPN cblr-1720 255 7 224 224 NUM cblr-1720 255 8 , , PUNCT cblr-1720 255 9 237–38 237–38 NUM cblr-1720 255 10 ( ( PUNCT cblr-1720 255 11 1988 1988 NUM cblr-1720 255 12 ) ) PUNCT cblr-1720 255 13 . . PUNCT cblr-1720 256 1 26 26 NUM cblr-1720 256 2 see see VERB cblr-1720 256 3 charles charles PROPN cblr-1720 256 4 m. m. PROPN cblr-1720 256 5 nathan nathan PROPN cblr-1720 256 6 , , PUNCT cblr-1720 256 7 maintaining maintain VERB cblr-1720 256 8 board board NOUN cblr-1720 256 9 confidentiality confidentiality NOUN cblr-1720 256 10 , , PUNCT cblr-1720 256 11 harv harv PROPN cblr-1720 256 12 . . PUNCT cblr-1720 257 1 l. l. PROPN cblr-1720 257 2 sch sch PROPN cblr-1720 257 3 . . PROPN cblr-1720 258 1 f. f. PROPN cblr-1720 258 2 corp corp PROPN cblr-1720 258 3 . . PROPN cblr-1720 258 4 gov gov PROPN cblr-1720 258 5 . . PROPN cblr-1720 258 6 & & CCONJ cblr-1720 258 7 fin fin PROPN cblr-1720 258 8 . . PUNCT cblr-1720 259 1 reg reg PROPN cblr-1720 259 2 . . PUNCT cblr-1720 260 1 ( ( PUNCT cblr-1720 260 2 jan jan PROPN cblr-1720 260 3 . . PROPN cblr-1720 260 4 23 23 NUM cblr-1720 260 5 , , PUNCT cblr-1720 260 6 2010 2010 NUM cblr-1720 260 7 ) ) PUNCT cblr-1720 260 8 , , PUNCT cblr-1720 261 1 https://corpgov.law.harvard.edu/2010/01/23/maintaining-boardconfidentiality/ https://corpgov.law.harvard.edu/2010/01/23/maintaining-boardconfidentiality/ PROPN cblr-1720 262 1 [ [ X cblr-1720 262 2 https://perma.cc/thf7-z4vx https://perma.cc/thf7-z4vx PROPN cblr-1720 262 3 ] ] X cblr-1720 262 4 . . PUNCT cblr-1720 263 1 27 27 NUM cblr-1720 263 2 see see VERB cblr-1720 263 3 marcel marcel PROPN cblr-1720 263 4 kahan kahan PROPN cblr-1720 263 5 , , PUNCT cblr-1720 263 6 securities security NOUN cblr-1720 263 7 laws law NOUN cblr-1720 263 8 and and CCONJ cblr-1720 263 9 the the DET cblr-1720 263 10 social social ADJ cblr-1720 263 11 costs cost NOUN cblr-1720 263 12 of of ADP cblr-1720 263 13 “ " PUNCT cblr-1720 263 14 inaccurate inaccurate ADJ cblr-1720 263 15 ” " PUNCT cblr-1720 263 16 stock stock NOUN cblr-1720 263 17 prices price NOUN cblr-1720 263 18 , , PUNCT cblr-1720 263 19 41 41 NUM cblr-1720 263 20 duke duke PROPN cblr-1720 263 21 l.j l.j PROPN cblr-1720 263 22 . . PROPN cblr-1720 263 23 977 977 NUM cblr-1720 263 24 , , PUNCT cblr-1720 263 25 1002 1002 NUM cblr-1720 263 26 ( ( PUNCT cblr-1720 263 27 1992 1992 NUM cblr-1720 263 28 ) ) PUNCT cblr-1720 263 29 . . PUNCT cblr-1720 264 1 28 28 NUM cblr-1720 264 2 see see VERB cblr-1720 264 3 rule rule NOUN cblr-1720 264 4 10b-5 10b-5 NUM cblr-1720 264 5 , , PUNCT cblr-1720 264 6 17 17 NUM cblr-1720 264 7 c.f.r c.f.r NOUN cblr-1720 264 8 . . PUNCT cblr-1720 265 1 § § PROPN cblr-1720 265 2 240.10b-5 240.10b-5 NUM cblr-1720 265 3 ( ( PUNCT cblr-1720 265 4 2011 2011 NUM cblr-1720 265 5 ) ) PUNCT cblr-1720 265 6 ( ( PUNCT cblr-1720 265 7 prohibiting prohibit VERB cblr-1720 265 8 the the DET cblr-1720 265 9 employment employment NOUN cblr-1720 265 10 of of ADP cblr-1720 265 11 manipulative manipulative ADJ cblr-1720 265 12 and and CCONJ cblr-1720 265 13 deceptive deceptive ADJ cblr-1720 265 14 devices device NOUN cblr-1720 265 15 ) ) PUNCT cblr-1720 265 16 . . PUNCT cblr-1720 266 1 shilon shilon NOUN cblr-1720 266 2 – – PUNCT cblr-1720 266 3 final final ADJ cblr-1720 266 4 no no NOUN cblr-1720 266 5 . . PUNCT cblr-1720 267 1 2:511 2:511 NOUN cblr-1720 267 2 ] ] X cblr-1720 267 3 improving improve VERB cblr-1720 267 4 corporate corporate ADJ cblr-1720 267 5 takeover takeover NOUN cblr-1720 267 6 dynamics dynamic NOUN cblr-1720 267 7 529 529 NUM cblr-1720 267 8 generate generate VERB cblr-1720 267 9 above above ADP cblr-1720 267 10 - - PUNCT cblr-1720 267 11 market market NOUN cblr-1720 267 12 returns return NOUN cblr-1720 267 13 on on ADP cblr-1720 267 14 such such ADJ cblr-1720 267 15 trades.29 trades.29 NOUN cblr-1720 267 16 take take NOUN cblr-1720 267 17 , , PUNCT cblr-1720 267 18 for for ADP cblr-1720 267 19 example example NOUN cblr-1720 267 20 , , PUNCT cblr-1720 267 21 david david PROPN cblr-1720 267 22 zucker zucker PROPN cblr-1720 267 23 , , PUNCT cblr-1720 267 24 midway midway PROPN cblr-1720 267 25 games games PROPN cblr-1720 267 26 chief chief ADJ cblr-1720 267 27 executive executive ADJ cblr-1720 267 28 officer officer NOUN cblr-1720 267 29 ( ( PUNCT cblr-1720 267 30 “ " PUNCT cblr-1720 267 31 ceo ceo NOUN cblr-1720 267 32 ” " PUNCT cblr-1720 267 33 ) ) PUNCT cblr-1720 267 34 , , PUNCT cblr-1720 267 35 who who PRON cblr-1720 267 36 sold sell VERB cblr-1720 267 37 a a DET cblr-1720 267 38 total total NOUN cblr-1720 267 39 of of ADP cblr-1720 267 40 650,000 650,000 NUM cblr-1720 267 41 midway midway NOUN cblr-1720 267 42 games game NOUN cblr-1720 267 43 shares share NOUN cblr-1720 267 44 for for ADP cblr-1720 267 45 $ $ SYM cblr-1720 267 46 12.9 12.9 NUM cblr-1720 267 47 million million NUM cblr-1720 267 48 between between ADP cblr-1720 267 49 december december PROPN cblr-1720 267 50 19 19 NUM cblr-1720 267 51 , , PUNCT cblr-1720 267 52 2006 2006 NUM cblr-1720 267 53 and and CCONJ cblr-1720 267 54 january january PROPN cblr-1720 267 55 6 6 NUM cblr-1720 267 56 , , PUNCT cblr-1720 267 57 2007 2007 NUM cblr-1720 267 58 ; ; PUNCT cblr-1720 267 59 not not PART cblr-1720 267 60 coincidentally coincidentally ADV cblr-1720 267 61 , , PUNCT cblr-1720 267 62 between between ADP cblr-1720 267 63 mid mid PROPN cblr-1720 267 64 - - PROPN cblr-1720 267 65 december december PROPN cblr-1720 267 66 2006 2006 NUM cblr-1720 267 67 and and CCONJ cblr-1720 267 68 late late ADJ cblr-1720 267 69 february february PROPN cblr-1720 267 70 2007 2007 NUM cblr-1720 267 71 , , PUNCT cblr-1720 267 72 midway midway PROPN cblr-1720 267 73 games games PROPN cblr-1720 267 74 stock stock PROPN cblr-1720 267 75 lost lose VERB cblr-1720 267 76 almost almost ADV cblr-1720 267 77 60 60 NUM cblr-1720 267 78 % % NOUN cblr-1720 267 79 of of ADP cblr-1720 267 80 its its PRON cblr-1720 267 81 value.30 value.30 NOUN cblr-1720 267 82 also also ADV cblr-1720 267 83 , , PUNCT cblr-1720 267 84 the the DET cblr-1720 267 85 top top ADJ cblr-1720 267 86 five five NUM cblr-1720 267 87 executives executive NOUN cblr-1720 267 88 of of ADP cblr-1720 267 89 bear bear PROPN cblr-1720 267 90 stearns stearns PROPN cblr-1720 267 91 and and CCONJ cblr-1720 267 92 lehman lehman PROPN cblr-1720 267 93 brothers brother NOUN cblr-1720 267 94 derived derive VERB cblr-1720 267 95 cash cash NOUN cblr-1720 267 96 flows flow NOUN cblr-1720 267 97 of of ADP cblr-1720 267 98 about about ADV cblr-1720 267 99 $ $ SYM cblr-1720 267 100 1.1 1.1 NUM cblr-1720 267 101 billion billion NUM cblr-1720 267 102 and and CCONJ cblr-1720 267 103 $ $ SYM cblr-1720 267 104 850 850 NUM cblr-1720 267 105 million million NUM cblr-1720 267 106 , , PUNCT cblr-1720 267 107 respectively respectively ADV cblr-1720 267 108 , , PUNCT cblr-1720 267 109 from from ADP cblr-1720 267 110 stock stock NOUN cblr-1720 267 111 sales sale NOUN cblr-1720 267 112 during during ADP cblr-1720 267 113 the the DET cblr-1720 267 114 eight eight NUM cblr-1720 267 115 years year NOUN cblr-1720 267 116 preceding precede VERB cblr-1720 267 117 their their PRON cblr-1720 267 118 firms firm NOUN cblr-1720 267 119 ’ ' PUNCT cblr-1720 267 120 colossal colossal ADJ cblr-1720 267 121 crashes crash NOUN cblr-1720 267 122 in in ADP cblr-1720 267 123 2008.31 2008.31 NUM cblr-1720 267 124 2 2 NUM cblr-1720 267 125 . . PUNCT cblr-1720 267 126 challenges challenge NOUN cblr-1720 267 127 to to ADP cblr-1720 267 128 gathering gather VERB cblr-1720 267 129 information information NOUN cblr-1720 267 130 independently independently ADV cblr-1720 267 131 yet yet ADV cblr-1720 267 132 even even ADV cblr-1720 267 133 if if SCONJ cblr-1720 267 134 shareholders shareholder NOUN cblr-1720 267 135 had have VERB cblr-1720 267 136 the the DET cblr-1720 267 137 capacity capacity NOUN cblr-1720 267 138 to to PART cblr-1720 267 139 collect collect VERB cblr-1720 267 140 and and CCONJ cblr-1720 267 141 process process VERB cblr-1720 267 142 information information NOUN cblr-1720 267 143 about about ADP cblr-1720 267 144 the the DET cblr-1720 267 145 desirability desirability NOUN cblr-1720 267 146 of of ADP cblr-1720 267 147 the the DET cblr-1720 267 148 bid bid NOUN cblr-1720 267 149 on on ADP cblr-1720 267 150 their their PRON cblr-1720 267 151 own own ADJ cblr-1720 267 152 , , PUNCT cblr-1720 267 153 they they PRON cblr-1720 267 154 would would AUX cblr-1720 267 155 not not PART cblr-1720 267 156 be be AUX cblr-1720 267 157 allowed allow VERB cblr-1720 267 158 or or CCONJ cblr-1720 267 159 have have VERB cblr-1720 267 160 the the DET cblr-1720 267 161 incentives incentive NOUN cblr-1720 267 162 to to PART cblr-1720 267 163 do do AUX cblr-1720 267 164 so so ADV cblr-1720 267 165 . . PUNCT cblr-1720 268 1 in in ADP cblr-1720 268 2 particular particular ADJ cblr-1720 268 3 , , PUNCT cblr-1720 268 4 individual individual ADJ cblr-1720 268 5 shareholders shareholder NOUN cblr-1720 268 6 may may AUX cblr-1720 268 7 not not PART cblr-1720 268 8 collect collect VERB cblr-1720 268 9 such such ADJ cblr-1720 268 10 information information NOUN cblr-1720 268 11 directly directly ADV cblr-1720 268 12 from from ADP cblr-1720 268 13 management management NOUN cblr-1720 268 14 because because SCONJ cblr-1720 268 15 u.s u.s PROPN cblr-1720 268 16 . . PROPN cblr-1720 268 17 securities security NOUN cblr-1720 268 18 laws law NOUN cblr-1720 268 19 strictly strictly ADV cblr-1720 268 20 prohibit prohibit VERB cblr-1720 268 21 the the DET cblr-1720 268 22 selective selective ADJ cblr-1720 268 23 sharing sharing NOUN cblr-1720 268 24 of of ADP cblr-1720 268 25 29 29 NUM cblr-1720 268 26 see see VERB cblr-1720 268 27 alan alan PROPN cblr-1720 268 28 d. d. PROPN cblr-1720 268 29 jagolinzer jagolinzer PROPN cblr-1720 268 30 , , PUNCT cblr-1720 268 31 sec sec PROPN cblr-1720 268 32 rule rule NOUN cblr-1720 268 33 10b5 10b5 NUM cblr-1720 268 34 - - SYM cblr-1720 268 35 1 1 NUM cblr-1720 268 36 and and CCONJ cblr-1720 268 37 insiders insider NOUN cblr-1720 268 38 ’ ’ PART cblr-1720 268 39 strategic strategic ADJ cblr-1720 268 40 trade trade NOUN cblr-1720 268 41 , , PUNCT cblr-1720 268 42 55 55 NUM cblr-1720 268 43 mgmt mgmt NOUN cblr-1720 268 44 . . PUNCT cblr-1720 269 1 sci sci PROPN cblr-1720 269 2 . . PROPN cblr-1720 270 1 224 224 NUM cblr-1720 270 2 ( ( PUNCT cblr-1720 270 3 2009 2009 NUM cblr-1720 270 4 ) ) PUNCT cblr-1720 270 5 . . PUNCT cblr-1720 271 1 30 30 NUM cblr-1720 271 2 jane jane PROPN cblr-1720 271 3 sasseen sasseen PROPN cblr-1720 271 4 , , PUNCT cblr-1720 271 5 a a DET cblr-1720 271 6 closer close ADJ cblr-1720 271 7 look look NOUN cblr-1720 271 8 at at ADP cblr-1720 271 9 trades trade NOUN cblr-1720 271 10 by by ADP cblr-1720 271 11 top top ADJ cblr-1720 271 12 brass brass NOUN cblr-1720 271 13 ; ; PUNCT cblr-1720 271 14 some some DET cblr-1720 271 15 execs exec NOUN cblr-1720 271 16 may may AUX cblr-1720 271 17 be be AUX cblr-1720 271 18 abusing abuse VERB cblr-1720 271 19 an an DET cblr-1720 271 20 sec sec PROPN cblr-1720 271 21 “ " PUNCT cblr-1720 271 22 safe safe ADJ cblr-1720 271 23 harbor harbor NOUN cblr-1720 271 24 ” " PUNCT cblr-1720 271 25 rule rule NOUN cblr-1720 271 26 on on ADP cblr-1720 271 27 insider insider NOUN cblr-1720 271 28 stock stock NOUN cblr-1720 271 29 sales sale NOUN cblr-1720 271 30 , , PUNCT cblr-1720 271 31 bus bus NOUN cblr-1720 271 32 . . PUNCT cblr-1720 272 1 wk wk INTJ cblr-1720 272 2 . . PROPN cblr-1720 272 3 , , PUNCT cblr-1720 272 4 nov nov PROPN cblr-1720 272 5 . . PROPN cblr-1720 272 6 13 13 NUM cblr-1720 272 7 , , PUNCT cblr-1720 272 8 2006 2006 NUM cblr-1720 272 9 , , PUNCT cblr-1720 272 10 at at ADP cblr-1720 272 11 40 40 NUM cblr-1720 272 12 . . PUNCT cblr-1720 272 13 31 31 NUM cblr-1720 272 14 see see VERB cblr-1720 272 15 lucian lucian PROPN cblr-1720 272 16 a. a. PROPN cblr-1720 272 17 bebchuk bebchuk PROPN cblr-1720 272 18 et et PROPN cblr-1720 272 19 al al PROPN cblr-1720 272 20 . . PROPN cblr-1720 272 21 , , PUNCT cblr-1720 272 22 the the DET cblr-1720 272 23 wages wage NOUN cblr-1720 272 24 of of ADP cblr-1720 272 25 failure failure NOUN cblr-1720 272 26 : : PUNCT cblr-1720 272 27 executive executive ADJ cblr-1720 272 28 compensation compensation NOUN cblr-1720 272 29 at at ADP cblr-1720 272 30 bear bear PROPN cblr-1720 272 31 stearns stearns PROPN cblr-1720 272 32 and and CCONJ cblr-1720 272 33 lehman lehman PROPN cblr-1720 272 34 2000–2008 2000–2008 PROPN cblr-1720 272 35 , , PUNCT cblr-1720 272 36 27 27 NUM cblr-1720 272 37 yale yale PROPN cblr-1720 272 38 j. j. PROPN cblr-1720 272 39 reg reg PROPN cblr-1720 272 40 . . PUNCT cblr-1720 273 1 257 257 NUM cblr-1720 273 2 ( ( PUNCT cblr-1720 273 3 2010 2010 NUM cblr-1720 273 4 ) ) PUNCT cblr-1720 273 5 ( ( PUNCT cblr-1720 273 6 stating state VERB cblr-1720 273 7 that that SCONJ cblr-1720 273 8 the the DET cblr-1720 273 9 top top ADJ cblr-1720 273 10 five five NUM cblr-1720 273 11 executive executive ADJ cblr-1720 273 12 teams team NOUN cblr-1720 273 13 of of ADP cblr-1720 273 14 bear bear PROPN cblr-1720 273 15 sterns sterns PROPN cblr-1720 273 16 and and CCONJ cblr-1720 273 17 lehman lehman PROPN cblr-1720 273 18 brothers brother NOUN cblr-1720 273 19 cashed cash VERB cblr-1720 273 20 out out ADP cblr-1720 273 21 large large ADJ cblr-1720 273 22 amounts amount NOUN cblr-1720 273 23 of of ADP cblr-1720 273 24 stock stock NOUN cblr-1720 273 25 selling selling NOUN cblr-1720 273 26 and and CCONJ cblr-1720 273 27 cash cash NOUN cblr-1720 273 28 bonus bonus NOUN cblr-1720 273 29 during during ADP cblr-1720 273 30 2000–08 2000–08 PROPN cblr-1720 273 31 , , PUNCT cblr-1720 273 32 the the DET cblr-1720 273 33 years year NOUN cblr-1720 273 34 that that PRON cblr-1720 273 35 led lead VERB cblr-1720 273 36 to to ADP cblr-1720 273 37 the the DET cblr-1720 273 38 credit credit NOUN cblr-1720 273 39 crisis crisis NOUN cblr-1720 273 40 ) ) PUNCT cblr-1720 273 41 . . PUNCT cblr-1720 274 1 in in ADP cblr-1720 274 2 response response NOUN cblr-1720 274 3 , , PUNCT cblr-1720 274 4 fahlenbrach fahlenbrach ADJ cblr-1720 274 5 and and CCONJ cblr-1720 274 6 stulz stulz ADJ cblr-1720 274 7 suggest suggest VERB cblr-1720 274 8 that that SCONJ cblr-1720 274 9 bank bank NOUN cblr-1720 274 10 ceos ceos NOUN cblr-1720 274 11 did do AUX cblr-1720 274 12 not not PART cblr-1720 274 13 reduce reduce VERB cblr-1720 274 14 their their PRON cblr-1720 274 15 holdings holding NOUN cblr-1720 274 16 of of ADP cblr-1720 274 17 shares share NOUN cblr-1720 274 18 in in ADP cblr-1720 274 19 anticipation anticipation NOUN cblr-1720 274 20 of of ADP cblr-1720 274 21 the the DET cblr-1720 274 22 crisis crisis NOUN cblr-1720 274 23 or or CCONJ cblr-1720 274 24 during during ADP cblr-1720 274 25 the the DET cblr-1720 274 26 crisis crisis NOUN cblr-1720 274 27 . . PUNCT cblr-1720 275 1 see see VERB cblr-1720 275 2 rüdiger rüdiger ADJ cblr-1720 275 3 fahlenbrach fahlenbrach PROPN cblr-1720 275 4 & & CCONJ cblr-1720 275 5 rené rené PROPN cblr-1720 275 6 m. m. PROPN cblr-1720 275 7 stulz stulz PROPN cblr-1720 275 8 , , PUNCT cblr-1720 275 9 bank bank NOUN cblr-1720 275 10 ceo ceo NOUN cblr-1720 275 11 incentives incentive NOUN cblr-1720 275 12 and and CCONJ cblr-1720 275 13 the the DET cblr-1720 275 14 credit credit NOUN cblr-1720 275 15 crisis crisis NOUN cblr-1720 275 16 , , PUNCT cblr-1720 275 17 99 99 NUM cblr-1720 275 18 j. j. PROPN cblr-1720 275 19 fin fin PROPN cblr-1720 275 20 . . PUNCT cblr-1720 276 1 econ econ PROPN cblr-1720 276 2 . . PUNCT cblr-1720 277 1 11 11 NUM cblr-1720 277 2 ( ( PUNCT cblr-1720 277 3 2011 2011 NUM cblr-1720 277 4 ) ) PUNCT cblr-1720 278 1 ( ( PUNCT cblr-1720 278 2 stating state VERB cblr-1720 278 3 that that SCONJ cblr-1720 278 4 bank bank NOUN cblr-1720 278 5 performance performance NOUN cblr-1720 278 6 during during ADP cblr-1720 278 7 the the DET cblr-1720 278 8 2008–2009 2008–2009 NUM cblr-1720 278 9 credit credit NOUN cblr-1720 278 10 crisis crisis NOUN cblr-1720 278 11 is be AUX cblr-1720 278 12 not not PART cblr-1720 278 13 related relate VERB cblr-1720 278 14 to to ADP cblr-1720 278 15 ceo ceo NOUN cblr-1720 278 16 incentives incentive NOUN cblr-1720 278 17 before before ADP cblr-1720 278 18 the the DET cblr-1720 278 19 crisis crisis NOUN cblr-1720 278 20 ) ) PUNCT cblr-1720 278 21 . . PUNCT cblr-1720 279 1 however however ADV cblr-1720 279 2 , , PUNCT cblr-1720 279 3 even even ADV cblr-1720 279 4 fahlenbrach fahlenbrach VERB cblr-1720 279 5 and and CCONJ cblr-1720 279 6 stulz stulz ADJ cblr-1720 279 7 do do AUX cblr-1720 279 8 not not PART cblr-1720 279 9 deny deny VERB cblr-1720 279 10 consistent consistent ADJ cblr-1720 279 11 and and CCONJ cblr-1720 279 12 comprehensive comprehensive ADJ cblr-1720 279 13 selling selling NOUN cblr-1720 279 14 by by ADP cblr-1720 279 15 executives executive NOUN cblr-1720 279 16 of of ADP cblr-1720 279 17 their their PRON cblr-1720 279 18 own own ADJ cblr-1720 279 19 firm firm ADJ cblr-1720 279 20 equity equity NOUN cblr-1720 279 21 . . PUNCT cblr-1720 280 1 i i PRON cblr-1720 280 2 d. d. PROPN cblr-1720 280 3 shilon shilon PROPN cblr-1720 280 4 – – PUNCT cblr-1720 280 5 final final ADJ cblr-1720 280 6 530 530 NUM cblr-1720 280 7 columbia columbia PROPN cblr-1720 280 8 business business NOUN cblr-1720 280 9 law law PROPN cblr-1720 280 10 review review NOUN cblr-1720 281 1 [ [ X cblr-1720 281 2 vol vol NOUN cblr-1720 281 3 . . NOUN cblr-1720 281 4 2017 2017 NUM cblr-1720 281 5 nonpublic nonpublic ADV cblr-1720 281 6 information.32 information.32 ADJ cblr-1720 281 7 also also ADV cblr-1720 281 8 , , PUNCT cblr-1720 281 9 individual individual ADJ cblr-1720 281 10 shareholders shareholder NOUN cblr-1720 281 11 are be AUX cblr-1720 281 12 not not PART cblr-1720 281 13 motivated motivated ADJ cblr-1720 281 14 to to PART cblr-1720 281 15 collect collect VERB cblr-1720 281 16 such such ADJ cblr-1720 281 17 information information NOUN cblr-1720 281 18 because because SCONJ cblr-1720 281 19 of of ADP cblr-1720 281 20 their their PRON cblr-1720 281 21 collective collective ADJ cblr-1720 281 22 action action NOUN cblr-1720 281 23 problems.33 problems.33 NOUN cblr-1720 281 24 all all DET cblr-1720 281 25 shareholders shareholder NOUN cblr-1720 281 26 need need VERB cblr-1720 281 27 the the DET cblr-1720 281 28 same same ADJ cblr-1720 281 29 information information NOUN cblr-1720 281 30 to to PART cblr-1720 281 31 evaluate evaluate VERB cblr-1720 281 32 the the DET cblr-1720 281 33 bid bid NOUN cblr-1720 281 34 , , PUNCT cblr-1720 281 35 so so CCONJ cblr-1720 281 36 each each DET cblr-1720 281 37 individual individual ADJ cblr-1720 281 38 shareholder shareholder NOUN cblr-1720 281 39 is be AUX cblr-1720 281 40 incentivized incentivize VERB cblr-1720 281 41 to to ADP cblr-1720 281 42 “ " PUNCT cblr-1720 281 43 free free ADJ cblr-1720 281 44 ride ride NOUN cblr-1720 281 45 ” " PUNCT cblr-1720 281 46 the the DET cblr-1720 281 47 efforts effort NOUN cblr-1720 281 48 of of ADP cblr-1720 281 49 her her PRON cblr-1720 281 50 fellow fellow ADJ cblr-1720 281 51 shareholders shareholder NOUN cblr-1720 281 52 to to PART cblr-1720 281 53 acquire acquire VERB cblr-1720 281 54 it it PRON cblr-1720 281 55 , , PUNCT cblr-1720 281 56 thereby thereby ADV cblr-1720 281 57 saving save VERB cblr-1720 281 58 the the DET cblr-1720 281 59 costs cost NOUN cblr-1720 281 60 associated associate VERB cblr-1720 281 61 with with ADP cblr-1720 281 62 the the DET cblr-1720 281 63 effort effort NOUN cblr-1720 281 64 . . PUNCT cblr-1720 282 1 further far ADV cblr-1720 282 2 , , PUNCT cblr-1720 282 3 because because SCONJ cblr-1720 282 4 shares share NOUN cblr-1720 282 5 in in ADP cblr-1720 282 6 large large ADJ cblr-1720 282 7 u.s u.s PROPN cblr-1720 282 8 . . PROPN cblr-1720 282 9 corporations corporation NOUN cblr-1720 282 10 tend tend VERB cblr-1720 282 11 to to PART cblr-1720 282 12 be be AUX cblr-1720 282 13 widely widely ADV cblr-1720 282 14 held hold VERB cblr-1720 282 15 , , PUNCT cblr-1720 282 16 coordinating coordinate VERB cblr-1720 282 17 such such DET cblr-1720 282 18 an an DET cblr-1720 282 19 accumulation accumulation NOUN cblr-1720 282 20 of of ADP cblr-1720 282 21 information information NOUN cblr-1720 282 22 is be AUX cblr-1720 282 23 nearly nearly ADV cblr-1720 282 24 impossible impossible ADJ cblr-1720 282 25 . . PUNCT cblr-1720 283 1 moreover moreover ADV cblr-1720 283 2 , , PUNCT cblr-1720 283 3 should should AUX cblr-1720 283 4 an an DET cblr-1720 283 5 individual individual ADJ cblr-1720 283 6 shareholder shareholder NOUN cblr-1720 283 7 incur incur VERB cblr-1720 283 8 the the DET cblr-1720 283 9 expense expense NOUN cblr-1720 283 10 entailed entail VERB cblr-1720 283 11 in in ADP cblr-1720 283 12 such such DET cblr-1720 283 13 an an DET cblr-1720 283 14 effort effort NOUN cblr-1720 283 15 , , PUNCT cblr-1720 283 16 it it PRON cblr-1720 283 17 would would AUX cblr-1720 283 18 reduce reduce VERB cblr-1720 283 19 his his PRON cblr-1720 283 20 relative relative ADJ cblr-1720 283 21 performance performance NOUN cblr-1720 283 22 compared compare VERB cblr-1720 283 23 to to ADP cblr-1720 283 24 that that PRON cblr-1720 283 25 of of ADP cblr-1720 283 26 his his PRON cblr-1720 283 27 fellow fellow ADJ cblr-1720 283 28 shareholders shareholder NOUN cblr-1720 283 29 , , PUNCT cblr-1720 283 30 who who PRON cblr-1720 283 31 are be AUX cblr-1720 283 32 often often ADV cblr-1720 283 33 , , PUNCT cblr-1720 283 34 in in ADP cblr-1720 283 35 today today NOUN cblr-1720 283 36 ’s ’s PART cblr-1720 283 37 highly highly ADV cblr-1720 283 38 institutional institutional ADJ cblr-1720 283 39 stock stock NOUN cblr-1720 283 40 markets,34 markets,34 NOUN cblr-1720 283 41 his his PRON cblr-1720 283 42 competitors competitor NOUN cblr-1720 283 43 . . PUNCT cblr-1720 284 1 a a DET cblr-1720 284 2 possible possible ADJ cblr-1720 284 3 way way NOUN cblr-1720 284 4 to to PART cblr-1720 284 5 solve solve VERB cblr-1720 284 6 this this DET cblr-1720 284 7 problem problem NOUN cblr-1720 284 8 could could AUX cblr-1720 284 9 be be AUX cblr-1720 284 10 to to PART cblr-1720 284 11 have have VERB cblr-1720 284 12 shareholders shareholder NOUN cblr-1720 284 13 share share VERB cblr-1720 284 14 the the DET cblr-1720 284 15 costs cost NOUN cblr-1720 284 16 and and CCONJ cblr-1720 284 17 benefits benefit NOUN cblr-1720 284 18 of of ADP cblr-1720 284 19 extracting extract VERB cblr-1720 284 20 important important ADJ cblr-1720 284 21 information information NOUN cblr-1720 284 22 . . PUNCT cblr-1720 285 1 however however ADV cblr-1720 285 2 , , PUNCT cblr-1720 285 3 current current ADJ cblr-1720 285 4 securities security NOUN cblr-1720 285 5 regulations regulation NOUN cblr-1720 285 6 hamper hamper VERB cblr-1720 285 7 shareholders shareholder NOUN cblr-1720 285 8 ’ ' PUNCT cblr-1720 285 9 ability ability NOUN cblr-1720 285 10 to to PART cblr-1720 285 11 pull pull VERB cblr-1720 285 12 together together ADV cblr-1720 285 13 the the DET cblr-1720 285 14 collective collective ADJ cblr-1720 285 15 action action NOUN cblr-1720 285 16 needed need VERB cblr-1720 285 17 for for ADP cblr-1720 285 18 such such ADJ cblr-1720 285 19 cost cost NOUN cblr-1720 285 20 sharing sharing NOUN cblr-1720 285 21 . . PUNCT cblr-1720 286 1 in in ADP cblr-1720 286 2 particular particular ADJ cblr-1720 286 3 , , PUNCT cblr-1720 286 4 a a DET cblr-1720 286 5 group group NOUN cblr-1720 286 6 of of ADP cblr-1720 286 7 shareholders shareholder NOUN cblr-1720 286 8 who who PRON cblr-1720 286 9 act act VERB cblr-1720 286 10 together together ADV cblr-1720 286 11 and and CCONJ cblr-1720 286 12 collectively collectively ADV cblr-1720 286 13 own own VERB cblr-1720 286 14 5 5 NUM cblr-1720 286 15 % % NOUN cblr-1720 286 16 of of ADP cblr-1720 286 17 a a DET cblr-1720 286 18 company company NOUN cblr-1720 286 19 ’s ’s PART cblr-1720 286 20 shares share NOUN cblr-1720 286 21 must must AUX cblr-1720 286 22 file file VERB cblr-1720 286 23 a a DET cblr-1720 286 24 form form NOUN cblr-1720 286 25 13d 13d NOUN cblr-1720 286 26 with with ADP cblr-1720 286 27 the the DET cblr-1720 286 28 32 32 NUM cblr-1720 286 29 see see NOUN cblr-1720 286 30 regulation regulation NOUN cblr-1720 286 31 fd fd PROPN cblr-1720 286 32 , , PUNCT cblr-1720 286 33 17 17 NUM cblr-1720 286 34 c.f.r c.f.r NOUN cblr-1720 286 35 . . PUNCT cblr-1720 287 1 § § PROPN cblr-1720 287 2 243.100 243.100 NUM cblr-1720 287 3 ( ( PUNCT cblr-1720 287 4 2000 2000 NUM cblr-1720 287 5 ) ) PUNCT cblr-1720 287 6 ( ( PUNCT cblr-1720 287 7 stating state VERB cblr-1720 287 8 the the DET cblr-1720 287 9 sec sec PROPN cblr-1720 287 10 promulgated promulgate VERB cblr-1720 287 11 regulation regulation NOUN cblr-1720 287 12 fd fd VERB cblr-1720 287 13 in in ADP cblr-1720 287 14 2000 2000 NUM cblr-1720 287 15 to to PART cblr-1720 287 16 curtail curtail VERB cblr-1720 287 17 the the DET cblr-1720 287 18 ability ability NOUN cblr-1720 287 19 of of ADP cblr-1720 287 20 issuers issuer NOUN cblr-1720 287 21 to to PART cblr-1720 287 22 use use VERB cblr-1720 287 23 the the DET cblr-1720 287 24 selective selective ADJ cblr-1720 287 25 distribution distribution NOUN cblr-1720 287 26 of of ADP cblr-1720 287 27 pertinent pertinent NOUN cblr-1720 287 28 inside inside ADP cblr-1720 287 29 information information NOUN cblr-1720 287 30 to to PART cblr-1720 287 31 curry curry VERB cblr-1720 287 32 favor favor NOUN cblr-1720 287 33 with with ADP cblr-1720 287 34 analysts analyst NOUN cblr-1720 287 35 ) ) PUNCT cblr-1720 287 36 . . PUNCT cblr-1720 288 1 33 33 NUM cblr-1720 288 2 for for ADP cblr-1720 288 3 a a DET cblr-1720 288 4 discussion discussion NOUN cblr-1720 288 5 of of ADP cblr-1720 288 6 shareholder shareholder NOUN cblr-1720 288 7 collective collective ADJ cblr-1720 288 8 action action NOUN cblr-1720 288 9 problems problem NOUN cblr-1720 288 10 and and CCONJ cblr-1720 288 11 how how SCONJ cblr-1720 288 12 managers manager NOUN cblr-1720 288 13 serve serve VERB cblr-1720 288 14 as as ADP cblr-1720 288 15 a a DET cblr-1720 288 16 collective collective ADJ cblr-1720 288 17 information information NOUN cblr-1720 288 18 - - PUNCT cblr-1720 288 19 generating generate VERB cblr-1720 288 20 agency agency NOUN cblr-1720 288 21 , , PUNCT cblr-1720 288 22 see see VERB cblr-1720 288 23 frank frank PROPN cblr-1720 288 24 h. h. PROPN cblr-1720 288 25 easterbrook easterbrook PROPN cblr-1720 288 26 & & CCONJ cblr-1720 288 27 daniel daniel PROPN cblr-1720 288 28 r. r. PROPN cblr-1720 288 29 fischel fischel PROPN cblr-1720 288 30 , , PUNCT cblr-1720 288 31 the the DET cblr-1720 288 32 economic economic ADJ cblr-1720 288 33 structure structure NOUN cblr-1720 288 34 of of ADP cblr-1720 288 35 corporate corporate ADJ cblr-1720 288 36 law law NOUN cblr-1720 288 37 67 67 NUM cblr-1720 288 38 ( ( PUNCT cblr-1720 288 39 1991 1991 NUM cblr-1720 288 40 ) ) PUNCT cblr-1720 288 41 . . PUNCT cblr-1720 289 1 for for ADP cblr-1720 289 2 a a DET cblr-1720 289 3 more more ADV cblr-1720 289 4 general general ADJ cblr-1720 289 5 discussion discussion NOUN cblr-1720 289 6 of of ADP cblr-1720 289 7 collective collective ADJ cblr-1720 289 8 action action NOUN cblr-1720 289 9 problems problem NOUN cblr-1720 289 10 and and CCONJ cblr-1720 289 11 the the DET cblr-1720 289 12 various various ADJ cblr-1720 289 13 mechanisms mechanism NOUN cblr-1720 289 14 to to PART cblr-1720 289 15 mitigate mitigate VERB cblr-1720 289 16 it it PRON cblr-1720 289 17 , , PUNCT cblr-1720 289 18 see see VERB cblr-1720 289 19 marco marco PROPN cblr-1720 289 20 becht becht PROPN cblr-1720 289 21 et et PROPN cblr-1720 289 22 al al PROPN cblr-1720 289 23 . . PROPN cblr-1720 289 24 , , PUNCT cblr-1720 289 25 corporate corporate ADJ cblr-1720 289 26 governance governance NOUN cblr-1720 289 27 and and CCONJ cblr-1720 289 28 control control NOUN cblr-1720 289 29 , , PUNCT cblr-1720 289 30 in in ADP cblr-1720 289 31 handbook handbook NOUN cblr-1720 289 32 of of ADP cblr-1720 289 33 economics economic NOUN cblr-1720 289 34 of of ADP cblr-1720 289 35 finance finance NOUN cblr-1720 289 36 1–109 1–109 NUM cblr-1720 289 37 ( ( PUNCT cblr-1720 289 38 g.m g.m AUX cblr-1720 289 39 . . PROPN cblr-1720 289 40 constantinides constantinide VERB cblr-1720 289 41 et et PROPN cblr-1720 289 42 al al PROPN cblr-1720 289 43 . . PUNCT cblr-1720 290 1 eds eds PROPN cblr-1720 290 2 . . PROPN cblr-1720 290 3 , , PUNCT cblr-1720 290 4 2003 2003 NUM cblr-1720 290 5 ) ) PUNCT cblr-1720 290 6 . . PUNCT cblr-1720 291 1 34 34 NUM cblr-1720 291 2 on on ADP cblr-1720 291 3 average average ADJ cblr-1720 291 4 , , PUNCT cblr-1720 291 5 institutional institutional ADJ cblr-1720 291 6 investors investor NOUN cblr-1720 291 7 own own VERB cblr-1720 291 8 more more ADJ cblr-1720 291 9 than than ADP cblr-1720 291 10 70 70 NUM cblr-1720 291 11 % % NOUN cblr-1720 291 12 of of ADP cblr-1720 291 13 the the DET cblr-1720 291 14 shares share NOUN cblr-1720 291 15 of of ADP cblr-1720 291 16 the the DET cblr-1720 291 17 largest large ADJ cblr-1720 291 18 1000 1000 NUM cblr-1720 291 19 u.s u.s PROPN cblr-1720 291 20 . . PROPN cblr-1720 291 21 public public ADJ cblr-1720 291 22 companies company NOUN cblr-1720 291 23 . . PUNCT cblr-1720 292 1 see see VERB cblr-1720 292 2 the the DET cblr-1720 292 3 conference conference NOUN cblr-1720 292 4 bd bd PROPN cblr-1720 292 5 . . PROPN cblr-1720 292 6 , , PUNCT cblr-1720 292 7 the the DET cblr-1720 292 8 2010 2010 NUM cblr-1720 292 9 institutional institutional ADJ cblr-1720 292 10 investor investor NOUN cblr-1720 292 11 report report NOUN cblr-1720 292 12 : : PUNCT cblr-1720 292 13 trends trend NOUN cblr-1720 292 14 in in ADP cblr-1720 292 15 asset asset NOUN cblr-1720 292 16 allocation allocation NOUN cblr-1720 292 17 and and CCONJ cblr-1720 292 18 portfolio portfolio NOUN cblr-1720 292 19 composition composition NOUN cblr-1720 292 20 ( ( PUNCT cblr-1720 292 21 2010 2010 NUM cblr-1720 292 22 ) ) PUNCT cblr-1720 292 23 . . PUNCT cblr-1720 293 1 the the DET cblr-1720 293 2 percentage percentage NOUN cblr-1720 293 3 of of ADP cblr-1720 293 4 uk uk PROPN cblr-1720 293 5 equity equity NOUN cblr-1720 293 6 markets market NOUN cblr-1720 293 7 held hold VERB cblr-1720 293 8 by by ADP cblr-1720 293 9 institutional institutional ADJ cblr-1720 293 10 investors investor NOUN cblr-1720 293 11 is be AUX cblr-1720 293 12 comparable comparable ADJ cblr-1720 293 13 . . PUNCT cblr-1720 294 1 see see VERB cblr-1720 294 2 simon simon PROPN cblr-1720 294 3 cy cy PROPN cblr-1720 294 4 wong wong PROPN cblr-1720 294 5 , , PUNCT cblr-1720 294 6 why why SCONJ cblr-1720 294 7 stewardship stewardship NOUN cblr-1720 294 8 is be AUX cblr-1720 294 9 proving prove VERB cblr-1720 294 10 elusive elusive ADJ cblr-1720 294 11 for for ADP cblr-1720 294 12 institutional institutional ADJ cblr-1720 294 13 investors investor NOUN cblr-1720 294 14 , , PUNCT cblr-1720 294 15 butterworths butterworth NOUN cblr-1720 294 16 j. j. PROPN cblr-1720 294 17 int’l int’l PROPN cblr-1720 294 18 banking banking PROPN cblr-1720 294 19 & & CCONJ cblr-1720 294 20 fin fin PROPN cblr-1720 294 21 . . PUNCT cblr-1720 295 1 l. l. PROPN cblr-1720 295 2 406 406 NUM cblr-1720 295 3 ( ( PUNCT cblr-1720 295 4 2010 2010 NUM cblr-1720 295 5 ) ) PUNCT cblr-1720 295 6 . . PUNCT cblr-1720 296 1 shilon shilon NOUN cblr-1720 296 2 – – PUNCT cblr-1720 296 3 final final ADJ cblr-1720 296 4 no no NOUN cblr-1720 296 5 . . PUNCT cblr-1720 297 1 2:511 2:511 NOUN cblr-1720 297 2 ] ] X cblr-1720 297 3 improving improve VERB cblr-1720 297 4 corporate corporate ADJ cblr-1720 297 5 takeover takeover NOUN cblr-1720 297 6 dynamics dynamic NOUN cblr-1720 297 7 531 531 NUM cblr-1720 297 8 securities security NOUN cblr-1720 297 9 and and CCONJ cblr-1720 297 10 exchange exchange PROPN cblr-1720 297 11 commission commission PROPN cblr-1720 297 12 ( ( PUNCT cblr-1720 297 13 “ " PUNCT cblr-1720 297 14 sec sec PROPN cblr-1720 297 15 ” " PUNCT cblr-1720 297 16 ) ) PUNCT cblr-1720 298 1 and and CCONJ cblr-1720 298 2 risk risk VERB cblr-1720 298 3 a a DET cblr-1720 298 4 lawsuit lawsuit NOUN cblr-1720 298 5 by by ADP cblr-1720 298 6 the the DET cblr-1720 298 7 company company NOUN cblr-1720 298 8 or or CCONJ cblr-1720 298 9 by by ADP cblr-1720 298 10 a a DET cblr-1720 298 11 shareholder shareholder NOUN cblr-1720 298 12 claiming claim VERB cblr-1720 298 13 incomplete incomplete ADJ cblr-1720 298 14 disclosure disclosure NOUN cblr-1720 298 15 of of ADP cblr-1720 298 16 their their PRON cblr-1720 298 17 plans.35 plans.35 ADJ cblr-1720 298 18 3 3 NUM cblr-1720 298 19 . . PUNCT cblr-1720 298 20 frictions friction NOUN cblr-1720 298 21 that that PRON cblr-1720 298 22 limit limit VERB cblr-1720 298 23 board board NOUN cblr-1720 298 24 capacity capacity NOUN cblr-1720 298 25 to to PART cblr-1720 298 26 convey convey VERB cblr-1720 298 27 their their PRON cblr-1720 298 28 inside inside ADJ cblr-1720 298 29 understanding understanding NOUN cblr-1720 298 30 unlike unlike ADP cblr-1720 298 31 shareholders shareholder NOUN cblr-1720 298 32 , , PUNCT cblr-1720 298 33 target target NOUN cblr-1720 298 34 boards board NOUN cblr-1720 298 35 do do AUX cblr-1720 298 36 have have VERB cblr-1720 298 37 access access NOUN cblr-1720 298 38 to to ADP cblr-1720 298 39 all all DET cblr-1720 298 40 public public ADJ cblr-1720 298 41 and and CCONJ cblr-1720 298 42 private private ADJ cblr-1720 298 43 information information NOUN cblr-1720 298 44 that that PRON cblr-1720 298 45 might might AUX cblr-1720 298 46 affect affect VERB cblr-1720 298 47 the the DET cblr-1720 298 48 intrinsic intrinsic ADJ cblr-1720 298 49 value value NOUN cblr-1720 298 50 of of ADP cblr-1720 298 51 the the DET cblr-1720 298 52 firm firm NOUN cblr-1720 298 53 and and CCONJ cblr-1720 298 54 , , PUNCT cblr-1720 298 55 hence hence ADV cblr-1720 298 56 , , PUNCT cblr-1720 298 57 the the DET cblr-1720 298 58 desirability desirability NOUN cblr-1720 298 59 of of ADP cblr-1720 298 60 the the DET cblr-1720 298 61 bid bid NOUN cblr-1720 298 62 . . PUNCT cblr-1720 299 1 in in ADP cblr-1720 299 2 addition addition NOUN cblr-1720 299 3 , , PUNCT cblr-1720 299 4 they they PRON cblr-1720 299 5 have have VERB cblr-1720 299 6 the the DET cblr-1720 299 7 requisite requisite ADJ cblr-1720 299 8 expertise36 expertise36 NOUN cblr-1720 299 9 to to PART cblr-1720 299 10 evaluate evaluate VERB cblr-1720 299 11 such such ADJ cblr-1720 299 12 information information NOUN cblr-1720 299 13 . . PUNCT cblr-1720 300 1 thus thus ADV cblr-1720 300 2 , , PUNCT cblr-1720 300 3 they they PRON cblr-1720 300 4 should should AUX cblr-1720 300 5 be be AUX cblr-1720 300 6 able able ADJ cblr-1720 300 7 to to PART cblr-1720 300 8 adequately adequately ADV cblr-1720 300 9 assess assess VERB cblr-1720 300 10 whether whether SCONJ cblr-1720 300 11 the the DET cblr-1720 300 12 bid bid NOUN cblr-1720 300 13 price price NOUN cblr-1720 300 14 is be AUX cblr-1720 300 15 too too ADV cblr-1720 300 16 low low ADJ cblr-1720 300 17 . . PUNCT cblr-1720 301 1 however however ADV cblr-1720 301 2 , , PUNCT cblr-1720 301 3 target target NOUN cblr-1720 301 4 boards board NOUN cblr-1720 301 5 are be AUX cblr-1720 301 6 unable unable ADJ cblr-1720 301 7 to to PART cblr-1720 301 8 credibly credibly ADV cblr-1720 301 9 transmit transmit VERB cblr-1720 301 10 their their PRON cblr-1720 301 11 inside inside ADJ cblr-1720 301 12 understanding understanding NOUN cblr-1720 301 13 about about ADP cblr-1720 301 14 the the DET cblr-1720 301 15 desirability desirability NOUN cblr-1720 301 16 of of ADP cblr-1720 301 17 a a DET cblr-1720 301 18 hostile hostile ADJ cblr-1720 301 19 bid bid NOUN cblr-1720 301 20 to to ADP cblr-1720 301 21 their their PRON cblr-1720 301 22 shareholders shareholder NOUN cblr-1720 301 23 . . PUNCT cblr-1720 302 1 and and CCONJ cblr-1720 302 2 even even ADV cblr-1720 302 3 if if SCONJ cblr-1720 302 4 they they PRON cblr-1720 302 5 were be AUX cblr-1720 302 6 motivated motivated ADJ cblr-1720 302 7 to to PART cblr-1720 302 8 communicate communicate VERB cblr-1720 302 9 this this DET cblr-1720 302 10 understanding understanding NOUN cblr-1720 302 11 , , PUNCT cblr-1720 302 12 their their PRON cblr-1720 302 13 capacity capacity NOUN cblr-1720 302 14 to to PART cblr-1720 302 15 do do AUX cblr-1720 302 16 so so ADV cblr-1720 302 17 might might AUX cblr-1720 302 18 be be AUX cblr-1720 302 19 limited limit VERB cblr-1720 302 20 . . PUNCT cblr-1720 303 1 for for ADP cblr-1720 303 2 example example NOUN cblr-1720 303 3 , , PUNCT cblr-1720 303 4 “ " PUNCT cblr-1720 303 5 soft soft ADJ cblr-1720 303 6 ” " PUNCT cblr-1720 303 7 information⎯that information⎯that PRON cblr-1720 303 8 is be AUX cblr-1720 303 9 , , PUNCT cblr-1720 303 10 information information NOUN cblr-1720 303 11 that that PRON cblr-1720 303 12 can can AUX cblr-1720 303 13 not not PART cblr-1720 303 14 be be AUX cblr-1720 303 15 directly directly ADV cblr-1720 303 16 verified verify VERB cblr-1720 303 17 by by ADP cblr-1720 303 18 anyone anyone PRON cblr-1720 303 19 other other ADJ cblr-1720 303 20 than than ADP cblr-1720 303 21 the the DET cblr-1720 303 22 board board NOUN cblr-1720 303 23 — — PUNCT cblr-1720 303 24 might might AUX cblr-1720 303 25 be be AUX cblr-1720 303 26 crucial crucial ADJ cblr-1720 303 27 in in ADP cblr-1720 303 28 determining determine VERB cblr-1720 303 29 intrinsic intrinsic ADJ cblr-1720 303 30 value value NOUN cblr-1720 303 31 , , PUNCT cblr-1720 303 32 but but CCONJ cblr-1720 303 33 can can AUX cblr-1720 303 34 not not PART cblr-1720 303 35 be be AUX cblr-1720 303 36 effectively effectively ADV cblr-1720 303 37 conveyed convey VERB cblr-1720 303 38 to to PART cblr-1720 303 39 courts37 courts37 VERB cblr-1720 303 40 because because SCONJ cblr-1720 303 41 it it PRON cblr-1720 303 42 can can AUX cblr-1720 303 43 not not PART cblr-1720 303 44 be be AUX cblr-1720 303 45 adequately adequately ADV cblr-1720 303 46 assessed assess VERB cblr-1720 303 47 . . PUNCT cblr-1720 304 1 consider consider VERB cblr-1720 304 2 , , PUNCT cblr-1720 304 3 for for ADP cblr-1720 304 4 instance instance NOUN cblr-1720 304 5 , , PUNCT cblr-1720 304 6 a a DET cblr-1720 304 7 raw raw ADJ cblr-1720 304 8 set set NOUN cblr-1720 304 9 of of ADP cblr-1720 304 10 data datum NOUN cblr-1720 304 11 from from ADP cblr-1720 304 12 geological geological ADJ cblr-1720 304 13 studies study NOUN cblr-1720 304 14 about about ADP cblr-1720 304 15 an an DET cblr-1720 304 16 oil oil NOUN cblr-1720 304 17 - - PUNCT cblr-1720 304 18 drilling drilling NOUN cblr-1720 304 19 project project NOUN cblr-1720 304 20 in in ADP cblr-1720 304 21 a a DET cblr-1720 304 22 new new ADJ cblr-1720 304 23 location location NOUN cblr-1720 304 24 . . PUNCT cblr-1720 305 1 these these DET cblr-1720 305 2 data datum NOUN cblr-1720 305 3 do do AUX cblr-1720 305 4 not not PART cblr-1720 305 5 squarely squarely ADV cblr-1720 305 6 say say VERB cblr-1720 305 7 what what PRON cblr-1720 305 8 the the DET cblr-1720 305 9 project project NOUN cblr-1720 305 10 ’s ’s PART cblr-1720 305 11 dollar dollar NOUN cblr-1720 305 12 payoff payoff NOUN cblr-1720 305 13 will will AUX cblr-1720 305 14 be be AUX cblr-1720 305 15 ; ; PUNCT cblr-1720 305 16 instead instead ADV cblr-1720 305 17 , , PUNCT cblr-1720 305 18 they they PRON cblr-1720 305 19 must must AUX cblr-1720 305 20 be be AUX cblr-1720 305 21 combined combine VERB cblr-1720 305 22 with with ADP cblr-1720 305 23 the the DET cblr-1720 305 24 ceo ceo NOUN cblr-1720 305 25 ’s ’s PART cblr-1720 305 26 effort effort NOUN cblr-1720 305 27 and and CCONJ cblr-1720 305 28 expertise expertise NOUN cblr-1720 305 29 ( ( PUNCT cblr-1720 305 30 e.g. e.g. ADV cblr-1720 305 31 , , PUNCT cblr-1720 305 32 knowledge knowledge NOUN cblr-1720 305 33 of of ADP cblr-1720 305 34 geology geology NOUN cblr-1720 305 35 , , PUNCT cblr-1720 305 36 experience experience NOUN cblr-1720 305 37 and and CCONJ cblr-1720 305 38 proficiency proficiency NOUN cblr-1720 305 39 in in ADP cblr-1720 305 40 assessing assess VERB cblr-1720 305 41 the the DET cblr-1720 305 42 costs cost NOUN cblr-1720 305 43 of of ADP cblr-1720 305 44 drilling drilling NOUN cblr-1720 305 45 and and CCONJ cblr-1720 305 46 extraction extraction NOUN cblr-1720 305 47 , , PUNCT cblr-1720 305 48 etc etc X cblr-1720 305 49 . . X cblr-1720 305 50 ) ) PUNCT cblr-1720 305 51 to to PART cblr-1720 305 52 generate generate VERB cblr-1720 305 53 a a DET cblr-1720 305 54 final final ADJ cblr-1720 305 55 judgment judgment NOUN cblr-1720 305 56 about about ADP cblr-1720 305 57 dollar dollar NOUN cblr-1720 305 58 value value NOUN cblr-1720 305 59 . . PUNCT cblr-1720 306 1 that that DET cblr-1720 306 2 final final ADJ cblr-1720 306 3 35 35 NUM cblr-1720 306 4 see see NOUN cblr-1720 306 5 bernard bernard PROPN cblr-1720 306 6 s. s. PROPN cblr-1720 306 7 black black PROPN cblr-1720 306 8 , , PUNCT cblr-1720 306 9 next next ADJ cblr-1720 306 10 steps step NOUN cblr-1720 306 11 in in ADP cblr-1720 306 12 corporate corporate ADJ cblr-1720 306 13 governance governance NOUN cblr-1720 306 14 reform reform NOUN cblr-1720 306 15 : : PUNCT cblr-1720 306 16 13(d 13(d NUM cblr-1720 306 17 ) ) PUNCT cblr-1720 306 18 rules rule NOUN cblr-1720 306 19 and and CCONJ cblr-1720 306 20 control control NOUN cblr-1720 306 21 person person NOUN cblr-1720 306 22 liability liability NOUN cblr-1720 306 23 , , PUNCT cblr-1720 306 24 in in ADP cblr-1720 306 25 modernizing modernize VERB cblr-1720 306 26 u.s u.s PROPN cblr-1720 306 27 . . PROPN cblr-1720 306 28 securities security NOUN cblr-1720 306 29 regulation regulation NOUN cblr-1720 306 30 : : PUNCT cblr-1720 306 31 economic economic ADJ cblr-1720 306 32 and and CCONJ cblr-1720 306 33 legal legal ADJ cblr-1720 306 34 perspectives perspective NOUN cblr-1720 306 35 197–209 197–209 NUM cblr-1720 306 36 ( ( PUNCT cblr-1720 306 37 kenneth kenneth PROPN cblr-1720 306 38 lehn lehn PROPN cblr-1720 306 39 & & CCONJ cblr-1720 306 40 robert robert PROPN cblr-1720 306 41 w. w. PROPN cblr-1720 306 42 kamphuis kamphuis PROPN cblr-1720 306 43 , , PUNCT cblr-1720 306 44 jr jr PROPN cblr-1720 306 45 . . PUNCT cblr-1720 306 46 eds ed NOUN cblr-1720 306 47 . . PROPN cblr-1720 306 48 , , PUNCT cblr-1720 306 49 1992 1992 NUM cblr-1720 306 50 ) ) PUNCT cblr-1720 306 51 . . PUNCT cblr-1720 307 1 36 36 NUM cblr-1720 307 2 see see VERB cblr-1720 307 3 fama fama PROPN cblr-1720 307 4 & & CCONJ cblr-1720 307 5 jensen jensen PROPN cblr-1720 307 6 , , PUNCT cblr-1720 307 7 supra supra PROPN cblr-1720 307 8 note note PROPN cblr-1720 307 9 10 10 NUM cblr-1720 307 10 , , PUNCT cblr-1720 307 11 at at ADP cblr-1720 307 12 319 319 NUM cblr-1720 307 13 . . PUNCT cblr-1720 307 14 37 37 NUM cblr-1720 307 15 see see VERB cblr-1720 307 16 jeremy jeremy PROPN cblr-1720 307 17 c. c. PROPN cblr-1720 307 18 stein stein PROPN cblr-1720 307 19 , , PUNCT cblr-1720 307 20 information information NOUN cblr-1720 307 21 production production NOUN cblr-1720 307 22 and and CCONJ cblr-1720 307 23 capital capital NOUN cblr-1720 307 24 allocation allocation NOUN cblr-1720 307 25 : : PUNCT cblr-1720 307 26 decentralized decentralize VERB cblr-1720 307 27 versus versus ADP cblr-1720 307 28 hierarchical hierarchical ADJ cblr-1720 307 29 firms firm NOUN cblr-1720 307 30 , , PUNCT cblr-1720 307 31 57 57 NUM cblr-1720 307 32 j. j. PROPN cblr-1720 307 33 fin fin PROPN cblr-1720 307 34 . . PUNCT cblr-1720 307 35 1891 1891 NUM cblr-1720 307 36 , , PUNCT cblr-1720 307 37 1892 1892 NUM cblr-1720 307 38 ( ( PUNCT cblr-1720 307 39 2002 2002 NUM cblr-1720 307 40 ) ) PUNCT cblr-1720 307 41 . . PUNCT cblr-1720 308 1 shilon shilon NOUN cblr-1720 308 2 – – PUNCT cblr-1720 308 3 final final ADJ cblr-1720 308 4 532 532 NUM cblr-1720 308 5 columbia columbia PROPN cblr-1720 308 6 business business NOUN cblr-1720 308 7 law law PROPN cblr-1720 308 8 review review NOUN cblr-1720 308 9 [ [ X cblr-1720 308 10 vol vol NOUN cblr-1720 308 11 . . NOUN cblr-1720 308 12 2017 2017 NUM cblr-1720 308 13 judgment judgment NOUN cblr-1720 308 14 is be AUX cblr-1720 308 15 itself itself PRON cblr-1720 308 16 soft soft ADJ cblr-1720 308 17 information information NOUN cblr-1720 308 18 that that PRON cblr-1720 308 19 can can AUX cblr-1720 308 20 not not PART cblr-1720 308 21 be be AUX cblr-1720 308 22 credibly credibly ADV cblr-1720 308 23 communicated communicate VERB cblr-1720 308 24 to to ADP cblr-1720 308 25 outsiders.38 outsiders.38 PROPN cblr-1720 308 26 b. b. PROPN cblr-1720 308 27 deviation deviation NOUN cblr-1720 308 28 of of ADP cblr-1720 308 29 shareholder shareholder NOUN cblr-1720 308 30 choice choice NOUN cblr-1720 308 31 from from ADP cblr-1720 308 32 maximization maximization NOUN cblr-1720 308 33 of of ADP cblr-1720 308 34 long long ADJ cblr-1720 308 35 - - PUNCT cblr-1720 308 36 term term NOUN cblr-1720 308 37 firm firm ADJ cblr-1720 308 38 value value NOUN cblr-1720 308 39 even even ADV cblr-1720 308 40 if if SCONJ cblr-1720 308 41 shareholders shareholder NOUN cblr-1720 308 42 could could AUX cblr-1720 308 43 effortlessly effortlessly ADV cblr-1720 308 44 obtain obtain VERB cblr-1720 308 45 and and CCONJ cblr-1720 308 46 process process VERB cblr-1720 308 47 all all DET cblr-1720 308 48 relevant relevant ADJ cblr-1720 308 49 information information NOUN cblr-1720 308 50 needed need VERB cblr-1720 308 51 to to PART cblr-1720 308 52 evaluate evaluate VERB cblr-1720 308 53 a a DET cblr-1720 308 54 hostile hostile ADJ cblr-1720 308 55 bid bid NOUN cblr-1720 308 56 , , PUNCT cblr-1720 308 57 firms firm NOUN cblr-1720 308 58 would would AUX cblr-1720 308 59 still still ADV cblr-1720 308 60 need need VERB cblr-1720 308 61 boards board NOUN cblr-1720 308 62 to to PART cblr-1720 308 63 protect protect VERB cblr-1720 308 64 them they PRON cblr-1720 308 65 . . PUNCT cblr-1720 309 1 this this PRON cblr-1720 309 2 is be AUX cblr-1720 309 3 because because SCONJ cblr-1720 309 4 a a DET cblr-1720 309 5 shareholder shareholder NOUN cblr-1720 309 6 decision decision NOUN cblr-1720 309 7 to to PART cblr-1720 309 8 accept accept VERB cblr-1720 309 9 the the DET cblr-1720 309 10 bid bid NOUN cblr-1720 309 11 might might AUX cblr-1720 309 12 destroy destroy VERB cblr-1720 309 13 the the DET cblr-1720 309 14 firm firm NOUN cblr-1720 309 15 ’s ’s PART cblr-1720 309 16 long long ADJ cblr-1720 309 17 - - PUNCT cblr-1720 309 18 term term NOUN cblr-1720 309 19 value value NOUN cblr-1720 309 20 . . PUNCT cblr-1720 310 1 it it PRON cblr-1720 310 2 is be AUX cblr-1720 310 3 therefore therefore ADV cblr-1720 310 4 worth worth ADJ cblr-1720 310 5 exploring explore VERB cblr-1720 310 6 the the DET cblr-1720 310 7 entire entire ADJ cblr-1720 310 8 universe universe NOUN cblr-1720 310 9 of of ADP cblr-1720 310 10 biases bias NOUN cblr-1720 310 11 that that PRON cblr-1720 310 12 would would AUX cblr-1720 310 13 put put VERB cblr-1720 310 14 the the DET cblr-1720 310 15 shareholders shareholder NOUN cblr-1720 310 16 ’ ' PUNCT cblr-1720 310 17 agenda agenda NOUN cblr-1720 310 18 , , PUNCT cblr-1720 310 19 in in ADP cblr-1720 310 20 deciding decide VERB cblr-1720 310 21 takeovers takeover NOUN cblr-1720 310 22 , , PUNCT cblr-1720 310 23 in in ADP cblr-1720 310 24 conflict conflict NOUN cblr-1720 310 25 with with ADP cblr-1720 310 26 the the DET cblr-1720 310 27 corporate corporate ADJ cblr-1720 310 28 good good NOUN cblr-1720 310 29 . . PUNCT cblr-1720 311 1 first first ADV cblr-1720 311 2 , , PUNCT cblr-1720 311 3 firms firm NOUN cblr-1720 311 4 are be AUX cblr-1720 311 5 vulnerable vulnerable ADJ cblr-1720 311 6 to to ADP cblr-1720 311 7 short short ADJ cblr-1720 311 8 - - PUNCT cblr-1720 311 9 term term NOUN cblr-1720 311 10 pressures pressure NOUN cblr-1720 311 11 by by ADP cblr-1720 311 12 arbitrageurs arbitrageur NOUN cblr-1720 311 13 , , PUNCT cblr-1720 311 14 who who PRON cblr-1720 311 15 typically typically ADV cblr-1720 311 16 purchase purchase VERB cblr-1720 311 17 a a DET cblr-1720 311 18 significant significant ADJ cblr-1720 311 19 amount amount NOUN cblr-1720 311 20 of of ADP cblr-1720 311 21 target target NOUN cblr-1720 311 22 shares share NOUN cblr-1720 311 23 at at ADP cblr-1720 311 24 the the DET cblr-1720 311 25 onset onset NOUN cblr-1720 311 26 of of ADP cblr-1720 311 27 a a DET cblr-1720 311 28 takeover.39 takeover.39 NOUN cblr-1720 311 29 the the DET cblr-1720 311 30 arbitrageurs arbitrageur NOUN cblr-1720 311 31 are be AUX cblr-1720 311 32 motivated motivate VERB cblr-1720 311 33 by by ADP cblr-1720 311 34 the the DET cblr-1720 311 35 likelihood likelihood NOUN cblr-1720 311 36 that that SCONJ cblr-1720 311 37 the the DET cblr-1720 311 38 premium premium NOUN cblr-1720 311 39 offer offer NOUN cblr-1720 311 40 will will AUX cblr-1720 311 41 be be AUX cblr-1720 311 42 accepted accept VERB cblr-1720 311 43 and and CCONJ cblr-1720 311 44 that that SCONJ cblr-1720 311 45 they they PRON cblr-1720 311 46 will will AUX cblr-1720 311 47 be be AUX cblr-1720 311 48 able able ADJ cblr-1720 311 49 to to PART cblr-1720 311 50 either either CCONJ cblr-1720 311 51 tender tender VERB cblr-1720 311 52 their their PRON cblr-1720 311 53 shares share NOUN cblr-1720 311 54 to to ADP cblr-1720 311 55 the the DET cblr-1720 311 56 bidder bidder NOUN cblr-1720 311 57 or or CCONJ cblr-1720 311 58 dispose dispose NOUN cblr-1720 311 59 of of ADP cblr-1720 311 60 them they PRON cblr-1720 311 61 as as ADV cblr-1720 311 62 soon soon ADV cblr-1720 311 63 as as ADP cblr-1720 311 64 possible possible ADJ cblr-1720 311 65 after after SCONJ cblr-1720 311 66 the the DET cblr-1720 311 67 bid bid NOUN cblr-1720 311 68 fails fail VERB cblr-1720 311 69 . . PUNCT cblr-1720 312 1 therefore therefore ADV cblr-1720 312 2 , , PUNCT cblr-1720 312 3 they they PRON cblr-1720 312 4 would would AUX cblr-1720 312 5 be be AUX cblr-1720 312 6 willing willing ADJ cblr-1720 312 7 to to PART cblr-1720 312 8 tender tender VERB cblr-1720 312 9 to to ADP cblr-1720 312 10 an an DET cblr-1720 312 11 offer offer NOUN cblr-1720 312 12 even even ADV cblr-1720 312 13 if if SCONJ cblr-1720 312 14 it it PRON cblr-1720 312 15 grossly grossly ADV cblr-1720 312 16 undervalues undervalue VERB cblr-1720 312 17 the the DET cblr-1720 312 18 intrinsic intrinsic ADJ cblr-1720 312 19 value value NOUN cblr-1720 312 20 of of ADP cblr-1720 312 21 the the DET cblr-1720 312 22 target.40 target.40 NOUN cblr-1720 312 23 their their PRON cblr-1720 312 24 interest interest NOUN cblr-1720 312 25 in in ADP cblr-1720 312 26 quick quick ADJ cblr-1720 312 27 , , PUNCT cblr-1720 312 28 short short ADJ cblr-1720 312 29 - - PUNCT cblr-1720 312 30 term term NOUN cblr-1720 312 31 profits profit NOUN cblr-1720 312 32 , , PUNCT cblr-1720 312 33 together together ADV cblr-1720 312 34 with with ADP cblr-1720 312 35 their their PRON cblr-1720 312 36 sophistication sophistication NOUN cblr-1720 312 37 and and CCONJ cblr-1720 312 38 large large ADJ cblr-1720 312 39 numbers number NOUN cblr-1720 312 40 , , PUNCT cblr-1720 312 41 might might AUX cblr-1720 312 42 significantly significantly ADV cblr-1720 312 43 undercut undercut VERB cblr-1720 312 44 long long ADJ cblr-1720 312 45 - - PUNCT cblr-1720 312 46 term term NOUN cblr-1720 312 47 shareholder shareholder NOUN cblr-1720 312 48 value value NOUN cblr-1720 312 49 . . PUNCT cblr-1720 313 1 even even ADV cblr-1720 313 2 worse bad ADJ cblr-1720 313 3 , , PUNCT cblr-1720 313 4 such such ADJ cblr-1720 313 5 arbitrageurs⎯as arbitrageurs⎯as NUM cblr-1720 313 6 well well ADV cblr-1720 313 7 as as ADP cblr-1720 313 8 shareholders shareholder NOUN cblr-1720 313 9 in in ADP cblr-1720 313 10 general⎯owe general⎯owe PROPN cblr-1720 313 11 no no DET cblr-1720 313 12 fiduciary fiduciary ADJ cblr-1720 313 13 duties duty NOUN cblr-1720 313 14 to to ADP cblr-1720 313 15 their their PRON cblr-1720 313 16 fellow fellow ADJ cblr-1720 313 17 shareholders shareholder NOUN cblr-1720 313 18 or or CCONJ cblr-1720 313 19 to to ADP cblr-1720 313 20 the the DET cblr-1720 313 21 corporation corporation NOUN cblr-1720 313 22 generally,41 generally,41 VERB cblr-1720 313 23 so so ADV cblr-1720 313 24 , , PUNCT cblr-1720 313 25 unlike unlike ADP cblr-1720 313 26 directors director NOUN cblr-1720 313 27 , , PUNCT cblr-1720 313 28 they they PRON cblr-1720 313 29 are be AUX cblr-1720 313 30 under under ADP cblr-1720 313 31 no no DET cblr-1720 313 32 obligation obligation NOUN cblr-1720 313 33 to to PART cblr-1720 313 34 advance advance VERB cblr-1720 313 35 the the DET cblr-1720 313 36 best good ADJ cblr-1720 313 37 interests interest NOUN cblr-1720 313 38 of of ADP cblr-1720 313 39 the the DET cblr-1720 313 40 firm firm NOUN cblr-1720 313 41 . . PUNCT cblr-1720 314 1 second second ADJ cblr-1720 314 2 , , PUNCT cblr-1720 314 3 shareholders shareholder NOUN cblr-1720 314 4 other other ADJ cblr-1720 314 5 than than ADP cblr-1720 314 6 arbitrageurs arbitrageur NOUN cblr-1720 314 7 might might AUX cblr-1720 314 8 also also ADV cblr-1720 314 9 suffer suffer VERB cblr-1720 314 10 from from ADP cblr-1720 314 11 short short ADJ cblr-1720 314 12 - - PUNCT cblr-1720 314 13 term term NOUN cblr-1720 314 14 biases bias NOUN cblr-1720 314 15 . . PUNCT cblr-1720 315 1 neither neither CCONJ cblr-1720 315 2 mutual mutual ADJ cblr-1720 315 3 funds fund NOUN cblr-1720 315 4 nor nor CCONJ cblr-1720 315 5 38 38 NUM cblr-1720 315 6 i i PROPN cblr-1720 315 7 d. d. PROPN cblr-1720 315 8 at at ADP cblr-1720 315 9 1911 1911 NUM cblr-1720 315 10 . . PUNCT cblr-1720 316 1 39 39 NUM cblr-1720 316 2 see see VERB cblr-1720 316 3 william william PROPN cblr-1720 316 4 j. j. PROPN cblr-1720 316 5 carney carney PROPN cblr-1720 316 6 & & CCONJ cblr-1720 316 7 leonard leonard PROPN cblr-1720 316 8 a. a. PROPN cblr-1720 316 9 silverstein silverstein PROPN cblr-1720 316 10 , , PUNCT cblr-1720 316 11 the the DET cblr-1720 316 12 illusory illusory ADJ cblr-1720 316 13 protections protection NOUN cblr-1720 316 14 of of ADP cblr-1720 316 15 the the DET cblr-1720 316 16 poison poison NOUN cblr-1720 316 17 pill pill NOUN cblr-1720 316 18 , , PUNCT cblr-1720 316 19 79 79 NUM cblr-1720 316 20 notre notre PROPN cblr-1720 316 21 dame dame PROPN cblr-1720 316 22 l. l. PROPN cblr-1720 316 23 rev rev PROPN cblr-1720 316 24 . . PROPN cblr-1720 316 25 179 179 NUM cblr-1720 316 26 , , PUNCT cblr-1720 316 27 191–92 191–92 PROPN cblr-1720 316 28 ( ( PUNCT cblr-1720 316 29 2003 2003 NUM cblr-1720 316 30 ) ) PUNCT cblr-1720 316 31 . . PUNCT cblr-1720 317 1 40 40 NUM cblr-1720 317 2 see see VERB cblr-1720 317 3 airgas airgas PROPN cblr-1720 317 4 , , PUNCT cblr-1720 317 5 16 16 NUM cblr-1720 317 6 a.3d a.3d X cblr-1720 317 7 at at ADP cblr-1720 317 8 109 109 NUM cblr-1720 317 9 . . PUNCT cblr-1720 317 10 41 41 NUM cblr-1720 317 11 see see VERB cblr-1720 317 12 paul paul PROPN cblr-1720 317 13 k. k. PROPN cblr-1720 317 14 rowe rowe PROPN cblr-1720 317 15 et et PROPN cblr-1720 317 16 al al PROPN cblr-1720 317 17 . . PROPN cblr-1720 317 18 , , PUNCT cblr-1720 317 19 bebchuk bebchuk PROPN cblr-1720 317 20 ’s ’s PART cblr-1720 317 21 “ " PUNCT cblr-1720 317 22 case case NOUN cblr-1720 317 23 for for ADP cblr-1720 317 24 increasing increase VERB cblr-1720 317 25 shareholder shareholder NOUN cblr-1720 317 26 power power NOUN cblr-1720 317 27 ” " PUNCT cblr-1720 317 28 : : PUNCT cblr-1720 317 29 an an DET cblr-1720 317 30 opposition opposition NOUN cblr-1720 317 31 , , PUNCT cblr-1720 317 32 118 118 NUM cblr-1720 317 33 harv harv NOUN cblr-1720 317 34 . . PUNCT cblr-1720 318 1 l. l. PROPN cblr-1720 318 2 rev rev PROPN cblr-1720 318 3 . . PUNCT cblr-1720 319 1 f. f. PROPN cblr-1720 319 2 43 43 NUM cblr-1720 319 3 ( ( PUNCT cblr-1720 319 4 2007 2007 NUM cblr-1720 319 5 ) ) PUNCT cblr-1720 319 6 . . PUNCT cblr-1720 320 1 shilon shilon NOUN cblr-1720 320 2 – – PUNCT cblr-1720 320 3 final final ADJ cblr-1720 320 4 no no NOUN cblr-1720 320 5 . . PUNCT cblr-1720 321 1 2:511 2:511 NOUN cblr-1720 321 2 ] ] X cblr-1720 321 3 improving improve VERB cblr-1720 321 4 corporate corporate ADJ cblr-1720 321 5 takeover takeover NOUN cblr-1720 321 6 dynamics dynamic NOUN cblr-1720 321 7 533 533 NUM cblr-1720 321 8 hedge hedge NOUN cblr-1720 321 9 funds fund NOUN cblr-1720 321 10 are be AUX cblr-1720 321 11 typically typically ADV cblr-1720 321 12 concerned concerned ADJ cblr-1720 321 13 with with ADP cblr-1720 321 14 the the DET cblr-1720 321 15 long long ADJ cblr-1720 321 16 - - PUNCT cblr-1720 321 17 term term NOUN cblr-1720 321 18 success success NOUN cblr-1720 321 19 of of ADP cblr-1720 321 20 the the DET cblr-1720 321 21 companies company NOUN cblr-1720 321 22 whose whose DET cblr-1720 321 23 stocks stock NOUN cblr-1720 321 24 they they PRON cblr-1720 321 25 trade trade VERB cblr-1720 321 26 . . PUNCT cblr-1720 322 1 the the DET cblr-1720 322 2 average average ADJ cblr-1720 322 3 turnover turnover NOUN cblr-1720 322 4 rate rate NOUN cblr-1720 322 5 among among ADP cblr-1720 322 6 equity equity NOUN cblr-1720 322 7 mutual mutual ADJ cblr-1720 322 8 fund fund NOUN cblr-1720 322 9 investors investor NOUN cblr-1720 322 10 was be AUX cblr-1720 322 11 60 60 NUM cblr-1720 322 12 % % NOUN cblr-1720 322 13 in in ADP cblr-1720 322 14 1980−2015,42 1980−2015,42 NUM cblr-1720 322 15 while while SCONJ cblr-1720 322 16 hedge hedge NOUN cblr-1720 322 17 funds fund NOUN cblr-1720 322 18 trade trade VERB cblr-1720 322 19 their their PRON cblr-1720 322 20 stockholdings stockholding NOUN cblr-1720 322 21 nearly nearly ADV cblr-1720 322 22 five five NUM cblr-1720 322 23 times time NOUN cblr-1720 322 24 as as ADV cblr-1720 322 25 often.43 often.43 NOUN cblr-1720 322 26 as as SCONJ cblr-1720 322 27 one one NUM cblr-1720 322 28 commentator commentator NOUN cblr-1720 322 29 has have AUX cblr-1720 322 30 described describe VERB cblr-1720 322 31 them they PRON cblr-1720 322 32 , , PUNCT cblr-1720 322 33 such such ADJ cblr-1720 322 34 shareholders shareholder NOUN cblr-1720 322 35 are be AUX cblr-1720 322 36 largely largely ADV cblr-1720 322 37 financial financial ADJ cblr-1720 322 38 engineers engineer NOUN cblr-1720 322 39 interested interested ADJ cblr-1720 322 40 in in ADP cblr-1720 322 41 making make VERB cblr-1720 322 42 the the DET cblr-1720 322 43 largest large ADJ cblr-1720 322 44 possible possible ADJ cblr-1720 322 45 profit profit NOUN cblr-1720 322 46 in in ADP cblr-1720 322 47 the the DET cblr-1720 322 48 shortest short ADJ cblr-1720 322 49 period period NOUN cblr-1720 322 50 of of ADP cblr-1720 322 51 time.44 time.44 NOUN cblr-1720 322 52 an an DET cblr-1720 322 53 example example NOUN cblr-1720 322 54 of of ADP cblr-1720 322 55 this this PRON cblr-1720 322 56 can can AUX cblr-1720 322 57 be be AUX cblr-1720 322 58 seen see VERB cblr-1720 322 59 in in ADP cblr-1720 322 60 the the DET cblr-1720 322 61 aggressive aggressive ADJ cblr-1720 322 62 efforts effort NOUN cblr-1720 322 63 of of ADP cblr-1720 322 64 hedge hedge NOUN cblr-1720 322 65 fund fund NOUN cblr-1720 322 66 investors investor NOUN cblr-1720 322 67 in in ADP cblr-1720 322 68 mci mci PROPN cblr-1720 322 69 to to PART cblr-1720 322 70 urge urge VERB cblr-1720 322 71 the the DET cblr-1720 322 72 firm firm NOUN cblr-1720 322 73 ’s ’s PART cblr-1720 322 74 board board NOUN cblr-1720 322 75 of of ADP cblr-1720 322 76 directors director NOUN cblr-1720 322 77 to to PART cblr-1720 322 78 sell sell VERB cblr-1720 322 79 the the DET cblr-1720 322 80 company company NOUN cblr-1720 322 81 to to PART cblr-1720 322 82 qwest qwest VERB cblr-1720 322 83 despite despite SCONJ cblr-1720 322 84 the the DET cblr-1720 322 85 better well ADJ cblr-1720 322 86 long long ADJ cblr-1720 322 87 - - PUNCT cblr-1720 322 88 term term NOUN cblr-1720 322 89 synergies synergy NOUN cblr-1720 322 90 offered offer VERB cblr-1720 322 91 by by ADP cblr-1720 322 92 the the DET cblr-1720 322 93 rival rival NOUN cblr-1720 322 94 verizon.45 verizon.45 VERB cblr-1720 322 95 even even ADV cblr-1720 322 96 institutional institutional ADJ cblr-1720 322 97 investors⎯shareholders investors⎯shareholder NOUN cblr-1720 322 98 who who PRON cblr-1720 322 99 are be AUX cblr-1720 322 100 perceived perceive VERB cblr-1720 322 101 as as ADP cblr-1720 322 102 having have VERB cblr-1720 322 103 longerterm longerterm NOUN cblr-1720 322 104 motivations⎯manifest motivations⎯manif ADJ cblr-1720 322 105 short short ADJ cblr-1720 322 106 - - PUNCT cblr-1720 322 107 term term NOUN cblr-1720 322 108 biases bias NOUN cblr-1720 322 109 . . PUNCT cblr-1720 323 1 for for ADP cblr-1720 323 2 example example NOUN cblr-1720 323 3 , , PUNCT cblr-1720 323 4 they they PRON cblr-1720 323 5 prefer prefer VERB cblr-1720 323 6 short short ADJ cblr-1720 323 7 - - PUNCT cblr-1720 323 8 term term NOUN cblr-1720 323 9 earnings earning NOUN cblr-1720 323 10 increases increase NOUN cblr-1720 323 11 to to ADP cblr-1720 323 12 long long ADJ cblr-1720 323 13 - - PUNCT cblr-1720 323 14 term term NOUN cblr-1720 323 15 value value NOUN cblr-1720 323 16 creation,46 creation,46 NOUN cblr-1720 323 17 and and CCONJ cblr-1720 323 18 investment investment NOUN cblr-1720 323 19 manager manager NOUN cblr-1720 323 20 compensation compensation NOUN cblr-1720 323 21 incentives incentive NOUN cblr-1720 323 22 encourage encourage VERB cblr-1720 323 23 short short ADJ cblr-1720 323 24 - - PUNCT cblr-1720 323 25 term term NOUN cblr-1720 323 26 biases bias NOUN cblr-1720 323 27 for for ADP cblr-1720 323 28 institutions institution NOUN cblr-1720 323 29 , , PUNCT cblr-1720 323 30 just just ADV cblr-1720 323 31 as as SCONJ cblr-1720 323 32 they they PRON cblr-1720 323 33 do do AUX cblr-1720 323 34 for for ADP cblr-1720 323 35 hedge hedge NOUN cblr-1720 323 36 funds.47 funds.47 PROPN cblr-1720 323 37 42 42 NUM cblr-1720 323 38 see see VERB cblr-1720 323 39 inv inv ADJ cblr-1720 323 40 . . PUNCT cblr-1720 323 41 co. co. PROPN cblr-1720 323 42 inst inst PROPN cblr-1720 323 43 . . PROPN cblr-1720 323 44 , , PUNCT cblr-1720 323 45 2016 2016 NUM cblr-1720 323 46 investment investment NOUN cblr-1720 323 47 company company NOUN cblr-1720 323 48 fact fact NOUN cblr-1720 323 49 book book NOUN cblr-1720 323 50 37 37 NUM cblr-1720 323 51 ( ( PUNCT cblr-1720 323 52 2016 2016 NUM cblr-1720 323 53 ) ) PUNCT cblr-1720 323 54 , , PUNCT cblr-1720 323 55 https://www.ici.org/pdf/2016_factbook.pdf https://www.ici.org/pdf/2016_factbook.pdf NOUN cblr-1720 324 1 [ [ X cblr-1720 324 2 https://perma.cc/z9q6-rblh https://perma.cc/z9q6-rblh NOUN cblr-1720 324 3 ] ] X cblr-1720 324 4 . . PUNCT cblr-1720 325 1 43 43 NUM cblr-1720 325 2 see see VERB cblr-1720 325 3 charles charles PROPN cblr-1720 325 4 cao cao PROPN cblr-1720 325 5 et et PROPN cblr-1720 325 6 al al PROPN cblr-1720 325 7 . . PROPN cblr-1720 325 8 , , PUNCT cblr-1720 325 9 hedge hedge NOUN cblr-1720 325 10 fund fund NOUN cblr-1720 325 11 holdings holding NOUN cblr-1720 325 12 and and CCONJ cblr-1720 325 13 stock stock NOUN cblr-1720 325 14 market market NOUN cblr-1720 325 15 efficiency efficiency NOUN cblr-1720 325 16 13 13 NUM cblr-1720 325 17 ( ( PUNCT cblr-1720 325 18 may may NOUN cblr-1720 325 19 2014 2014 NUM cblr-1720 325 20 ) ) PUNCT cblr-1720 325 21 ( ( PUNCT cblr-1720 325 22 unpublished unpublished ADJ cblr-1720 325 23 manuscript manuscript NOUN cblr-1720 325 24 ) ) PUNCT cblr-1720 325 25 , , PUNCT cblr-1720 325 26 http://www.valuewalk.com/2016/06/hedge-fund-holdings-and-stockmarket-efficiency/ http://www.valuewalk.com/2016/06/hedge-fund-holdings-and-stockmarket-efficiency/ PROPN cblr-1720 326 1 [ [ X cblr-1720 326 2 https://perma.cc/nfq5-t4ua https://perma.cc/nfq5-t4ua X cblr-1720 326 3 ] ] X cblr-1720 326 4 ( ( PUNCT cblr-1720 326 5 reporting report VERB cblr-1720 326 6 that that SCONJ cblr-1720 326 7 from from ADP cblr-1720 326 8 january january PROPN cblr-1720 326 9 2000 2000 NUM cblr-1720 326 10 through through ADP cblr-1720 326 11 december december PROPN cblr-1720 326 12 2012 2012 NUM cblr-1720 326 13 , , PUNCT cblr-1720 326 14 the the DET cblr-1720 326 15 annualized annualize VERB cblr-1720 326 16 turnover turnover NOUN cblr-1720 326 17 ratio ratio NOUN cblr-1720 326 18 for for ADP cblr-1720 326 19 shares share NOUN cblr-1720 326 20 held hold VERB cblr-1720 326 21 by by ADP cblr-1720 326 22 hedge hedge NOUN cblr-1720 326 23 funds fund NOUN cblr-1720 326 24 was be AUX cblr-1720 326 25 2.74 2.74 NUM cblr-1720 326 26 ) ) PUNCT cblr-1720 326 27 . . PUNCT cblr-1720 327 1 44 44 NUM cblr-1720 327 2 see see VERB cblr-1720 327 3 robert robert PROPN cblr-1720 327 4 kirby kirby PROPN cblr-1720 327 5 , , PUNCT cblr-1720 327 6 should should AUX cblr-1720 327 7 a a DET cblr-1720 327 8 director director NOUN cblr-1720 327 9 think think VERB cblr-1720 327 10 like like ADP cblr-1720 327 11 a a DET cblr-1720 327 12 shareholder shareholder NOUN cblr-1720 327 13 ? ? PUNCT cblr-1720 328 1 ( ( PUNCT cblr-1720 328 2 it it PRON cblr-1720 328 3 depends depend VERB cblr-1720 328 4 on on ADP cblr-1720 328 5 who who PRON cblr-1720 328 6 the the DET cblr-1720 328 7 shareholder shareholder NOUN cblr-1720 328 8 is be AUX cblr-1720 328 9 ) ) PUNCT cblr-1720 328 10 , , PUNCT cblr-1720 328 11 nacd nacd PROPN cblr-1720 328 12 directorship directorship NOUN cblr-1720 328 13 , , PUNCT cblr-1720 328 14 june june PROPN cblr-1720 328 15 1996 1996 NUM cblr-1720 328 16 ( ( PUNCT cblr-1720 328 17 significant significant ADJ cblr-1720 328 18 issue issue NOUN cblr-1720 328 19 facing face VERB cblr-1720 328 20 directors director NOUN cblr-1720 328 21 ) ) PUNCT cblr-1720 328 22 , , PUNCT cblr-1720 328 23 at at ADP cblr-1720 328 24 6 6 NUM cblr-1720 328 25 - - SYM cblr-1720 328 26 1 1 NUM cblr-1720 328 27 , , PUNCT cblr-1720 328 28 6 6 NUM cblr-1720 328 29 - - SYM cblr-1720 328 30 2 2 NUM cblr-1720 328 31 . . NUM cblr-1720 328 32 45 45 NUM cblr-1720 328 33 see see VERB cblr-1720 328 34 almar almar PROPN cblr-1720 328 35 latour latour PROPN cblr-1720 328 36 & & CCONJ cblr-1720 328 37 jesse jesse PROPN cblr-1720 328 38 drucker drucker PROPN cblr-1720 328 39 , , PUNCT cblr-1720 328 40 qwest qwest ADV cblr-1720 328 41 , , PUNCT cblr-1720 328 42 revising revise VERB cblr-1720 328 43 its its PRON cblr-1720 328 44 bid bid NOUN cblr-1720 328 45 , , PUNCT cblr-1720 328 46 puts put VERB cblr-1720 328 47 mci mci PROPN cblr-1720 328 48 board board NOUN cblr-1720 328 49 on on ADP cblr-1720 328 50 spot spot NOUN cblr-1720 328 51 , , PUNCT cblr-1720 328 52 wall wall PROPN cblr-1720 328 53 st st PROPN cblr-1720 328 54 . . PROPN cblr-1720 328 55 j. j. PROPN cblr-1720 328 56 , , PUNCT cblr-1720 328 57 feb feb PROPN cblr-1720 328 58 . . PROPN cblr-1720 328 59 25 25 NUM cblr-1720 328 60 , , PUNCT cblr-1720 328 61 2005 2005 NUM cblr-1720 328 62 , , PUNCT cblr-1720 328 63 at at ADP cblr-1720 328 64 c1 c1 PROPN cblr-1720 328 65 . . PUNCT cblr-1720 329 1 46 46 NUM cblr-1720 329 2 see see VERB cblr-1720 329 3 brian brian PROPN cblr-1720 329 4 j. j. PROPN cblr-1720 329 5 bushee bushee PROPN cblr-1720 329 6 , , PUNCT cblr-1720 329 7 do do AUX cblr-1720 329 8 institutional institutional ADJ cblr-1720 329 9 investors investor NOUN cblr-1720 329 10 prefer prefer VERB cblr-1720 329 11 near near ADJ cblr-1720 329 12 - - PUNCT cblr-1720 329 13 term term NOUN cblr-1720 329 14 earnings earning NOUN cblr-1720 329 15 over over ADP cblr-1720 329 16 long long ADV cblr-1720 329 17 - - PUNCT cblr-1720 329 18 run run VERB cblr-1720 329 19 value value NOUN cblr-1720 329 20 ? ? PUNCT cblr-1720 329 21 , , PUNCT cblr-1720 329 22 18 18 NUM cblr-1720 329 23 contemp contemp NOUN cblr-1720 329 24 . . PUNCT cblr-1720 330 1 acct acct NOUN cblr-1720 330 2 . . PUNCT cblr-1720 331 1 res re NOUN cblr-1720 331 2 . . PROPN cblr-1720 332 1 207 207 NUM cblr-1720 332 2 ( ( PUNCT cblr-1720 332 3 2001 2001 NUM cblr-1720 332 4 ) ) PUNCT cblr-1720 332 5 ( ( PUNCT cblr-1720 332 6 discussing discuss VERB cblr-1720 332 7 institutional institutional ADJ cblr-1720 332 8 short short ADJ cblr-1720 332 9 - - PUNCT cblr-1720 332 10 term term NOUN cblr-1720 332 11 biases bias NOUN cblr-1720 332 12 ) ) PUNCT cblr-1720 332 13 . . PUNCT cblr-1720 333 1 47 47 NUM cblr-1720 333 2 ben ben PROPN cblr-1720 333 3 w. w. PROPN cblr-1720 333 4 heineman heineman PROPN cblr-1720 333 5 , , PUNCT cblr-1720 333 6 jr jr PROPN cblr-1720 333 7 . . PROPN cblr-1720 333 8 & & CCONJ cblr-1720 333 9 stephen stephen PROPN cblr-1720 333 10 davis davis PROPN cblr-1720 333 11 , , PUNCT cblr-1720 333 12 comm comm NOUN cblr-1720 333 13 . . PUNCT cblr-1720 334 1 for for ADP cblr-1720 334 2 econ econ PROPN cblr-1720 334 3 . . PUNCT cblr-1720 335 1 dev dev PROPN cblr-1720 335 2 . . PROPN cblr-1720 335 3 , , PUNCT cblr-1720 335 4 are be AUX cblr-1720 335 5 institutional institutional ADJ cblr-1720 335 6 investors investor NOUN cblr-1720 335 7 part part NOUN cblr-1720 335 8 of of ADP cblr-1720 335 9 the the DET cblr-1720 335 10 problem problem NOUN cblr-1720 335 11 or or CCONJ cblr-1720 335 12 part part NOUN cblr-1720 335 13 of of ADP cblr-1720 335 14 the the DET cblr-1720 335 15 solution solution NOUN cblr-1720 335 16 ? ? PUNCT cblr-1720 336 1 17 17 NUM cblr-1720 336 2 ( ( PUNCT cblr-1720 336 3 2011 2011 NUM cblr-1720 336 4 ) ) PUNCT cblr-1720 336 5 ( ( PUNCT cblr-1720 336 6 citing cite VERB cblr-1720 336 7 the the DET cblr-1720 336 8 2011 2011 NUM cblr-1720 336 9 world world PROPN cblr-1720 336 10 economic economic PROPN cblr-1720 336 11 forum forum PROPN cblr-1720 336 12 report report NOUN cblr-1720 336 13 for for ADP cblr-1720 336 14 support support NOUN cblr-1720 336 15 that that SCONJ cblr-1720 336 16 “ " PUNCT cblr-1720 336 17 ‘ ' PUNCT cblr-1720 336 18 the the DET cblr-1720 336 19 goals goal NOUN cblr-1720 336 20 and and CCONJ cblr-1720 336 21 objective objective NOUN cblr-1720 336 22 of of ADP cblr-1720 336 23 the the DET cblr-1720 336 24 investment investment NOUN cblr-1720 336 25 decision decision NOUN cblr-1720 336 26 - - PUNCT cblr-1720 336 27 maker maker NOUN cblr-1720 336 28 might might AUX cblr-1720 336 29 not not PART cblr-1720 336 30 be be AUX cblr-1720 336 31 aligned align VERB cblr-1720 336 32 with with ADP cblr-1720 336 33 those those PRON cblr-1720 336 34 of of ADP cblr-1720 336 35 the the DET cblr-1720 336 36 beneficiaries beneficiary NOUN cblr-1720 336 37 of of ADP cblr-1720 336 38 the the DET cblr-1720 336 39 investment investment NOUN cblr-1720 336 40 fund fund NOUN cblr-1720 336 41 ’ ' PUNCT cblr-1720 336 42 owing owe VERB cblr-1720 336 43 in in ADP cblr-1720 336 44 part part NOUN cblr-1720 336 45 to to ADP cblr-1720 336 46 skewed skewed ADJ cblr-1720 336 47 compensation compensation NOUN cblr-1720 336 48 schemes scheme NOUN cblr-1720 336 49 , , PUNCT cblr-1720 336 50 risk risk NOUN cblr-1720 336 51 measures measure NOUN cblr-1720 336 52 that that DET cblr-1720 336 53 shilon shilon NOUN cblr-1720 336 54 – – PUNCT cblr-1720 337 1 final final ADJ cblr-1720 337 2 534 534 NUM cblr-1720 337 3 columbia columbia PROPN cblr-1720 337 4 business business NOUN cblr-1720 337 5 law law PROPN cblr-1720 337 6 review review NOUN cblr-1720 337 7 [ [ X cblr-1720 337 8 vol vol NOUN cblr-1720 337 9 . . NOUN cblr-1720 337 10 2017 2017 NUM cblr-1720 337 11 third third NOUN cblr-1720 337 12 , , PUNCT cblr-1720 337 13 because because SCONJ cblr-1720 337 14 of of ADP cblr-1720 337 15 their their PRON cblr-1720 337 16 substantial substantial ADJ cblr-1720 337 17 diversification diversification NOUN cblr-1720 337 18 strategy strategy NOUN cblr-1720 337 19 , , PUNCT cblr-1720 337 20 most most ADJ cblr-1720 337 21 shareholders shareholder NOUN cblr-1720 337 22 are be AUX cblr-1720 337 23 in in ADP cblr-1720 337 24 a a DET cblr-1720 337 25 structural structural ADJ cblr-1720 337 26 conflict conflict NOUN cblr-1720 337 27 of of ADP cblr-1720 337 28 interest interest NOUN cblr-1720 337 29 when when SCONJ cblr-1720 337 30 deciding decide VERB cblr-1720 337 31 takeovers takeover NOUN cblr-1720 337 32 . . PUNCT cblr-1720 338 1 one one NUM cblr-1720 338 2 reason reason NOUN cblr-1720 338 3 for for ADP cblr-1720 338 4 this this DET cblr-1720 338 5 conflict conflict NOUN cblr-1720 338 6 is be AUX cblr-1720 338 7 that that SCONJ cblr-1720 338 8 they they PRON cblr-1720 338 9 often often ADV cblr-1720 338 10 hold hold VERB cblr-1720 338 11 stock stock NOUN cblr-1720 338 12 in in ADP cblr-1720 338 13 both both CCONJ cblr-1720 338 14 the the DET cblr-1720 338 15 target target NOUN cblr-1720 338 16 and and CCONJ cblr-1720 338 17 bidding bidding NOUN cblr-1720 338 18 firm firm NOUN cblr-1720 338 19 . . PUNCT cblr-1720 339 1 thus thus ADV cblr-1720 339 2 , , PUNCT cblr-1720 339 3 the the DET cblr-1720 339 4 net net ADJ cblr-1720 339 5 effect effect NOUN cblr-1720 339 6 of of ADP cblr-1720 339 7 the the DET cblr-1720 339 8 takeover takeover NOUN cblr-1720 339 9 on on ADP cblr-1720 339 10 their their PRON cblr-1720 339 11 portfolio portfolio NOUN cblr-1720 339 12 overall overall ADV cblr-1720 339 13 might might AUX cblr-1720 339 14 conflict conflict VERB cblr-1720 339 15 with with ADP cblr-1720 339 16 the the DET cblr-1720 339 17 net net ADJ cblr-1720 339 18 effect effect NOUN cblr-1720 339 19 of of ADP cblr-1720 339 20 the the DET cblr-1720 339 21 takeover takeover NOUN cblr-1720 339 22 on on ADP cblr-1720 339 23 their their PRON cblr-1720 339 24 holdings holding NOUN cblr-1720 339 25 in in ADP cblr-1720 339 26 the the DET cblr-1720 339 27 target target NOUN cblr-1720 339 28 company company NOUN cblr-1720 339 29 alone.48 alone.48 VERB cblr-1720 339 30 another another DET cblr-1720 339 31 reason reason NOUN cblr-1720 339 32 has have VERB cblr-1720 339 33 to to PART cblr-1720 339 34 do do VERB cblr-1720 339 35 with with ADP cblr-1720 339 36 their their PRON cblr-1720 339 37 holdings holding NOUN cblr-1720 339 38 in in ADP cblr-1720 339 39 the the DET cblr-1720 339 40 target target NOUN cblr-1720 339 41 company company NOUN cblr-1720 339 42 ’s ’s PART cblr-1720 339 43 customers customer NOUN cblr-1720 339 44 ; ; PUNCT cblr-1720 339 45 these these DET cblr-1720 339 46 customers customer NOUN cblr-1720 339 47 might might AUX cblr-1720 339 48 be be AUX cblr-1720 339 49 adversely adversely ADV cblr-1720 339 50 affected affect VERB cblr-1720 339 51 by by ADP cblr-1720 339 52 the the DET cblr-1720 339 53 takeover takeover NOUN cblr-1720 339 54 , , PUNCT cblr-1720 339 55 which which PRON cblr-1720 339 56 would would AUX cblr-1720 339 57 thereby thereby ADV cblr-1720 339 58 reduce reduce VERB cblr-1720 339 59 the the DET cblr-1720 339 60 net net ADJ cblr-1720 339 61 effect effect NOUN cblr-1720 339 62 of of ADP cblr-1720 339 63 the the DET cblr-1720 339 64 transaction transaction NOUN cblr-1720 339 65 for for ADP cblr-1720 339 66 diversified diversified ADJ cblr-1720 339 67 shareholders shareholder NOUN cblr-1720 339 68 . . PUNCT cblr-1720 340 1 as as ADP cblr-1720 340 2 a a DET cblr-1720 340 3 case case NOUN cblr-1720 340 4 in in ADP cblr-1720 340 5 point point NOUN cblr-1720 340 6 , , PUNCT cblr-1720 340 7 oracle oracle PROPN cblr-1720 340 8 ’s ’s PART cblr-1720 340 9 takeover takeover NOUN cblr-1720 340 10 of of ADP cblr-1720 340 11 the the DET cblr-1720 340 12 business business NOUN cblr-1720 340 13 applications application NOUN cblr-1720 340 14 software software NOUN cblr-1720 340 15 company company NOUN cblr-1720 340 16 peoplesoft peoplesoft PROPN cblr-1720 340 17 left leave VERB cblr-1720 340 18 peoplesoft peoplesoft PROPN cblr-1720 340 19 ’s ’s PART cblr-1720 340 20 customers customer NOUN cblr-1720 340 21 at at ADP cblr-1720 340 22 risk risk NOUN cblr-1720 340 23 that that SCONJ cblr-1720 340 24 oracle oracle NOUN cblr-1720 340 25 would would AUX cblr-1720 340 26 stop stop VERB cblr-1720 340 27 supporting support VERB cblr-1720 340 28 peoplesoft peoplesoft NOUN cblr-1720 340 29 ’s ’s PART cblr-1720 340 30 products,49 products,49 PROPN cblr-1720 340 31 an an DET cblr-1720 340 32 act act NOUN cblr-1720 340 33 that that PRON cblr-1720 340 34 would would AUX cblr-1720 340 35 have have AUX cblr-1720 340 36 diminished diminish VERB cblr-1720 340 37 the the DET cblr-1720 340 38 portfolio portfolio NOUN cblr-1720 340 39 returns return NOUN cblr-1720 340 40 of of ADP cblr-1720 340 41 a a DET cblr-1720 340 42 diversified diversified ADJ cblr-1720 340 43 shareholder shareholder NOUN cblr-1720 340 44 who who PRON cblr-1720 340 45 held hold VERB cblr-1720 340 46 the the DET cblr-1720 340 47 stock stock NOUN cblr-1720 340 48 of of ADP cblr-1720 340 49 both both DET cblr-1720 340 50 peoplesoft peoplesoft PROPN cblr-1720 340 51 and and CCONJ cblr-1720 340 52 peoplesoft peoplesoft PROPN cblr-1720 340 53 ’s ’s PART cblr-1720 340 54 customers customer NOUN cblr-1720 340 55 . . PUNCT cblr-1720 341 1 fourth fourth ADJ cblr-1720 341 2 , , PUNCT cblr-1720 341 3 shareholders shareholder NOUN cblr-1720 341 4 are be AUX cblr-1720 341 5 not not PART cblr-1720 341 6 a a DET cblr-1720 341 7 cohesive cohesive ADJ cblr-1720 341 8 group group NOUN cblr-1720 341 9 of of ADP cblr-1720 341 10 investors investor NOUN cblr-1720 341 11 , , PUNCT cblr-1720 341 12 and and CCONJ cblr-1720 341 13 their their PRON cblr-1720 341 14 differing differ VERB cblr-1720 341 15 special special ADJ cblr-1720 341 16 interests interest NOUN cblr-1720 341 17 might might AUX cblr-1720 341 18 be be AUX cblr-1720 341 19 driven drive VERB cblr-1720 341 20 by by ADP cblr-1720 341 21 concerns concern NOUN cblr-1720 341 22 other other ADJ cblr-1720 341 23 than than ADP cblr-1720 341 24 a a DET cblr-1720 341 25 desire desire NOUN cblr-1720 341 26 to to PART cblr-1720 341 27 maximize maximize VERB cblr-1720 341 28 the the DET cblr-1720 341 29 longterm longterm ADJ cblr-1720 341 30 value value NOUN cblr-1720 341 31 of of ADP cblr-1720 341 32 the the DET cblr-1720 341 33 companies company NOUN cblr-1720 341 34 in in ADP cblr-1720 341 35 which which PRON cblr-1720 341 36 they they PRON cblr-1720 341 37 invest.50 invest.50 VERB cblr-1720 341 38 the the DET cblr-1720 341 39 most most ADV cblr-1720 341 40 influential influential ADJ cblr-1720 341 41 shareholders shareholder NOUN cblr-1720 341 42 in in ADP cblr-1720 341 43 this this DET cblr-1720 341 44 category category NOUN cblr-1720 341 45 are be AUX cblr-1720 341 46 public public ADJ cblr-1720 341 47 pension pension NOUN cblr-1720 341 48 funds fund NOUN cblr-1720 341 49 and and CCONJ cblr-1720 341 50 labor labor PROPN cblr-1720 341 51 union union PROPN cblr-1720 341 52 pension pension NOUN cblr-1720 341 53 funds.51 funds.51 PROPN cblr-1720 341 54 public public ADJ cblr-1720 341 55 pension pension NOUN cblr-1720 341 56 funds fund NOUN cblr-1720 341 57 penalize penalize VERB cblr-1720 341 58 managers manager NOUN cblr-1720 341 59 who who PRON cblr-1720 341 60 favor favor VERB cblr-1720 341 61 long long ADJ cblr-1720 341 62 - - PUNCT cblr-1720 341 63 term term NOUN cblr-1720 341 64 investments investment NOUN cblr-1720 341 65 , , PUNCT cblr-1720 341 66 and and CCONJ cblr-1720 341 67 career career NOUN cblr-1720 341 68 considerations consideration NOUN cblr-1720 341 69 ” " PUNCT cblr-1720 341 70 ) ) PUNCT cblr-1720 341 71 . . PUNCT cblr-1720 342 1 48 48 NUM cblr-1720 342 2 takeovers takeover NOUN cblr-1720 342 3 generally generally ADV cblr-1720 342 4 produce produce VERB cblr-1720 342 5 gains gain NOUN cblr-1720 342 6 for for ADP cblr-1720 342 7 the the DET cblr-1720 342 8 target target NOUN cblr-1720 342 9 company company NOUN cblr-1720 342 10 but but CCONJ cblr-1720 342 11 have have VERB cblr-1720 342 12 a a DET cblr-1720 342 13 negative negative ADJ cblr-1720 342 14 impact impact NOUN cblr-1720 342 15 on on ADP cblr-1720 342 16 the the DET cblr-1720 342 17 bidder bidder NOUN cblr-1720 342 18 ’s ’s PART cblr-1720 342 19 shares share NOUN cblr-1720 342 20 . . PUNCT cblr-1720 343 1 see see VERB cblr-1720 343 2 bernard bernard PROPN cblr-1720 343 3 s. s. PROPN cblr-1720 343 4 black black PROPN cblr-1720 343 5 , , PUNCT cblr-1720 343 6 bidder bidder NOUN cblr-1720 343 7 overpayment overpayment NOUN cblr-1720 343 8 in in ADP cblr-1720 343 9 takeovers takeover NOUN cblr-1720 343 10 , , PUNCT cblr-1720 343 11 41 41 NUM cblr-1720 343 12 stan stan PROPN cblr-1720 343 13 . . PUNCT cblr-1720 344 1 l. l. PROPN cblr-1720 344 2 rev rev PROPN cblr-1720 344 3 . . PROPN cblr-1720 344 4 597 597 NUM cblr-1720 344 5 , , PUNCT cblr-1720 344 6 623–28 623–28 NOUN cblr-1720 344 7 ( ( PUNCT cblr-1720 344 8 1989 1989 NUM cblr-1720 344 9 ) ) PUNCT cblr-1720 344 10 . . PUNCT cblr-1720 345 1 this this PRON cblr-1720 345 2 might might AUX cblr-1720 345 3 distort distort VERB cblr-1720 345 4 shareholder shareholder NOUN cblr-1720 345 5 choice choice NOUN cblr-1720 345 6 toward toward ADP cblr-1720 345 7 rejecting reject VERB cblr-1720 345 8 a a DET cblr-1720 345 9 value value NOUN cblr-1720 345 10 - - PUNCT cblr-1720 345 11 increasing increase VERB cblr-1720 345 12 bid bid NOUN cblr-1720 345 13 . . PUNCT cblr-1720 346 1 still still ADV cblr-1720 346 2 , , PUNCT cblr-1720 346 3 the the DET cblr-1720 346 4 direction direction NOUN cblr-1720 346 5 of of ADP cblr-1720 346 6 the the DET cblr-1720 346 7 distortion distortion NOUN cblr-1720 346 8 can can AUX cblr-1720 346 9 change change VERB cblr-1720 346 10 from from ADP cblr-1720 346 11 one one NUM cblr-1720 346 12 case case NOUN cblr-1720 346 13 to to ADP cblr-1720 346 14 another another PRON cblr-1720 346 15 . . PUNCT cblr-1720 347 1 49 49 NUM cblr-1720 347 2 see see VERB cblr-1720 347 3 steve steve PROPN cblr-1720 347 4 hamm hamm PROPN cblr-1720 347 5 & & CCONJ cblr-1720 347 6 andy andy PROPN cblr-1720 347 7 reinhardt reinhardt PROPN cblr-1720 347 8 , , PUNCT cblr-1720 347 9 larry larry PROPN cblr-1720 347 10 , , PUNCT cblr-1720 347 11 you you PRON cblr-1720 347 12 picked pick VERB cblr-1720 347 13 a a DET cblr-1720 347 14 nasty nasty ADJ cblr-1720 347 15 fight fight NOUN cblr-1720 347 16 ; ; PUNCT cblr-1720 347 17 in in ADP cblr-1720 347 18 taking take VERB cblr-1720 347 19 on on ADP cblr-1720 347 20 heavyweight heavyweight PROPN cblr-1720 347 21 sap sap PROPN cblr-1720 347 22 , , PUNCT cblr-1720 347 23 oracle oracle PROPN cblr-1720 347 24 faces face VERB cblr-1720 347 25 very very ADV cblr-1720 347 26 long long ADJ cblr-1720 347 27 odds odd NOUN cblr-1720 347 28 , , PUNCT cblr-1720 347 29 bus bus NOUN cblr-1720 347 30 . . PUNCT cblr-1720 348 1 wk wk INTJ cblr-1720 348 2 . . PROPN cblr-1720 348 3 , , PUNCT cblr-1720 348 4 apr apr PROPN cblr-1720 348 5 . . PROPN cblr-1720 348 6 4 4 NUM cblr-1720 348 7 , , PUNCT cblr-1720 348 8 2005 2005 NUM cblr-1720 348 9 , , PUNCT cblr-1720 348 10 at at ADP cblr-1720 348 11 42 42 NUM cblr-1720 348 12 . . PUNCT cblr-1720 348 13 50 50 NUM cblr-1720 348 14 for for ADP cblr-1720 348 15 a a DET cblr-1720 348 16 general general ADJ cblr-1720 348 17 discussion discussion NOUN cblr-1720 348 18 of of ADP cblr-1720 348 19 this this DET cblr-1720 348 20 issue issue NOUN cblr-1720 348 21 , , PUNCT cblr-1720 348 22 see see VERB cblr-1720 348 23 iman iman PROPN cblr-1720 348 24 anabtawi anabtawi PROPN cblr-1720 348 25 , , PUNCT cblr-1720 348 26 some some DET cblr-1720 348 27 skepticism skepticism NOUN cblr-1720 348 28 about about ADP cblr-1720 348 29 increasing increase VERB cblr-1720 348 30 shareholder shareholder NOUN cblr-1720 348 31 power power NOUN cblr-1720 348 32 , , PUNCT cblr-1720 348 33 53 53 NUM cblr-1720 348 34 ucla ucla PROPN cblr-1720 348 35 l. l. PROPN cblr-1720 348 36 rev rev PROPN cblr-1720 348 37 . . PROPN cblr-1720 349 1 561 561 NUM cblr-1720 349 2 ( ( PUNCT cblr-1720 349 3 2006 2006 NUM cblr-1720 349 4 ) ) PUNCT cblr-1720 349 5 . . PUNCT cblr-1720 350 1 51 51 NUM cblr-1720 350 2 see see VERB cblr-1720 350 3 randall randall PROPN cblr-1720 350 4 s. s. PROPN cblr-1720 350 5 thomas thomas PROPN cblr-1720 350 6 & & CCONJ cblr-1720 350 7 james james PROPN cblr-1720 350 8 f. f. PROPN cblr-1720 350 9 cotter cotter PROPN cblr-1720 350 10 , , PUNCT cblr-1720 350 11 shareholder shareholder NOUN cblr-1720 350 12 proposals proposal NOUN cblr-1720 350 13 in in ADP cblr-1720 350 14 the the DET cblr-1720 350 15 new new ADJ cblr-1720 350 16 millennium millennium NOUN cblr-1720 350 17 : : PUNCT cblr-1720 350 18 shareholder shareholder NOUN cblr-1720 350 19 support support NOUN cblr-1720 350 20 , , PUNCT cblr-1720 350 21 board board NOUN cblr-1720 350 22 response response NOUN cblr-1720 350 23 , , PUNCT cblr-1720 350 24 and and CCONJ cblr-1720 350 25 shilon shilon NOUN cblr-1720 350 26 – – PUNCT cblr-1720 350 27 final final ADJ cblr-1720 350 28 no no NOUN cblr-1720 350 29 . . PUNCT cblr-1720 350 30 2:511 2:511 NOUN cblr-1720 350 31 ] ] X cblr-1720 350 32 improving improve VERB cblr-1720 350 33 corporate corporate ADJ cblr-1720 350 34 takeover takeover NOUN cblr-1720 350 35 dynamics dynamic NOUN cblr-1720 350 36 535 535 NUM cblr-1720 350 37 are be AUX cblr-1720 350 38 politically politically ADV cblr-1720 350 39 pressured pressure VERB cblr-1720 350 40 to to PART cblr-1720 350 41 engage engage VERB cblr-1720 350 42 in in ADP cblr-1720 350 43 “ " PUNCT cblr-1720 350 44 social social ADJ cblr-1720 350 45 investing”⎯making investing”⎯making PUNCT cblr-1720 350 46 investments investment NOUN cblr-1720 350 47 that that PRON cblr-1720 350 48 foster foster VERB cblr-1720 350 49 in in ADP cblr-1720 350 50 - - PUNCT cblr-1720 350 51 state state NOUN cblr-1720 350 52 economic economic ADJ cblr-1720 350 53 development52⎯whereas development52⎯whereas PROPN cblr-1720 350 54 union union NOUN cblr-1720 350 55 pension pension NOUN cblr-1720 350 56 funds fund NOUN cblr-1720 350 57 are be AUX cblr-1720 350 58 predisposed predispose VERB cblr-1720 350 59 to to ADP cblr-1720 350 60 furthering further VERB cblr-1720 350 61 the the DET cblr-1720 350 62 special special ADJ cblr-1720 350 63 labor labor NOUN cblr-1720 350 64 interests interest NOUN cblr-1720 350 65 of of ADP cblr-1720 350 66 their their PRON cblr-1720 350 67 members member NOUN cblr-1720 350 68 . . PUNCT cblr-1720 351 1 for for ADP cblr-1720 351 2 example example NOUN cblr-1720 351 3 , , PUNCT cblr-1720 351 4 a a DET cblr-1720 351 5 union union NOUN cblr-1720 351 6 pension pension NOUN cblr-1720 351 7 fund fund NOUN cblr-1720 351 8 might might AUX cblr-1720 351 9 be be AUX cblr-1720 351 10 seeking seek VERB cblr-1720 351 11 union union NOUN cblr-1720 351 12 recognition53 recognition53 NOUN cblr-1720 351 13 or or CCONJ cblr-1720 351 14 concessions concession NOUN cblr-1720 351 15 in in ADP cblr-1720 351 16 collectivebargaining collectivebargaine VERB cblr-1720 351 17 negotiations negotiation NOUN cblr-1720 351 18 . . PUNCT cblr-1720 352 1 in in ADP cblr-1720 352 2 2004 2004 NUM cblr-1720 352 3 , , PUNCT cblr-1720 352 4 following follow VERB cblr-1720 352 5 the the DET cblr-1720 352 6 strike strike NOUN cblr-1720 352 7 by by ADP cblr-1720 352 8 the the DET cblr-1720 352 9 united united PROPN cblr-1720 352 10 food food PROPN cblr-1720 352 11 and and CCONJ cblr-1720 352 12 commercial commercial ADJ cblr-1720 352 13 workers worker NOUN cblr-1720 352 14 ( ( PUNCT cblr-1720 352 15 “ " PUNCT cblr-1720 352 16 ufcw ufcw NOUN cblr-1720 352 17 ” " PUNCT cblr-1720 352 18 ) ) PUNCT cblr-1720 352 19 , , PUNCT cblr-1720 352 20 one one NUM cblr-1720 352 21 of of ADP cblr-1720 352 22 california california PROPN cblr-1720 352 23 ’s ’s PART cblr-1720 352 24 most most ADV cblr-1720 352 25 powerful powerful ADJ cblr-1720 352 26 private private ADJ cblr-1720 352 27 sector sector NOUN cblr-1720 352 28 unions union NOUN cblr-1720 352 29 , , PUNCT cblr-1720 352 30 against against ADP cblr-1720 352 31 safeway safeway PROPN cblr-1720 352 32 , , PUNCT cblr-1720 352 33 inc inc PROPN cblr-1720 352 34 . . PROPN cblr-1720 352 35 , , PUNCT cblr-1720 352 36 california california PROPN cblr-1720 352 37 public public ADJ cblr-1720 352 38 employees employee NOUN cblr-1720 352 39 ’ ’ PART cblr-1720 352 40 retirement retirement NOUN cblr-1720 352 41 system system NOUN cblr-1720 352 42 ( ( PUNCT cblr-1720 352 43 “ " PUNCT cblr-1720 352 44 calpers calpers PROPN cblr-1720 352 45 ” " PUNCT cblr-1720 352 46 ) ) PUNCT cblr-1720 352 47 , , PUNCT cblr-1720 352 48 which which PRON cblr-1720 352 49 owned own VERB cblr-1720 352 50 over over ADP cblr-1720 352 51 $ $ SYM cblr-1720 352 52 75 75 NUM cblr-1720 352 53 million million NUM cblr-1720 352 54 in in ADP cblr-1720 352 55 safeway safeway PROPN cblr-1720 352 56 stock,54 stock,54 NOUN cblr-1720 352 57 announced announce VERB cblr-1720 352 58 that that SCONJ cblr-1720 352 59 it it PRON cblr-1720 352 60 would would AUX cblr-1720 352 61 withhold withhold VERB cblr-1720 352 62 support support NOUN cblr-1720 352 63 for for ADP cblr-1720 352 64 the the DET cblr-1720 352 65 board board NOUN cblr-1720 352 66 reelection reelection NOUN cblr-1720 352 67 of of ADP cblr-1720 352 68 safeway safeway PROPN cblr-1720 352 69 ceo ceo PROPN cblr-1720 352 70 steven steven PROPN cblr-1720 352 71 burd burd PROPN cblr-1720 352 72 . . PUNCT cblr-1720 353 1 many many ADJ cblr-1720 353 2 interpreted interpret VERB cblr-1720 353 3 this this DET cblr-1720 353 4 move move NOUN cblr-1720 353 5 as as ADP cblr-1720 353 6 a a DET cblr-1720 353 7 response response NOUN cblr-1720 353 8 to to ADP cblr-1720 353 9 burd burd PROPN cblr-1720 353 10 ’s ’s PART cblr-1720 353 11 hard hard ADJ cblr-1720 353 12 - - PUNCT cblr-1720 353 13 line line NOUN cblr-1720 353 14 stance stance NOUN cblr-1720 353 15 in in ADP cblr-1720 353 16 his his PRON cblr-1720 353 17 negotiations negotiation NOUN cblr-1720 353 18 with with ADP cblr-1720 353 19 the the DET cblr-1720 353 20 ufcw.55 ufcw.55 NOUN cblr-1720 353 21 it it PRON cblr-1720 353 22 is be AUX cblr-1720 353 23 not not PART cblr-1720 353 24 impossible impossible ADJ cblr-1720 353 25 that that SCONJ cblr-1720 353 26 union union NOUN cblr-1720 353 27 pension pension NOUN cblr-1720 353 28 funds fund NOUN cblr-1720 353 29 such such ADJ cblr-1720 353 30 as as ADP cblr-1720 353 31 calpers calpers PROPN cblr-1720 353 32 would would AUX cblr-1720 353 33 respond respond VERB cblr-1720 353 34 to to ADP cblr-1720 353 35 management management NOUN cblr-1720 353 36 ’s ’s PART cblr-1720 353 37 hard hard ADJ cblr-1720 353 38 - - PUNCT cblr-1720 353 39 line line NOUN cblr-1720 353 40 stance stance NOUN cblr-1720 353 41 to to ADP cblr-1720 353 42 union union NOUN cblr-1720 353 43 demands demand NOUN cblr-1720 353 44 by by ADP cblr-1720 353 45 supporting support VERB cblr-1720 353 46 a a DET cblr-1720 353 47 takeover takeover NOUN cblr-1720 353 48 that that PRON cblr-1720 353 49 would would AUX cblr-1720 353 50 promise promise VERB cblr-1720 353 51 to to PART cblr-1720 353 52 replace replace VERB cblr-1720 353 53 the the DET cblr-1720 353 54 incumbent incumbent ADJ cblr-1720 353 55 managers⎯and managers⎯and NOUN cblr-1720 353 56 that that PRON cblr-1720 353 57 might might AUX cblr-1720 353 58 be be AUX cblr-1720 353 59 at at ADP cblr-1720 353 60 odds odd NOUN cblr-1720 353 61 with with ADP cblr-1720 353 62 maximizing maximize VERB cblr-1720 353 63 the the DET cblr-1720 353 64 long long ADJ cblr-1720 353 65 - - PUNCT cblr-1720 353 66 term term NOUN cblr-1720 353 67 value value NOUN cblr-1720 353 68 of of ADP cblr-1720 353 69 the the DET cblr-1720 353 70 firm firm NOUN cblr-1720 353 71 . . PUNCT cblr-1720 354 1 fifth fifth ADJ cblr-1720 354 2 , , PUNCT cblr-1720 354 3 inside inside ADP cblr-1720 354 4 shareholders⎯firm shareholders⎯firm ADJ cblr-1720 354 5 employees employee NOUN cblr-1720 354 6 and and CCONJ cblr-1720 354 7 directors⎯have directors⎯have VERB cblr-1720 354 8 different different ADJ cblr-1720 354 9 objectives objective NOUN cblr-1720 354 10 than than ADP cblr-1720 354 11 outside outside ADJ cblr-1720 354 12 shareholders shareholder NOUN cblr-1720 354 13 . . PUNCT cblr-1720 355 1 as as SCONJ cblr-1720 355 2 explained explain VERB cblr-1720 355 3 in in ADP cblr-1720 355 4 part part NOUN cblr-1720 355 5 iv.b iv.b PROPN cblr-1720 355 6 , , PUNCT cblr-1720 355 7 directors director NOUN cblr-1720 355 8 and and CCONJ cblr-1720 355 9 executives executive NOUN cblr-1720 355 10 are be AUX cblr-1720 355 11 motivated motivated ADJ cblr-1720 355 12 to to PART cblr-1720 355 13 frustrate frustrate VERB cblr-1720 355 14 some some DET cblr-1720 355 15 attractive attractive ADJ cblr-1720 355 16 acquisition acquisition NOUN cblr-1720 355 17 offers offer VERB cblr-1720 355 18 that that PRON cblr-1720 355 19 would would AUX cblr-1720 355 20 increase increase VERB cblr-1720 355 21 shareholder shareholder NOUN cblr-1720 355 22 value value NOUN cblr-1720 355 23 but but CCONJ cblr-1720 355 24 possibly possibly ADV cblr-1720 355 25 cost cost VERB cblr-1720 355 26 them they PRON cblr-1720 355 27 their their PRON cblr-1720 355 28 jobs job NOUN cblr-1720 355 29 . . PUNCT cblr-1720 356 1 like like ADP cblr-1720 356 2 managers manager NOUN cblr-1720 356 3 , , PUNCT cblr-1720 356 4 rank rank NOUN cblr-1720 356 5 - - PUNCT cblr-1720 356 6 and and CCONJ cblr-1720 356 7 - - PUNCT cblr-1720 356 8 file file NOUN cblr-1720 356 9 employees employee NOUN cblr-1720 356 10 make make VERB cblr-1720 356 11 firm firm ADJ cblr-1720 356 12 - - PUNCT cblr-1720 356 13 specific specific ADJ cblr-1720 356 14 investments investment NOUN cblr-1720 356 15 in in ADP cblr-1720 356 16 the the DET cblr-1720 356 17 firm firm ADJ cblr-1720 356 18 and and CCONJ cblr-1720 356 19 market market NOUN cblr-1720 356 20 reaction reaction NOUN cblr-1720 356 21 , , PUNCT cblr-1720 356 22 13 13 NUM cblr-1720 356 23 j. j. PROPN cblr-1720 356 24 corp corp PROPN cblr-1720 356 25 . . PROPN cblr-1720 356 26 fin fin PROPN cblr-1720 356 27 . . PUNCT cblr-1720 357 1 368 368 NUM cblr-1720 357 2 , , PUNCT cblr-1720 357 3 384–85 384–85 NUM cblr-1720 357 4 ( ( PUNCT cblr-1720 357 5 2007 2007 NUM cblr-1720 357 6 ) ) PUNCT cblr-1720 357 7 ( ( PUNCT cblr-1720 357 8 comparing compare VERB cblr-1720 357 9 levels level NOUN cblr-1720 357 10 of of ADP cblr-1720 357 11 shareholder shareholder NOUN cblr-1720 357 12 support support NOUN cblr-1720 357 13 according accord VERB cblr-1720 357 14 to to ADP cblr-1720 357 15 type type NOUN cblr-1720 357 16 of of ADP cblr-1720 357 17 shareholder shareholder NOUN cblr-1720 357 18 proponent proponent NOUN cblr-1720 357 19 ) ) PUNCT cblr-1720 357 20 . . PUNCT cblr-1720 358 1 52 52 NUM cblr-1720 358 2 see see VERB cblr-1720 358 3 roberta roberta PROPN cblr-1720 358 4 romano romano PROPN cblr-1720 358 5 , , PUNCT cblr-1720 358 6 public public ADJ cblr-1720 358 7 pension pension NOUN cblr-1720 358 8 fund fund NOUN cblr-1720 358 9 activism activism NOUN cblr-1720 358 10 in in ADP cblr-1720 358 11 corporate corporate ADJ cblr-1720 358 12 governance governance NOUN cblr-1720 358 13 reconsidered reconsider VERB cblr-1720 358 14 , , PUNCT cblr-1720 358 15 93 93 NUM cblr-1720 358 16 colum colum NOUN cblr-1720 358 17 . . PUNCT cblr-1720 359 1 l. l. PROPN cblr-1720 359 2 rev rev PROPN cblr-1720 359 3 . . PROPN cblr-1720 359 4 795 795 NUM cblr-1720 359 5 , , PUNCT cblr-1720 359 6 803 803 NUM cblr-1720 359 7 ( ( PUNCT cblr-1720 359 8 1993 1993 NUM cblr-1720 359 9 ) ) PUNCT cblr-1720 359 10 . . PUNCT cblr-1720 360 1 53 53 NUM cblr-1720 360 2 see see VERB cblr-1720 360 3 marleen marleen PROPN cblr-1720 360 4 o’connor o’connor ADV cblr-1720 360 5 , , PUNCT cblr-1720 360 6 labor labor NOUN cblr-1720 360 7 ’s ’s PART cblr-1720 360 8 role role NOUN cblr-1720 360 9 in in ADP cblr-1720 360 10 the the DET cblr-1720 360 11 american american ADJ cblr-1720 360 12 corporate corporate ADJ cblr-1720 360 13 governance governance NOUN cblr-1720 360 14 structure structure NOUN cblr-1720 360 15 , , PUNCT cblr-1720 360 16 22 22 NUM cblr-1720 360 17 comp comp NOUN cblr-1720 360 18 . . PUNCT cblr-1720 361 1 lab lab PROPN cblr-1720 361 2 . . PUNCT cblr-1720 362 1 l. l. PROPN cblr-1720 362 2 & & CCONJ cblr-1720 362 3 pol’y pol’y PROPN cblr-1720 362 4 j. j. PROPN cblr-1720 362 5 97 97 NUM cblr-1720 362 6 , , PUNCT cblr-1720 362 7 114 114 NUM cblr-1720 362 8 ( ( PUNCT cblr-1720 362 9 2000 2000 NUM cblr-1720 362 10 ) ) PUNCT cblr-1720 362 11 . . PUNCT cblr-1720 363 1 54 54 NUM cblr-1720 363 2 see see VERB cblr-1720 363 3 jonathan jonathan PROPN cblr-1720 363 4 weil weil PROPN cblr-1720 363 5 & & CCONJ cblr-1720 363 6 joann joann PROPN cblr-1720 363 7 s. s. PROPN cblr-1720 363 8 lublin lublin PROPN cblr-1720 363 9 , , PUNCT cblr-1720 363 10 gadfly gadfly ADJ cblr-1720 363 11 activism activism NOUN cblr-1720 363 12 at at ADP cblr-1720 363 13 calpers calpers PROPN cblr-1720 363 14 leads lead VERB cblr-1720 363 15 to to ADP cblr-1720 363 16 possible possible ADJ cblr-1720 363 17 ouster ouster NOUN cblr-1720 363 18 of of ADP cblr-1720 363 19 president president PROPN cblr-1720 363 20 , , PUNCT cblr-1720 363 21 wall wall PROPN cblr-1720 363 22 . . PUNCT cblr-1720 363 23 st st PROPN cblr-1720 363 24 . . PROPN cblr-1720 363 25 j. j. PROPN cblr-1720 363 26 , , PUNCT cblr-1720 363 27 dec dec PROPN cblr-1720 363 28 . . PROPN cblr-1720 363 29 1 1 NUM cblr-1720 363 30 , , PUNCT cblr-1720 363 31 2004 2004 NUM cblr-1720 363 32 , , PUNCT cblr-1720 363 33 at at ADP cblr-1720 363 34 a1 a1 NOUN cblr-1720 363 35 . . PUNCT cblr-1720 363 36 55 55 NUM cblr-1720 363 37 see see VERB cblr-1720 363 38 louis louis PROPN cblr-1720 363 39 lavelle lavelle PROPN cblr-1720 363 40 , , PUNCT cblr-1720 363 41 calpers calpers PROPN cblr-1720 363 42 : : PUNCT cblr-1720 363 43 too too ADV cblr-1720 363 44 fierce fierce ADJ cblr-1720 363 45 ? ? PUNCT cblr-1720 364 1 why why SCONJ cblr-1720 364 2 its its PRON cblr-1720 364 3 good good ADJ cblr-1720 364 4 - - PUNCT cblr-1720 364 5 governance governance NOUN cblr-1720 364 6 crusade crusade NOUN cblr-1720 364 7 may may AUX cblr-1720 364 8 now now ADV cblr-1720 364 9 be be AUX cblr-1720 364 10 doing do VERB cblr-1720 364 11 more more ADJ cblr-1720 364 12 harm harm NOUN cblr-1720 364 13 than than ADP cblr-1720 364 14 good good ADJ cblr-1720 364 15 , , PUNCT cblr-1720 364 16 bus bus NOUN cblr-1720 364 17 . . PUNCT cblr-1720 365 1 wk wk INTJ cblr-1720 365 2 . . PROPN cblr-1720 365 3 , , PUNCT cblr-1720 365 4 june june PROPN cblr-1720 365 5 7 7 NUM cblr-1720 365 6 , , PUNCT cblr-1720 365 7 2004 2004 NUM cblr-1720 365 8 , , PUNCT cblr-1720 365 9 at at ADP cblr-1720 365 10 114 114 NUM cblr-1720 365 11 . . PUNCT cblr-1720 365 12 shilon shilon NOUN cblr-1720 365 13 – – PUNCT cblr-1720 365 14 final final ADJ cblr-1720 365 15 536 536 NUM cblr-1720 365 16 columbia columbia PROPN cblr-1720 365 17 business business NOUN cblr-1720 365 18 law law NOUN cblr-1720 365 19 review review NOUN cblr-1720 366 1 [ [ X cblr-1720 366 2 vol vol NOUN cblr-1720 366 3 . . NOUN cblr-1720 366 4 2017 2017 NUM cblr-1720 366 5 are be AUX cblr-1720 366 6 often often ADV cblr-1720 366 7 afraid afraid ADJ cblr-1720 366 8 to to PART cblr-1720 366 9 lose lose VERB cblr-1720 366 10 their their PRON cblr-1720 366 11 jobs job NOUN cblr-1720 366 12 following follow VERB cblr-1720 366 13 a a DET cblr-1720 366 14 takeover takeover NOUN cblr-1720 366 15 . . PUNCT cblr-1720 367 1 therefore therefore ADV cblr-1720 367 2 , , PUNCT cblr-1720 367 3 like like ADP cblr-1720 367 4 their their PRON cblr-1720 367 5 managers manager NOUN cblr-1720 367 6 , , PUNCT cblr-1720 367 7 they they PRON cblr-1720 367 8 have have VERB cblr-1720 367 9 a a DET cblr-1720 367 10 private private ADJ cblr-1720 367 11 interest interest NOUN cblr-1720 367 12 in in ADP cblr-1720 367 13 maintaining maintain VERB cblr-1720 367 14 the the DET cblr-1720 367 15 status status NOUN cblr-1720 367 16 quo quo NOUN cblr-1720 367 17 and and CCONJ cblr-1720 367 18 rejecting reject VERB cblr-1720 367 19 hostile hostile ADJ cblr-1720 367 20 bids.56 bids.56 NOUN cblr-1720 367 21 following follow VERB cblr-1720 367 22 along along ADP cblr-1720 367 23 these these DET cblr-1720 367 24 lines line NOUN cblr-1720 367 25 , , PUNCT cblr-1720 367 26 insider insider NOUN cblr-1720 367 27 shareholding shareholding NOUN cblr-1720 367 28 has have AUX cblr-1720 367 29 become become VERB cblr-1720 367 30 increasingly increasingly ADV cblr-1720 367 31 significant significant ADJ cblr-1720 367 32 and and CCONJ cblr-1720 367 33 thus thus ADV cblr-1720 367 34 might might AUX cblr-1720 367 35 be be AUX cblr-1720 367 36 an an DET cblr-1720 367 37 important important ADJ cblr-1720 367 38 factor factor NOUN cblr-1720 367 39 in in ADP cblr-1720 367 40 the the DET cblr-1720 367 41 distortion distortion NOUN cblr-1720 367 42 of of ADP cblr-1720 367 43 shareholder shareholder NOUN cblr-1720 367 44 decisionmaking decisionmake VERB cblr-1720 367 45 . . PUNCT cblr-1720 368 1 inside inside ADP cblr-1720 368 2 shareholders shareholder NOUN cblr-1720 368 3 have have AUX cblr-1720 368 4 never never ADV cblr-1720 368 5 before before ADV cblr-1720 368 6 had have VERB cblr-1720 368 7 such such ADJ cblr-1720 368 8 clout clout NOUN cblr-1720 368 9 in in ADP cblr-1720 368 10 widely widely ADV cblr-1720 368 11 held hold VERB cblr-1720 368 12 firms firm NOUN cblr-1720 368 13 because because SCONJ cblr-1720 368 14 the the DET cblr-1720 368 15 majority majority NOUN cblr-1720 368 16 of of ADP cblr-1720 368 17 executive executive ADJ cblr-1720 368 18 pay pay NOUN cblr-1720 368 19 already already ADV cblr-1720 368 20 includes include VERB cblr-1720 368 21 stock stock NOUN cblr-1720 368 22 compensation,57 compensation,57 NOUN cblr-1720 368 23 director director NOUN cblr-1720 368 24 pay pay VERB cblr-1720 368 25 increasingly increasingly ADV cblr-1720 368 26 includes include VERB cblr-1720 368 27 stock,58 stock,58 NOUN cblr-1720 368 28 and and CCONJ cblr-1720 368 29 stock stock NOUN cblr-1720 368 30 ownership ownership NOUN cblr-1720 368 31 policies policy NOUN cblr-1720 368 32 ( ( PUNCT cblr-1720 368 33 “ " PUNCT cblr-1720 368 34 sops sop NOUN cblr-1720 368 35 ” " PUNCT cblr-1720 368 36 ) ) PUNCT cblr-1720 368 37 for for ADP cblr-1720 368 38 directors director NOUN cblr-1720 368 39 and and CCONJ cblr-1720 368 40 executives executive NOUN cblr-1720 368 41 have have AUX cblr-1720 368 42 become become VERB cblr-1720 368 43 universal.59 universal.59 ADJ cblr-1720 368 44 as as ADP cblr-1720 368 45 a a DET cblr-1720 368 46 result result NOUN cblr-1720 368 47 of of ADP cblr-1720 368 48 insiders insider NOUN cblr-1720 368 49 ’ ’ PART cblr-1720 368 50 tendency tendency NOUN cblr-1720 368 51 to to PART cblr-1720 368 52 reject reject VERB cblr-1720 368 53 takeovers takeover NOUN cblr-1720 368 54 , , PUNCT cblr-1720 368 55 the the DET cblr-1720 368 56 employee employee NOUN cblr-1720 368 57 stock stock NOUN cblr-1720 368 58 ownership ownership NOUN cblr-1720 368 59 plan plan NOUN cblr-1720 368 60 ( ( PUNCT cblr-1720 368 61 “ " PUNCT cblr-1720 368 62 esop esop PROPN cblr-1720 368 63 ” " PUNCT cblr-1720 368 64 ) ) PUNCT cblr-1720 368 65 became become VERB cblr-1720 368 66 an an DET cblr-1720 368 67 important important ADJ cblr-1720 368 68 ally ally NOUN cblr-1720 368 69 of of ADP cblr-1720 368 70 management management NOUN cblr-1720 368 71 in in ADP cblr-1720 368 72 efforts effort NOUN cblr-1720 368 73 to to PART cblr-1720 368 74 defeat defeat VERB cblr-1720 368 75 hostile hostile ADJ cblr-1720 368 76 takeover takeover NOUN cblr-1720 368 77 bids.60 bids.60 ADJ cblr-1720 368 78 for for ADP cblr-1720 368 79 example example NOUN cblr-1720 368 80 , , PUNCT cblr-1720 368 81 in in ADP cblr-1720 368 82 response response NOUN cblr-1720 368 83 to to ADP cblr-1720 368 84 shamrock shamrock NOUN cblr-1720 368 85 ’s ’s PART cblr-1720 368 86 takeover takeover NOUN cblr-1720 368 87 attempt attempt NOUN cblr-1720 368 88 , , PUNCT cblr-1720 368 89 polaroid polaroid PROPN cblr-1720 368 90 erected erect VERB cblr-1720 368 91 a a DET cblr-1720 368 92 “ " PUNCT cblr-1720 368 93 defensive defensive ADJ cblr-1720 368 94 ” " PUNCT cblr-1720 368 95 esop esop NOUN cblr-1720 368 96 to to ADP cblr-1720 368 97 56 56 NUM cblr-1720 368 98 see see VERB cblr-1720 368 99 michael michael PROPN cblr-1720 368 100 j. j. PROPN cblr-1720 368 101 nassau nassau PROPN cblr-1720 368 102 et et PROPN cblr-1720 368 103 al al PROPN cblr-1720 368 104 . . PROPN cblr-1720 368 105 , , PUNCT cblr-1720 368 106 esops esop NOUN cblr-1720 368 107 after after ADP cblr-1720 368 108 polaroid polaroid NOUN cblr-1720 368 109 — — PUNCT cblr-1720 368 110 opportunities opportunity NOUN cblr-1720 368 111 and and CCONJ cblr-1720 368 112 pitfalls pitfall NOUN cblr-1720 368 113 , , PUNCT cblr-1720 368 114 15 15 NUM cblr-1720 368 115 emp emp NOUN cblr-1720 368 116 . . PUNCT cblr-1720 369 1 rel rel PROPN cblr-1720 369 2 . . PUNCT cblr-1720 370 1 l.j l.j PROPN cblr-1720 370 2 . . PROPN cblr-1720 370 3 347 347 NUM cblr-1720 370 4 , , PUNCT cblr-1720 370 5 348 348 NUM cblr-1720 370 6 ( ( PUNCT cblr-1720 370 7 1989 1989 NUM cblr-1720 370 8 ) ) PUNCT cblr-1720 370 9 ( ( PUNCT cblr-1720 370 10 explaining explain VERB cblr-1720 370 11 that that SCONJ cblr-1720 370 12 employees employee NOUN cblr-1720 370 13 are be AUX cblr-1720 370 14 “ " PUNCT cblr-1720 370 15 more more ADV cblr-1720 370 16 concerned concerned ADJ cblr-1720 370 17 with with ADP cblr-1720 370 18 the the DET cblr-1720 370 19 immediate immediate ADJ cblr-1720 370 20 benefits benefit NOUN cblr-1720 370 21 of of ADP cblr-1720 370 22 job job NOUN cblr-1720 370 23 security security NOUN cblr-1720 370 24 than than ADP cblr-1720 370 25 with with ADP cblr-1720 370 26 the the DET cblr-1720 370 27 potential potential ADJ cblr-1720 370 28 increase increase NOUN cblr-1720 370 29 to to ADP cblr-1720 370 30 the the DET cblr-1720 370 31 value value NOUN cblr-1720 370 32 of of ADP cblr-1720 370 33 their their PRON cblr-1720 370 34 future future ADJ cblr-1720 370 35 retirement retirement NOUN cblr-1720 370 36 benefits benefit NOUN cblr-1720 370 37 that that PRON cblr-1720 370 38 will will AUX cblr-1720 370 39 result result VERB cblr-1720 370 40 from from ADP cblr-1720 370 41 tendering tender VERB cblr-1720 370 42 their their PRON cblr-1720 370 43 esop esop NOUN cblr-1720 370 44 shares share NOUN cblr-1720 370 45 to to ADP cblr-1720 370 46 a a DET cblr-1720 370 47 hostile hostile ADJ cblr-1720 370 48 acquirer acquirer NOUN cblr-1720 370 49 . . PUNCT cblr-1720 370 50 ” " PUNCT cblr-1720 370 51 ) ) PUNCT cblr-1720 370 52 . . PUNCT cblr-1720 371 1 57 57 NUM cblr-1720 371 2 in in ADP cblr-1720 371 3 2015 2015 NUM cblr-1720 371 4 , , PUNCT cblr-1720 371 5 stock stock NOUN cblr-1720 371 6 - - PUNCT cblr-1720 371 7 based base VERB cblr-1720 371 8 compensation compensation NOUN cblr-1720 371 9 for for ADP cblr-1720 371 10 s&p s&p PROPN cblr-1720 371 11 500 500 NUM cblr-1720 371 12 ceos ceo NOUN cblr-1720 371 13 amounted amount VERB cblr-1720 371 14 to to ADP cblr-1720 371 15 more more ADJ cblr-1720 371 16 than than ADP cblr-1720 371 17 seven seven NUM cblr-1720 371 18 times time NOUN cblr-1720 371 19 their their PRON cblr-1720 371 20 base base ADJ cblr-1720 371 21 salary salary NOUN cblr-1720 371 22 . . PUNCT cblr-1720 372 1 see see VERB cblr-1720 372 2 meridian meridian PROPN cblr-1720 372 3 comp comp PROPN cblr-1720 372 4 . . PUNCT cblr-1720 373 1 partners partner NOUN cblr-1720 373 2 , , PUNCT cblr-1720 373 3 2016 2016 NUM cblr-1720 373 4 ceo ceo NOUN cblr-1720 373 5 pay pay NOUN cblr-1720 373 6 trends trend NOUN cblr-1720 373 7 10 10 NUM cblr-1720 373 8 ( ( PUNCT cblr-1720 373 9 june june PROPN cblr-1720 373 10 2016 2016 NUM cblr-1720 373 11 ) ) PUNCT cblr-1720 373 12 , , PUNCT cblr-1720 373 13 https://www.meridiancp.com/wpcontent/uploads/equilar-ceo-pay-trends-report.pdf https://www.meridiancp.com/wpcontent/uploads/equilar-ceo-pay-trends-report.pdf PROPN cblr-1720 374 1 [ [ X cblr-1720 374 2 https://perma.cc/jc27-a4yp https://perma.cc/jc27-a4yp X cblr-1720 374 3 ] ] X cblr-1720 374 4 . . PUNCT cblr-1720 375 1 58 58 NUM cblr-1720 375 2 60 60 NUM cblr-1720 375 3 % % NOUN cblr-1720 375 4 of of ADP cblr-1720 375 5 fortune fortune NOUN cblr-1720 375 6 500 500 NUM cblr-1720 375 7 outside outside ADJ cblr-1720 375 8 directors director NOUN cblr-1720 375 9 receive receive VERB cblr-1720 375 10 restricted restrict VERB cblr-1720 375 11 stock stock NOUN cblr-1720 375 12 ( ( PUNCT cblr-1720 375 13 stock stock NOUN cblr-1720 375 14 with with ADP cblr-1720 375 15 vesting vest VERB cblr-1720 375 16 periods period NOUN cblr-1720 375 17 ) ) PUNCT cblr-1720 375 18 , , PUNCT cblr-1720 375 19 and and CCONJ cblr-1720 375 20 23 23 NUM cblr-1720 375 21 % % NOUN cblr-1720 375 22 of of ADP cblr-1720 375 23 all all DET cblr-1720 375 24 outside outside ADJ cblr-1720 375 25 directors director NOUN cblr-1720 375 26 are be AUX cblr-1720 375 27 granted grant VERB cblr-1720 375 28 with with ADP cblr-1720 375 29 deferred deferred ADJ cblr-1720 375 30 stock stock NOUN cblr-1720 375 31 and and CCONJ cblr-1720 375 32 phantom phantom ADJ cblr-1720 375 33 stock stock NOUN cblr-1720 375 34 ( ( PUNCT cblr-1720 375 35 stock stock NOUN cblr-1720 375 36 that that PRON cblr-1720 375 37 will will AUX cblr-1720 375 38 be be AUX cblr-1720 375 39 given give VERB cblr-1720 375 40 to to ADP cblr-1720 375 41 them they PRON cblr-1720 375 42 in in ADP cblr-1720 375 43 the the DET cblr-1720 375 44 future future NOUN cblr-1720 375 45 but but CCONJ cblr-1720 375 46 will will AUX cblr-1720 375 47 not not PART cblr-1720 375 48 be be AUX cblr-1720 375 49 subject subject ADJ cblr-1720 375 50 to to ADP cblr-1720 375 51 vesting vest VERB cblr-1720 375 52 periods period NOUN cblr-1720 375 53 ) ) PUNCT cblr-1720 375 54 . . PUNCT cblr-1720 376 1 moreover moreover ADV cblr-1720 376 2 , , PUNCT cblr-1720 376 3 95 95 NUM cblr-1720 376 4 % % NOUN cblr-1720 376 5 of of ADP cblr-1720 376 6 total total ADJ cblr-1720 376 7 outside outside ADJ cblr-1720 376 8 directors director NOUN cblr-1720 376 9 are be AUX cblr-1720 376 10 paid pay VERB cblr-1720 376 11 with with ADP cblr-1720 376 12 full full ADJ cblr-1720 376 13 - - PUNCT cblr-1720 376 14 value value NOUN cblr-1720 376 15 stock stock NOUN cblr-1720 376 16 . . PUNCT cblr-1720 377 1 see see VERB cblr-1720 377 2 michael michael PROPN cblr-1720 377 3 bowie bowie PROPN cblr-1720 377 4 , , PUNCT cblr-1720 377 5 equity equity NOUN cblr-1720 377 6 strikes strike NOUN cblr-1720 377 7 back back ADV cblr-1720 377 8 : : PUNCT cblr-1720 377 9 larger large ADJ cblr-1720 377 10 stock stock NOUN cblr-1720 377 11 values value NOUN cblr-1720 377 12 drive drive VERB cblr-1720 377 13 increases increase NOUN cblr-1720 377 14 in in ADP cblr-1720 377 15 outside outside ADJ cblr-1720 377 16 director director NOUN cblr-1720 377 17 pay pay NOUN cblr-1720 377 18 , , PUNCT cblr-1720 377 19 towers towers PROPN cblr-1720 377 20 watson watson PROPN cblr-1720 377 21 executive executive PROPN cblr-1720 377 22 compensation compensation PROPN cblr-1720 377 23 bulletin bulletin NOUN cblr-1720 377 24 ( ( PUNCT cblr-1720 377 25 sept sept PROPN cblr-1720 377 26 . . PROPN cblr-1720 377 27 24 24 NUM cblr-1720 377 28 , , PUNCT cblr-1720 377 29 2014 2014 NUM cblr-1720 377 30 ) ) PUNCT cblr-1720 377 31 . . PUNCT cblr-1720 378 1 59 59 NUM cblr-1720 378 2 see see VERB cblr-1720 378 3 nitzan nitzan PROPN cblr-1720 378 4 shilon shilon PROPN cblr-1720 378 5 , , PUNCT cblr-1720 378 6 ceo ceo NOUN cblr-1720 378 7 stock stock NOUN cblr-1720 378 8 ownership ownership NOUN cblr-1720 378 9 policies⎯rhetoric policies⎯rhetoric NOUN cblr-1720 378 10 and and CCONJ cblr-1720 378 11 reality reality NOUN cblr-1720 378 12 , , PUNCT cblr-1720 378 13 90 90 NUM cblr-1720 378 14 ind ind NOUN cblr-1720 378 15 . . PUNCT cblr-1720 379 1 l.j l.j AUX cblr-1720 379 2 . . PROPN cblr-1720 379 3 353 353 NUM cblr-1720 379 4 , , PUNCT cblr-1720 379 5 375 375 NUM cblr-1720 379 6 ( ( PUNCT cblr-1720 379 7 2015 2015 NUM cblr-1720 379 8 ) ) PUNCT cblr-1720 379 9 ( ( PUNCT cblr-1720 379 10 reporting report VERB cblr-1720 379 11 that that SCONJ cblr-1720 379 12 as as ADP cblr-1720 379 13 of of ADP cblr-1720 379 14 2013 2013 NUM cblr-1720 379 15 , , PUNCT cblr-1720 379 16 sops sop NOUN cblr-1720 379 17 have have AUX cblr-1720 379 18 become become VERB cblr-1720 379 19 virtually virtually ADV cblr-1720 379 20 universal universal ADJ cblr-1720 379 21 , , PUNCT cblr-1720 379 22 with with ADP cblr-1720 379 23 95 95 NUM cblr-1720 379 24 % % NOUN cblr-1720 379 25 prevalence prevalence NOUN cblr-1720 379 26 among among ADP cblr-1720 379 27 top top ADJ cblr-1720 379 28 250 250 NUM cblr-1720 379 29 u.s u.s PROPN cblr-1720 379 30 . . PROPN cblr-1720 379 31 public public ADJ cblr-1720 379 32 firms firm NOUN cblr-1720 379 33 ) ) PUNCT cblr-1720 379 34 . . PUNCT cblr-1720 380 1 60 60 NUM cblr-1720 380 2 see see VERB cblr-1720 380 3 , , PUNCT cblr-1720 380 4 e.g. e.g. ADV cblr-1720 380 5 , , PUNCT cblr-1720 380 6 moran moran PROPN cblr-1720 380 7 , , PUNCT cblr-1720 380 8 500 500 NUM cblr-1720 380 9 a.2d a.2d PUNCT cblr-1720 380 10 at at ADP cblr-1720 380 11 1361 1361 NUM cblr-1720 380 12 ; ; PUNCT cblr-1720 380 13 shamrock shamrock NOUN cblr-1720 380 14 holdings holding NOUN cblr-1720 380 15 , , PUNCT cblr-1720 380 16 inc inc PROPN cblr-1720 380 17 . . PROPN cblr-1720 380 18 v. v. PROPN cblr-1720 380 19 polaroid polaroid PROPN cblr-1720 380 20 corp corp PROPN cblr-1720 380 21 . . PROPN cblr-1720 380 22 , , PUNCT cblr-1720 380 23 559 559 NUM cblr-1720 380 24 a.2d a.2d SYM cblr-1720 380 25 278 278 NUM cblr-1720 380 26 ( ( PUNCT cblr-1720 380 27 del del PROPN cblr-1720 380 28 . . PROPN cblr-1720 380 29 ch ch PROPN cblr-1720 380 30 . . PROPN cblr-1720 380 31 1989 1989 NUM cblr-1720 380 32 ) ) PUNCT cblr-1720 380 33 . . PUNCT cblr-1720 381 1 shilon shilon NOUN cblr-1720 381 2 – – PUNCT cblr-1720 381 3 final final ADJ cblr-1720 381 4 no no NOUN cblr-1720 381 5 . . PUNCT cblr-1720 382 1 2:511 2:511 NOUN cblr-1720 382 2 ] ] X cblr-1720 382 3 improving improve VERB cblr-1720 382 4 corporate corporate ADJ cblr-1720 382 5 takeover takeover NOUN cblr-1720 382 6 dynamics dynamic NOUN cblr-1720 382 7 537 537 NUM cblr-1720 382 8 purchase purchase NOUN cblr-1720 382 9 14 14 NUM cblr-1720 382 10 % % NOUN cblr-1720 382 11 of of ADP cblr-1720 382 12 its its PRON cblr-1720 382 13 shares.61 shares.61 NOUN cblr-1720 382 14 polaroid polaroid PROPN cblr-1720 382 15 ’s ’s PART cblr-1720 382 16 resistance resistance NOUN cblr-1720 382 17 ultimately ultimately ADV cblr-1720 382 18 forced force VERB cblr-1720 382 19 shamrock shamrock NOUN cblr-1720 382 20 to to PART cblr-1720 382 21 reach reach VERB cblr-1720 382 22 an an DET cblr-1720 382 23 accord accord NOUN cblr-1720 382 24 with with ADP cblr-1720 382 25 polaroid polaroid NOUN cblr-1720 382 26 and and CCONJ cblr-1720 382 27 abandon abandon VERB cblr-1720 382 28 its its PRON cblr-1720 382 29 takeover takeover NOUN cblr-1720 382 30 bid.62 bid.62 NOUN cblr-1720 382 31 consequently consequently ADV cblr-1720 382 32 , , PUNCT cblr-1720 382 33 polaroid polaroid PROPN cblr-1720 382 34 stock stock PROPN cblr-1720 382 35 plunged,63 plunged,63 NOUN cblr-1720 382 36 indicating indicate VERB cblr-1720 382 37 that that SCONJ cblr-1720 382 38 the the DET cblr-1720 382 39 markets market NOUN cblr-1720 382 40 perceived perceive VERB cblr-1720 382 41 the the DET cblr-1720 382 42 interests interest NOUN cblr-1720 382 43 of of ADP cblr-1720 382 44 the the DET cblr-1720 382 45 inside inside ADJ cblr-1720 382 46 shareholders shareholder NOUN cblr-1720 382 47 who who PRON cblr-1720 382 48 were be AUX cblr-1720 382 49 entitled entitle VERB cblr-1720 382 50 to to ADP cblr-1720 382 51 the the DET cblr-1720 382 52 new new PROPN cblr-1720 382 53 esop esop PROPN cblr-1720 382 54 stock stock NOUN cblr-1720 382 55 as as ADP cblr-1720 382 56 inconsistent inconsistent ADJ cblr-1720 382 57 with with ADP cblr-1720 382 58 maximizing maximize VERB cblr-1720 382 59 firm firm ADJ cblr-1720 382 60 value value NOUN cblr-1720 382 61 . . PUNCT cblr-1720 383 1 given give VERB cblr-1720 383 2 the the DET cblr-1720 383 3 growing grow VERB cblr-1720 383 4 prevalence prevalence NOUN cblr-1720 383 5 of of ADP cblr-1720 383 6 inside inside ADJ cblr-1720 383 7 stock,64 stock,64 NOUN cblr-1720 383 8 such such ADJ cblr-1720 383 9 distortions distortion NOUN cblr-1720 383 10 in in ADP cblr-1720 383 11 shareholder shareholder NOUN cblr-1720 383 12 decision decision NOUN cblr-1720 383 13 - - PUNCT cblr-1720 383 14 making making NOUN cblr-1720 383 15 are be AUX cblr-1720 383 16 expected expect VERB cblr-1720 383 17 to to PART cblr-1720 383 18 become become VERB cblr-1720 383 19 even even ADV cblr-1720 383 20 more more ADV cblr-1720 383 21 disturbing disturbing ADJ cblr-1720 383 22 . . PUNCT cblr-1720 384 1 sixth sixth ADJ cblr-1720 384 2 , , PUNCT cblr-1720 384 3 even even ADV cblr-1720 384 4 if if SCONJ cblr-1720 384 5 shareholders shareholder NOUN cblr-1720 384 6 have have VERB cblr-1720 384 7 the the DET cblr-1720 384 8 right right ADJ cblr-1720 384 9 incentives incentive NOUN cblr-1720 384 10 to to PART cblr-1720 384 11 maximize maximize VERB cblr-1720 384 12 long long ADJ cblr-1720 384 13 - - PUNCT cblr-1720 384 14 term term NOUN cblr-1720 384 15 firm firm ADJ cblr-1720 384 16 value value NOUN cblr-1720 384 17 , , PUNCT cblr-1720 384 18 two two NUM cblr-1720 384 19 major major ADJ cblr-1720 384 20 collective collective ADJ cblr-1720 384 21 action action NOUN cblr-1720 384 22 problems problem NOUN cblr-1720 384 23 would would AUX cblr-1720 384 24 still still ADV cblr-1720 384 25 distort distort VERB cblr-1720 384 26 their their PRON cblr-1720 384 27 tender tender ADJ cblr-1720 384 28 decision decision NOUN cblr-1720 384 29 - - PUNCT cblr-1720 384 30 making making NOUN cblr-1720 384 31 when when SCONJ cblr-1720 384 32 faced face VERB cblr-1720 384 33 with with ADP cblr-1720 384 34 a a DET cblr-1720 384 35 takeover takeover NOUN cblr-1720 384 36 bid bid NOUN cblr-1720 384 37 . . PUNCT cblr-1720 385 1 the the DET cblr-1720 385 2 first first ADJ cblr-1720 385 3 problem problem NOUN cblr-1720 385 4 is be AUX cblr-1720 385 5 that that SCONJ cblr-1720 385 6 individual individual ADJ cblr-1720 385 7 shareholders shareholder NOUN cblr-1720 385 8 might might AUX cblr-1720 385 9 hold hold VERB cblr-1720 385 10 out out ADP cblr-1720 385 11 for for ADP cblr-1720 385 12 a a DET cblr-1720 385 13 valueincreasing valueincrease VERB cblr-1720 385 14 takeover takeover NOUN cblr-1720 385 15 bid bid NOUN cblr-1720 385 16 in in ADP cblr-1720 385 17 order order NOUN cblr-1720 385 18 to to PART cblr-1720 385 19 free free ADJ cblr-1720 385 20 ride ride NOUN cblr-1720 385 21 on on ADP cblr-1720 385 22 the the DET cblr-1720 385 23 bidder bidder NOUN cblr-1720 385 24 ’s ’s PART cblr-1720 385 25 improvement improvement NOUN cblr-1720 385 26 of of ADP cblr-1720 385 27 the the DET cblr-1720 385 28 corporation corporation NOUN cblr-1720 385 29 should should AUX cblr-1720 385 30 the the DET cblr-1720 385 31 bid bid NOUN cblr-1720 385 32 be be AUX cblr-1720 385 33 accepted.65 accepted.65 NOUN cblr-1720 385 34 this this PRON cblr-1720 385 35 might might AUX cblr-1720 385 36 happen happen VERB cblr-1720 385 37 because because SCONJ cblr-1720 385 38 ( ( PUNCT cblr-1720 385 39 1 1 X cblr-1720 385 40 ) ) PUNCT cblr-1720 385 41 any any DET cblr-1720 385 42 given give VERB cblr-1720 385 43 shareholder shareholder NOUN cblr-1720 385 44 will will AUX cblr-1720 385 45 realize realize VERB cblr-1720 385 46 that that SCONJ cblr-1720 385 47 his his PRON cblr-1720 385 48 decision decision NOUN cblr-1720 385 49 is be AUX cblr-1720 385 50 unlikely unlikely ADJ cblr-1720 385 51 to to PART cblr-1720 385 52 determine determine VERB cblr-1720 385 53 the the DET cblr-1720 385 54 bid bid NOUN cblr-1720 385 55 ’s ’s PART cblr-1720 385 56 outcome outcome NOUN cblr-1720 385 57 , , PUNCT cblr-1720 385 58 and and CCONJ cblr-1720 385 59 ( ( PUNCT cblr-1720 385 60 2 2 X cblr-1720 385 61 ) ) PUNCT cblr-1720 385 62 if if SCONJ cblr-1720 385 63 the the DET cblr-1720 385 64 bid bid NOUN cblr-1720 385 65 succeeds succeed VERB cblr-1720 385 66 , , PUNCT cblr-1720 385 67 the the DET cblr-1720 385 68 shareholder shareholder NOUN cblr-1720 385 69 will will AUX cblr-1720 385 70 be be AUX cblr-1720 385 71 better well ADJ cblr-1720 385 72 off off ADP cblr-1720 385 73 not not PART cblr-1720 385 74 tendering tender VERB cblr-1720 385 75 and and CCONJ cblr-1720 385 76 thereby thereby ADV cblr-1720 385 77 free free ADJ cblr-1720 385 78 riding riding NOUN cblr-1720 385 79 on on ADP cblr-1720 385 80 the the DET cblr-1720 385 81 increased increase VERB cblr-1720 385 82 firm firm NOUN cblr-1720 385 83 value⎯value value⎯value NOUN cblr-1720 385 84 created create VERB cblr-1720 385 85 by by ADP cblr-1720 385 86 the the DET cblr-1720 385 87 improvements improvement NOUN cblr-1720 385 88 made make VERB cblr-1720 385 89 by by ADP cblr-1720 385 90 the the DET cblr-1720 385 91 bidder bidder NOUN cblr-1720 385 92 which which PRON cblr-1720 385 93 may may AUX cblr-1720 385 94 exceed exceed VERB cblr-1720 385 95 the the DET cblr-1720 385 96 premium premium NOUN cblr-1720 385 97 in in ADP cblr-1720 385 98 the the DET cblr-1720 385 99 tender tender NOUN cblr-1720 385 100 offer offer NOUN cblr-1720 385 101 . . PUNCT cblr-1720 386 1 if if SCONJ cblr-1720 386 2 the the DET cblr-1720 386 3 bid bid NOUN cblr-1720 386 4 is be AUX cblr-1720 386 5 conditional conditional ADJ cblr-1720 386 6 on on ADP cblr-1720 386 7 acceptance acceptance NOUN cblr-1720 386 8 , , PUNCT cblr-1720 386 9 the the DET cblr-1720 386 10 shareholder shareholder NOUN cblr-1720 386 11 should should AUX cblr-1720 386 12 consider consider VERB cblr-1720 386 13 taking take VERB cblr-1720 386 14 action action NOUN cblr-1720 386 15 only only ADV cblr-1720 386 16 if if SCONJ cblr-1720 386 17 the the DET cblr-1720 386 18 bid bid NOUN cblr-1720 386 19 61 61 NUM cblr-1720 386 20 see see VERB cblr-1720 386 21 shamrock shamrock NOUN cblr-1720 386 22 holdings holding NOUN cblr-1720 386 23 , , PUNCT cblr-1720 386 24 559 559 NUM cblr-1720 386 25 a.2d a.2d PUNCT cblr-1720 386 26 at at ADP cblr-1720 386 27 281 281 NUM cblr-1720 386 28 . . PUNCT cblr-1720 387 1 62 62 NUM cblr-1720 387 2 business business NOUN cblr-1720 387 3 digest digest PROPN cblr-1720 387 4 , , PUNCT cblr-1720 387 5 n.y n.y PROPN cblr-1720 387 6 . . PROPN cblr-1720 387 7 times times PROPN cblr-1720 387 8 , , PUNCT cblr-1720 387 9 mar mar PROPN cblr-1720 387 10 . . PROPN cblr-1720 387 11 28 28 NUM cblr-1720 387 12 , , PUNCT cblr-1720 387 13 1989 1989 NUM cblr-1720 387 14 . . PUNCT cblr-1720 388 1 63 63 NUM cblr-1720 388 2 see see VERB cblr-1720 388 3 robert robert PROPN cblr-1720 388 4 j. j. PROPN cblr-1720 388 5 cole cole PROPN cblr-1720 388 6 , , PUNCT cblr-1720 388 7 polaroid polaroid PROPN cblr-1720 388 8 payout payout PROPN cblr-1720 388 9 plan plan NOUN cblr-1720 388 10 helps help VERB cblr-1720 388 11 it it PRON cblr-1720 388 12 reach reach VERB cblr-1720 388 13 shamrock shamrock NOUN cblr-1720 388 14 accord accord NOUN cblr-1720 388 15 , , PUNCT cblr-1720 388 16 n.y n.y PROPN cblr-1720 388 17 . . PROPN cblr-1720 388 18 times times PROPN cblr-1720 388 19 , , PUNCT cblr-1720 388 20 mar mar PROPN cblr-1720 388 21 . . PROPN cblr-1720 388 22 28 28 NUM cblr-1720 388 23 , , PUNCT cblr-1720 388 24 1989 1989 NUM cblr-1720 388 25 , , PUNCT cblr-1720 388 26 at at ADP cblr-1720 388 27 d1 d1 NOUN cblr-1720 388 28 . . PUNCT cblr-1720 389 1 64 64 NUM cblr-1720 389 2 this this PRON cblr-1720 389 3 is be AUX cblr-1720 389 4 due due ADJ cblr-1720 389 5 to to ADP cblr-1720 389 6 two two NUM cblr-1720 389 7 facts fact NOUN cblr-1720 389 8 . . PUNCT cblr-1720 390 1 first first ADV cblr-1720 390 2 , , PUNCT cblr-1720 390 3 executive executive ADJ cblr-1720 390 4 pay pay NOUN cblr-1720 390 5 has have AUX cblr-1720 390 6 climbed climb VERB cblr-1720 390 7 consistently consistently ADV cblr-1720 390 8 and and CCONJ cblr-1720 390 9 reached reach VERB cblr-1720 390 10 an an DET cblr-1720 390 11 all all DET cblr-1720 390 12 - - PUNCT cblr-1720 390 13 time time NOUN cblr-1720 390 14 high high ADJ cblr-1720 390 15 of of ADP cblr-1720 390 16 $ $ SYM cblr-1720 390 17 10.8 10.8 NUM cblr-1720 390 18 million million NUM cblr-1720 390 19 per per ADP cblr-1720 390 20 year year NOUN cblr-1720 390 21 for for ADP cblr-1720 390 22 s&p s&p PROPN cblr-1720 390 23 500 500 NUM cblr-1720 390 24 ceos ceo NOUN cblr-1720 390 25 . . PUNCT cblr-1720 391 1 see see VERB cblr-1720 391 2 equilar equilar ADJ cblr-1720 391 3 / / SYM cblr-1720 391 4 associated associated ADJ cblr-1720 391 5 press press NOUN cblr-1720 391 6 , , PUNCT cblr-1720 391 7 s&p s&p PROPN cblr-1720 391 8 500 500 NUM cblr-1720 391 9 ceo ceo NOUN cblr-1720 391 10 pay pay NOUN cblr-1720 391 11 study study NOUN cblr-1720 391 12 2016 2016 NUM cblr-1720 391 13 ( ( PUNCT cblr-1720 391 14 may may PROPN cblr-1720 391 15 25 25 NUM cblr-1720 391 16 , , PUNCT cblr-1720 391 17 2016 2016 NUM cblr-1720 391 18 ) ) PUNCT cblr-1720 391 19 , , PUNCT cblr-1720 391 20 http://www.equilar.com/reports/37-associated-press-paystudy-2016.html http://www.equilar.com/reports/37-associated-press-paystudy-2016.html NUM cblr-1720 392 1 [ [ X cblr-1720 392 2 https://perma.cc/an4v-qwwx https://perma.cc/an4v-qwwx X cblr-1720 392 3 ] ] PUNCT cblr-1720 392 4 . . PUNCT cblr-1720 393 1 second second ADJ cblr-1720 393 2 , , PUNCT cblr-1720 393 3 equity equity NOUN cblr-1720 393 4 plays play VERB cblr-1720 393 5 the the DET cblr-1720 393 6 primary primary ADJ cblr-1720 393 7 role role NOUN cblr-1720 393 8 in in ADP cblr-1720 393 9 executive executive ADJ cblr-1720 393 10 pay pay NOUN cblr-1720 393 11 , , PUNCT cblr-1720 393 12 with with ADP cblr-1720 393 13 an an DET cblr-1720 393 14 average average NOUN cblr-1720 393 15 of of ADP cblr-1720 393 16 more more ADJ cblr-1720 393 17 than than ADP cblr-1720 393 18 60 60 NUM cblr-1720 393 19 % % NOUN cblr-1720 393 20 of of ADP cblr-1720 393 21 s&p s&p PROPN cblr-1720 393 22 500 500 NUM cblr-1720 393 23 ceo ceo NOUN cblr-1720 393 24 pay pay NOUN cblr-1720 393 25 received receive VERB cblr-1720 393 26 in in ADP cblr-1720 393 27 stock stock NOUN cblr-1720 393 28 or or CCONJ cblr-1720 393 29 stock stock NOUN cblr-1720 393 30 options option NOUN cblr-1720 393 31 . . PUNCT cblr-1720 394 1 see see VERB cblr-1720 394 2 equilar equilar PROPN cblr-1720 394 3 inc inc PROPN cblr-1720 394 4 . . PROPN cblr-1720 394 5 , , PUNCT cblr-1720 394 6 2016 2016 NUM cblr-1720 394 7 equity equity NOUN cblr-1720 394 8 compensation compensation NOUN cblr-1720 394 9 trends trend NOUN cblr-1720 394 10 ( ( PUNCT cblr-1720 394 11 2016 2016 NUM cblr-1720 394 12 ) ) PUNCT cblr-1720 394 13 ( ( PUNCT cblr-1720 394 14 on on ADP cblr-1720 394 15 file file NOUN cblr-1720 394 16 with with ADP cblr-1720 394 17 author author NOUN cblr-1720 394 18 ) ) PUNCT cblr-1720 394 19 . . PUNCT cblr-1720 395 1 65 65 NUM cblr-1720 395 2 see see VERB cblr-1720 395 3 sanford sanford PROPN cblr-1720 395 4 j. j. PROPN cblr-1720 395 5 grossman grossman PROPN cblr-1720 395 6 & & CCONJ cblr-1720 395 7 oliver oliver PROPN cblr-1720 395 8 d. d. PROPN cblr-1720 395 9 hart hart PROPN cblr-1720 395 10 , , PUNCT cblr-1720 395 11 takeover takeover NOUN cblr-1720 395 12 bids bid NOUN cblr-1720 395 13 , , PUNCT cblr-1720 395 14 the the DET cblr-1720 395 15 freerider freerider NOUN cblr-1720 395 16 problem problem NOUN cblr-1720 395 17 , , PUNCT cblr-1720 395 18 and and CCONJ cblr-1720 395 19 the the DET cblr-1720 395 20 theory theory NOUN cblr-1720 395 21 of of ADP cblr-1720 395 22 the the DET cblr-1720 395 23 corporation corporation NOUN cblr-1720 395 24 , , PUNCT cblr-1720 395 25 11 11 NUM cblr-1720 395 26 bell bell PROPN cblr-1720 395 27 j. j. PROPN cblr-1720 395 28 econ econ PROPN cblr-1720 395 29 . . PUNCT cblr-1720 396 1 42 42 NUM cblr-1720 396 2 , , PUNCT cblr-1720 396 3 53 53 NUM cblr-1720 396 4 ( ( PUNCT cblr-1720 396 5 1980 1980 NUM cblr-1720 396 6 ) ) PUNCT cblr-1720 396 7 . . PUNCT cblr-1720 397 1 shilon shilon NOUN cblr-1720 397 2 – – PUNCT cblr-1720 397 3 final final ADJ cblr-1720 397 4 538 538 NUM cblr-1720 397 5 columbia columbia PROPN cblr-1720 397 6 business business NOUN cblr-1720 397 7 law law NOUN cblr-1720 397 8 review review NOUN cblr-1720 397 9 [ [ X cblr-1720 397 10 vol vol NOUN cblr-1720 397 11 . . NOUN cblr-1720 397 12 2017 2017 NUM cblr-1720 397 13 succeeds succeed VERB cblr-1720 397 14 . . PUNCT cblr-1720 398 1 because because SCONJ cblr-1720 398 2 it it PRON cblr-1720 398 3 is be AUX cblr-1720 398 4 rational rational ADJ cblr-1720 398 5 for for SCONJ cblr-1720 398 6 all all DET cblr-1720 398 7 shareholders shareholder NOUN cblr-1720 398 8 to to PART cblr-1720 398 9 hold hold VERB cblr-1720 398 10 out out ADP cblr-1720 398 11 for for ADP cblr-1720 398 12 a a DET cblr-1720 398 13 value value NOUN cblr-1720 398 14 - - PUNCT cblr-1720 398 15 increasing increase VERB cblr-1720 398 16 takeover takeover NOUN cblr-1720 398 17 bid bid NOUN cblr-1720 398 18 , , PUNCT cblr-1720 398 19 a a DET cblr-1720 398 20 conditional conditional ADJ cblr-1720 398 21 valueincreasing valueincreasing NOUN cblr-1720 398 22 bid bid NOUN cblr-1720 398 23 is be AUX cblr-1720 398 24 likely likely ADJ cblr-1720 398 25 to to PART cblr-1720 398 26 fail.66 fail.66 VERB cblr-1720 398 27 the the DET cblr-1720 398 28 second second ADJ cblr-1720 398 29 collective collective ADJ cblr-1720 398 30 action action NOUN cblr-1720 398 31 problem problem NOUN cblr-1720 398 32 is be AUX cblr-1720 398 33 that that SCONJ cblr-1720 398 34 shareholders shareholder NOUN cblr-1720 398 35 might might AUX cblr-1720 398 36 be be AUX cblr-1720 398 37 pressured pressure VERB cblr-1720 398 38 into into ADP cblr-1720 398 39 tendering tender VERB cblr-1720 398 40 their their PRON cblr-1720 398 41 shares share NOUN cblr-1720 398 42 to to ADP cblr-1720 398 43 a a DET cblr-1720 398 44 valuedecreasing valuedecrease VERB cblr-1720 398 45 bidder bidder NOUN cblr-1720 398 46 to to PART cblr-1720 398 47 avoid avoid VERB cblr-1720 398 48 becoming become VERB cblr-1720 398 49 a a DET cblr-1720 398 50 depressed depressed ADJ cblr-1720 398 51 minority.67 minority.67 NOUN cblr-1720 398 52 this this PRON cblr-1720 398 53 might might AUX cblr-1720 398 54 happen happen VERB cblr-1720 398 55 because because ADV cblr-1720 398 56 , , PUNCT cblr-1720 398 57 again again ADV cblr-1720 398 58 , , PUNCT cblr-1720 398 59 any any DET cblr-1720 398 60 individual individual ADJ cblr-1720 398 61 shareholder shareholder NOUN cblr-1720 398 62 will will AUX cblr-1720 398 63 realize realize VERB cblr-1720 398 64 that that SCONJ cblr-1720 398 65 his his PRON cblr-1720 398 66 tendering tendering NOUN cblr-1720 398 67 decision decision NOUN cblr-1720 398 68 is be AUX cblr-1720 398 69 unlikely unlikely ADJ cblr-1720 398 70 to to PART cblr-1720 398 71 determine determine VERB cblr-1720 398 72 the the DET cblr-1720 398 73 bid bid NOUN cblr-1720 398 74 ’s ’s PART cblr-1720 398 75 outcome outcome NOUN cblr-1720 398 76 , , PUNCT cblr-1720 398 77 which which PRON cblr-1720 398 78 makes make VERB cblr-1720 398 79 tendering tender VERB cblr-1720 398 80 to to ADP cblr-1720 398 81 a a DET cblr-1720 398 82 value value NOUN cblr-1720 398 83 - - PUNCT cblr-1720 398 84 decreasing decrease VERB cblr-1720 398 85 bidder bidder NOUN cblr-1720 398 86 the the DET cblr-1720 398 87 dominant dominant ADJ cblr-1720 398 88 strategy strategy NOUN cblr-1720 398 89 : : PUNCT cblr-1720 398 90 the the DET cblr-1720 398 91 shareholder shareholder NOUN cblr-1720 398 92 will will AUX cblr-1720 398 93 receive receive VERB cblr-1720 398 94 the the DET cblr-1720 398 95 bid bid NOUN cblr-1720 398 96 price price NOUN cblr-1720 398 97 , , PUNCT cblr-1720 398 98 which which PRON cblr-1720 398 99 is be AUX cblr-1720 398 100 higher high ADJ cblr-1720 398 101 than than ADP cblr-1720 398 102 the the DET cblr-1720 398 103 depressed depressed ADJ cblr-1720 398 104 per per ADP cblr-1720 398 105 - - PUNCT cblr-1720 398 106 share share NOUN cblr-1720 398 107 minority minority NOUN cblr-1720 398 108 value value NOUN cblr-1720 398 109 should should AUX cblr-1720 398 110 the the DET cblr-1720 398 111 bid bid NOUN cblr-1720 398 112 be be AUX cblr-1720 398 113 accepted.68 accepted.68 PROPN cblr-1720 398 114 proposed propose VERB cblr-1720 398 115 solutions solution NOUN cblr-1720 398 116 to to PART cblr-1720 398 117 shareholder shareholder VERB cblr-1720 398 118 collective collective ADJ cblr-1720 398 119 action action NOUN cblr-1720 398 120 problems problem NOUN cblr-1720 398 121 in in ADP cblr-1720 398 122 takeovers takeover NOUN cblr-1720 398 123 have have AUX cblr-1720 398 124 relied rely VERB cblr-1720 398 125 on on ADP cblr-1720 398 126 the the DET cblr-1720 398 127 assumption assumption NOUN cblr-1720 398 128 that that SCONJ cblr-1720 398 129 shareholders shareholder NOUN cblr-1720 398 130 have have AUX cblr-1720 398 131 full full ADJ cblr-1720 398 132 information information NOUN cblr-1720 398 133 about about ADP cblr-1720 398 134 the the DET cblr-1720 398 135 desirability desirability NOUN cblr-1720 398 136 of of ADP cblr-1720 398 137 the the DET cblr-1720 398 138 bid bid NOUN cblr-1720 398 139 . . PUNCT cblr-1720 399 1 for for ADP cblr-1720 399 2 example example NOUN cblr-1720 399 3 , , PUNCT cblr-1720 399 4 professor professor PROPN cblr-1720 399 5 lucian lucian PROPN cblr-1720 399 6 bebchuk bebchuk PROPN cblr-1720 399 7 proposed propose VERB cblr-1720 399 8 to to PART cblr-1720 399 9 solve solve VERB cblr-1720 399 10 shareholders shareholder NOUN cblr-1720 399 11 ’ ' PUNCT cblr-1720 399 12 distorted distort VERB cblr-1720 399 13 - - PUNCT cblr-1720 399 14 choice choice NOUN cblr-1720 399 15 problem problem NOUN cblr-1720 399 16 by by ADP cblr-1720 399 17 having have VERB cblr-1720 399 18 them they PRON cblr-1720 399 19 vote vote VERB cblr-1720 399 20 separately separately ADV cblr-1720 399 21 from from ADP cblr-1720 399 22 their their PRON cblr-1720 399 23 tendering tendering NOUN cblr-1720 399 24 decision decision NOUN cblr-1720 399 25 about about ADP cblr-1720 399 26 whether whether SCONJ cblr-1720 399 27 they they PRON cblr-1720 399 28 wish wish VERB cblr-1720 399 29 the the DET cblr-1720 399 30 bid bid NOUN cblr-1720 399 31 to to PART cblr-1720 399 32 be be AUX cblr-1720 399 33 accepted.69 accepted.69 NOUN cblr-1720 399 34 but but CCONJ cblr-1720 399 35 for for ADP cblr-1720 399 36 such such ADJ cblr-1720 399 37 separate separate ADJ cblr-1720 399 38 shareholder shareholder NOUN cblr-1720 399 39 action action NOUN cblr-1720 399 40 to to PART cblr-1720 399 41 result result VERB cblr-1720 399 42 in in ADP cblr-1720 399 43 efficient efficient ADJ cblr-1720 399 44 outcomes outcome NOUN cblr-1720 399 45 , , PUNCT cblr-1720 399 46 shareholders shareholder NOUN cblr-1720 399 47 must must AUX cblr-1720 399 48 have have AUX cblr-1720 399 49 fully fully ADV cblr-1720 399 50 processed process VERB cblr-1720 399 51 the the DET cblr-1720 399 52 information information NOUN cblr-1720 399 53 pertaining pertain VERB cblr-1720 399 54 to to ADP cblr-1720 399 55 the the DET cblr-1720 399 56 desirability desirability NOUN cblr-1720 399 57 of of ADP cblr-1720 399 58 the the DET cblr-1720 399 59 bid bid NOUN cblr-1720 399 60 . . PUNCT cblr-1720 400 1 unfortunately unfortunately ADV cblr-1720 400 2 , , PUNCT cblr-1720 400 3 as as SCONJ cblr-1720 400 4 shown show VERB cblr-1720 400 5 above above ADP cblr-1720 400 6 , , PUNCT cblr-1720 400 7 that that DET cblr-1720 400 8 assumption assumption NOUN cblr-1720 400 9 is be AUX cblr-1720 400 10 not not PART cblr-1720 400 11 warranted warrant VERB cblr-1720 400 12 . . PUNCT cblr-1720 401 1 66 66 NUM cblr-1720 401 2 when when SCONJ cblr-1720 401 3 the the DET cblr-1720 401 4 bid bid NOUN cblr-1720 401 5 is be AUX cblr-1720 401 6 unconditional unconditional ADJ cblr-1720 401 7 , , PUNCT cblr-1720 401 8 the the DET cblr-1720 401 9 shareholder shareholder NOUN cblr-1720 401 10 must must AUX cblr-1720 401 11 weigh weigh VERB cblr-1720 401 12 , , PUNCT cblr-1720 401 13 on on ADP cblr-1720 401 14 the the DET cblr-1720 401 15 one one NUM cblr-1720 401 16 hand hand NOUN cblr-1720 401 17 , , PUNCT cblr-1720 401 18 the the DET cblr-1720 401 19 chance chance NOUN cblr-1720 401 20 that that SCONJ cblr-1720 401 21 it it PRON cblr-1720 401 22 will will AUX cblr-1720 401 23 succeed succeed VERB cblr-1720 401 24 and and CCONJ cblr-1720 401 25 the the DET cblr-1720 401 26 benefits benefit NOUN cblr-1720 401 27 of of ADP cblr-1720 401 28 holding hold VERB cblr-1720 401 29 out out ADP cblr-1720 401 30 , , PUNCT cblr-1720 401 31 and and CCONJ cblr-1720 401 32 , , PUNCT cblr-1720 401 33 on on ADP cblr-1720 401 34 the the DET cblr-1720 401 35 other other ADJ cblr-1720 401 36 hand hand NOUN cblr-1720 401 37 , , PUNCT cblr-1720 401 38 the the DET cblr-1720 401 39 potential potential ADJ cblr-1720 401 40 loss loss NOUN cblr-1720 401 41 of of ADP cblr-1720 401 42 the the DET cblr-1720 401 43 bid bid NOUN cblr-1720 401 44 premium premium NOUN cblr-1720 401 45 if if SCONJ cblr-1720 401 46 he he PRON cblr-1720 401 47 holds hold VERB cblr-1720 401 48 out out ADP cblr-1720 401 49 . . PUNCT cblr-1720 402 1 for for ADP cblr-1720 402 2 the the DET cblr-1720 402 3 bidder bidder NOUN cblr-1720 402 4 , , PUNCT cblr-1720 402 5 an an DET cblr-1720 402 6 unconditional unconditional ADJ cblr-1720 402 7 tender tender NOUN cblr-1720 402 8 offer offer NOUN cblr-1720 402 9 might might AUX cblr-1720 402 10 be be AUX cblr-1720 402 11 too too ADV cblr-1720 402 12 costly costly ADJ cblr-1720 402 13 because because SCONJ cblr-1720 402 14 if if SCONJ cblr-1720 402 15 it it PRON cblr-1720 402 16 fails fail VERB cblr-1720 402 17 , , PUNCT cblr-1720 402 18 the the DET cblr-1720 402 19 bidder bidder NOUN cblr-1720 402 20 will will AUX cblr-1720 402 21 have have VERB cblr-1720 402 22 to to PART cblr-1720 402 23 acquire acquire VERB cblr-1720 402 24 all all DET cblr-1720 402 25 the the DET cblr-1720 402 26 tendering tendering NOUN cblr-1720 402 27 shares share NOUN cblr-1720 402 28 without without ADP cblr-1720 402 29 gaining gain VERB cblr-1720 402 30 control control NOUN cblr-1720 402 31 . . PUNCT cblr-1720 403 1 67 67 NUM cblr-1720 403 2 see see VERB cblr-1720 403 3 lucian lucian PROPN cblr-1720 403 4 arye arye PROPN cblr-1720 403 5 bebchuk bebchuk PROPN cblr-1720 403 6 , , PUNCT cblr-1720 403 7 the the DET cblr-1720 403 8 pressure pressure NOUN cblr-1720 403 9 to to PART cblr-1720 403 10 tender tender VERB cblr-1720 403 11 : : PUNCT cblr-1720 403 12 an an DET cblr-1720 403 13 analysis analysis NOUN cblr-1720 403 14 and and CCONJ cblr-1720 403 15 a a DET cblr-1720 403 16 proposed propose VERB cblr-1720 403 17 remedy remedy NOUN cblr-1720 403 18 , , PUNCT cblr-1720 403 19 12 12 NUM cblr-1720 403 20 del del PROPN cblr-1720 403 21 . . PROPN cblr-1720 403 22 j. j. PROPN cblr-1720 403 23 corp corp PROPN cblr-1720 403 24 . . PROPN cblr-1720 403 25 l. l. PROPN cblr-1720 403 26 911 911 NUM cblr-1720 403 27 , , PUNCT cblr-1720 403 28 911 911 NUM cblr-1720 403 29 ( ( PUNCT cblr-1720 403 30 1987 1987 NUM cblr-1720 403 31 ) ) PUNCT cblr-1720 403 32 . . PUNCT cblr-1720 404 1 68 68 NUM cblr-1720 404 2 if if SCONJ cblr-1720 404 3 the the DET cblr-1720 404 4 bid bid NOUN cblr-1720 404 5 is be AUX cblr-1720 404 6 unconditional unconditional ADJ cblr-1720 404 7 , , PUNCT cblr-1720 404 8 the the DET cblr-1720 404 9 shareholder shareholder NOUN cblr-1720 404 10 might might AUX cblr-1720 404 11 still still ADV cblr-1720 404 12 rationally rationally ADV cblr-1720 404 13 tender tender VERB cblr-1720 404 14 to to ADP cblr-1720 404 15 the the DET cblr-1720 404 16 undesirable undesirable ADJ cblr-1720 404 17 bidder bidder NOUN cblr-1720 404 18 , , PUNCT cblr-1720 404 19 but but CCONJ cblr-1720 404 20 it it PRON cblr-1720 404 21 is be AUX cblr-1720 404 22 not not PART cblr-1720 404 23 certain certain ADJ cblr-1720 404 24 to to PART cblr-1720 404 25 happen happen VERB cblr-1720 404 26 . . PUNCT cblr-1720 405 1 on on ADP cblr-1720 405 2 the the DET cblr-1720 405 3 one one NUM cblr-1720 405 4 hand hand NOUN cblr-1720 405 5 , , PUNCT cblr-1720 405 6 as as SCONJ cblr-1720 405 7 explained explain VERB cblr-1720 405 8 , , PUNCT cblr-1720 405 9 the the DET cblr-1720 405 10 bidder bidder NOUN cblr-1720 405 11 will will AUX cblr-1720 405 12 gain gain VERB cblr-1720 405 13 if if SCONJ cblr-1720 405 14 the the DET cblr-1720 405 15 bid bid NOUN cblr-1720 405 16 succeeds succeed VERB cblr-1720 405 17 , , PUNCT cblr-1720 405 18 but but CCONJ cblr-1720 405 19 if if SCONJ cblr-1720 405 20 it it PRON cblr-1720 405 21 fails fail VERB cblr-1720 405 22 , , PUNCT cblr-1720 405 23 the the DET cblr-1720 405 24 bidder bidder NOUN cblr-1720 405 25 will will AUX cblr-1720 405 26 lose lose VERB cblr-1720 405 27 the the DET cblr-1720 405 28 difference difference NOUN cblr-1720 405 29 between between ADP cblr-1720 405 30 the the DET cblr-1720 405 31 higher high ADJ cblr-1720 405 32 intrinsic intrinsic ADJ cblr-1720 405 33 value value NOUN cblr-1720 405 34 and and CCONJ cblr-1720 405 35 the the DET cblr-1720 405 36 lower low ADJ cblr-1720 405 37 bid bid NOUN cblr-1720 405 38 price price NOUN cblr-1720 405 39 . . PUNCT cblr-1720 406 1 see see VERB cblr-1720 406 2 i i PRON cblr-1720 406 3 d. d. PROPN cblr-1720 406 4 at at ADP cblr-1720 406 5 924 924 NUM cblr-1720 406 6 . . PUNCT cblr-1720 407 1 69 69 NUM cblr-1720 407 2 see see VERB cblr-1720 407 3 i i PRON cblr-1720 407 4 d. d. PROPN cblr-1720 407 5 at at ADP cblr-1720 407 6 931–41 931–41 NUM cblr-1720 407 7 . . PUNCT cblr-1720 408 1 shilon shilon NOUN cblr-1720 408 2 – – PUNCT cblr-1720 408 3 final final ADJ cblr-1720 408 4 no no NOUN cblr-1720 408 5 . . PUNCT cblr-1720 408 6 2:511 2:511 NOUN cblr-1720 408 7 ] ] X cblr-1720 408 8 improving improve VERB cblr-1720 408 9 corporate corporate ADJ cblr-1720 408 10 takeover takeover NOUN cblr-1720 408 11 dynamics dynamic NOUN cblr-1720 408 12 539 539 NUM cblr-1720 408 13 iii iii NOUN cblr-1720 408 14 . . PUNCT cblr-1720 408 15 target target NOUN cblr-1720 408 16 boards board NOUN cblr-1720 408 17 ’ ' PUNCT cblr-1720 408 18 conflict conflict NOUN cblr-1720 408 19 of of ADP cblr-1720 408 20 interest interest NOUN cblr-1720 408 21 shareholders shareholder NOUN cblr-1720 408 22 ’ ' PUNCT cblr-1720 408 23 potential potential ADJ cblr-1720 408 24 errors error NOUN cblr-1720 408 25 in in ADP cblr-1720 408 26 accepting accept VERB cblr-1720 408 27 underpriced underpriced ADJ cblr-1720 408 28 bids bid NOUN cblr-1720 408 29 could could AUX cblr-1720 408 30 be be AUX cblr-1720 408 31 addressed address VERB cblr-1720 408 32 by by ADP cblr-1720 408 33 requiring require VERB cblr-1720 408 34 target target NOUN cblr-1720 408 35 boards board NOUN cblr-1720 408 36 to to PART cblr-1720 408 37 protect protect VERB cblr-1720 408 38 them they PRON cblr-1720 408 39 in in ADP cblr-1720 408 40 such such ADJ cblr-1720 408 41 situations situation NOUN cblr-1720 408 42 . . PUNCT cblr-1720 409 1 in in ADP cblr-1720 409 2 particular particular ADJ cblr-1720 409 3 , , PUNCT cblr-1720 409 4 target target NOUN cblr-1720 409 5 directors director NOUN cblr-1720 409 6 , , PUNCT cblr-1720 409 7 as as SCONJ cblr-1720 409 8 stewards steward NOUN cblr-1720 409 9 of of ADP cblr-1720 409 10 the the DET cblr-1720 409 11 corporation corporation NOUN cblr-1720 409 12 , , PUNCT cblr-1720 409 13 could could AUX cblr-1720 409 14 be be AUX cblr-1720 409 15 expected expect VERB cblr-1720 409 16 to to PART cblr-1720 409 17 exercise exercise VERB cblr-1720 409 18 their their PRON cblr-1720 409 19 business business NOUN cblr-1720 409 20 judgment judgment NOUN cblr-1720 409 21 and and CCONJ cblr-1720 409 22 professional professional ADJ cblr-1720 409 23 expertise expertise NOUN cblr-1720 409 24 to to PART cblr-1720 409 25 identify identify VERB cblr-1720 409 26 and and CCONJ cblr-1720 409 27 block block VERB cblr-1720 409 28 underpriced underpriced ADJ cblr-1720 409 29 acquisition acquisition NOUN cblr-1720 409 30 attempts attempt NOUN cblr-1720 409 31 . . PUNCT cblr-1720 410 1 because because SCONJ cblr-1720 410 2 of of ADP cblr-1720 410 3 their their PRON cblr-1720 410 4 conflict conflict NOUN cblr-1720 410 5 of of ADP cblr-1720 410 6 interest interest NOUN cblr-1720 410 7 with with ADP cblr-1720 410 8 their their PRON cblr-1720 410 9 shareholders shareholder NOUN cblr-1720 410 10 , , PUNCT cblr-1720 410 11 target target NOUN cblr-1720 410 12 boards board NOUN cblr-1720 410 13 can can AUX cblr-1720 410 14 not not PART cblr-1720 410 15 be be AUX cblr-1720 410 16 relied rely VERB cblr-1720 410 17 on on ADP cblr-1720 410 18 to to PART cblr-1720 410 19 protect protect VERB cblr-1720 410 20 their their PRON cblr-1720 410 21 shareholders shareholder NOUN cblr-1720 410 22 from from ADP cblr-1720 410 23 underpriced underpriced ADJ cblr-1720 410 24 bids bid NOUN cblr-1720 410 25 . . PUNCT cblr-1720 411 1 first first ADV cblr-1720 411 2 , , PUNCT cblr-1720 411 3 although although SCONJ cblr-1720 411 4 virtually virtually ADV cblr-1720 411 5 all all DET cblr-1720 411 6 boards board NOUN cblr-1720 411 7 have have VERB cblr-1720 411 8 a a DET cblr-1720 411 9 majority majority NOUN cblr-1720 411 10 composition composition NOUN cblr-1720 411 11 of of ADP cblr-1720 411 12 independent independent ADJ cblr-1720 411 13 directors,70 directors,70 PROPN cblr-1720 411 14 they they PRON cblr-1720 411 15 do do AUX cblr-1720 411 16 not not PART cblr-1720 411 17 reliably reliably ADV cblr-1720 411 18 exercise exercise VERB cblr-1720 411 19 independent independent ADJ cblr-1720 411 20 judgment judgment NOUN cblr-1720 411 21 that that PRON cblr-1720 411 22 is be AUX cblr-1720 411 23 free free ADJ cblr-1720 411 24 from from ADP cblr-1720 411 25 the the DET cblr-1720 411 26 target target NOUN cblr-1720 411 27 ’s ’s PART cblr-1720 411 28 executive executive ADJ cblr-1720 411 29 officers officer NOUN cblr-1720 411 30 ’ ’ PART cblr-1720 411 31 influence influence NOUN cblr-1720 411 32 . . PUNCT cblr-1720 412 1 an an DET cblr-1720 412 2 empirical empirical ADJ cblr-1720 412 3 study study NOUN cblr-1720 412 4 from from ADP cblr-1720 412 5 2012 2012 NUM cblr-1720 412 6 shows show VERB cblr-1720 412 7 that that SCONJ cblr-1720 412 8 boards board NOUN cblr-1720 412 9 appoint appoint VERB cblr-1720 412 10 directors director NOUN cblr-1720 412 11 who who PRON cblr-1720 412 12 — — PUNCT cblr-1720 412 13 while while SCONJ cblr-1720 412 14 technically technically ADV cblr-1720 412 15 independent independent ADJ cblr-1720 412 16 according accord VERB cblr-1720 412 17 to to ADP cblr-1720 412 18 regulatory regulatory ADJ cblr-1720 412 19 definitions definition NOUN cblr-1720 412 20 — — PUNCT cblr-1720 412 21 may may AUX cblr-1720 412 22 nonetheless nonetheless ADV cblr-1720 412 23 be be AUX cblr-1720 412 24 overly overly ADV cblr-1720 412 25 sympathetic sympathetic ADJ cblr-1720 412 26 to to ADP cblr-1720 412 27 management.71 management.71 PROPN cblr-1720 412 28 in in ADP cblr-1720 412 29 addition addition NOUN cblr-1720 412 30 , , PUNCT cblr-1720 412 31 for for ADP cblr-1720 412 32 various various ADJ cblr-1720 412 33 financial financial ADJ cblr-1720 412 34 , , PUNCT cblr-1720 412 35 social social ADJ cblr-1720 412 36 , , PUNCT cblr-1720 412 37 and and CCONJ cblr-1720 412 38 psychological psychological ADJ cblr-1720 412 39 reasons reason NOUN cblr-1720 412 40 , , PUNCT cblr-1720 412 41 executives executive NOUN cblr-1720 412 42 have have VERB cblr-1720 412 43 power power NOUN cblr-1720 412 44 and and CCONJ cblr-1720 412 45 influence influence NOUN cblr-1720 412 46 over over ADP cblr-1720 412 47 directors director NOUN cblr-1720 412 48 in in ADP cblr-1720 412 49 publicly publicly ADV cblr-1720 412 50 traded trade VERB cblr-1720 412 51 u.s u.s PROPN cblr-1720 412 52 . . PROPN cblr-1720 412 53 companies company NOUN cblr-1720 412 54 that that PRON cblr-1720 412 55 make make VERB cblr-1720 412 56 it it PRON cblr-1720 412 57 personally personally ADV cblr-1720 412 58 costly costly ADJ cblr-1720 412 59 and and CCONJ cblr-1720 412 60 difficult difficult ADJ cblr-1720 412 61 for for SCONJ cblr-1720 412 62 directors director NOUN cblr-1720 412 63 to to PART cblr-1720 412 64 act act VERB cblr-1720 412 65 in in ADP cblr-1720 412 66 ways way NOUN cblr-1720 412 67 that that PRON cblr-1720 412 68 are be AUX cblr-1720 412 69 unfavorable unfavorable ADJ cblr-1720 412 70 to to PART cblr-1720 412 71 executives.72 executives.72 VERB cblr-1720 412 72 these these DET cblr-1720 412 73 issues issue NOUN cblr-1720 412 74 cast cast VERB cblr-1720 412 75 serious serious ADJ cblr-1720 412 76 doubt doubt NOUN cblr-1720 412 77 on on ADP cblr-1720 412 78 independent independent ADJ cblr-1720 412 79 directors director NOUN cblr-1720 412 80 ’ ' PUNCT cblr-1720 412 81 ability ability NOUN cblr-1720 412 82 to to PART cblr-1720 412 83 exercise exercise VERB cblr-1720 412 84 objective objective ADJ cblr-1720 412 85 business business NOUN cblr-1720 412 86 judgment judgment NOUN cblr-1720 412 87 . . PUNCT cblr-1720 413 1 70 70 NUM cblr-1720 413 2 see see VERB cblr-1720 413 3 spencer spencer PROPN cblr-1720 413 4 stuart stuart PROPN cblr-1720 413 5 , , PUNCT cblr-1720 413 6 2015 2015 NUM cblr-1720 413 7 spencer spencer PROPN cblr-1720 413 8 stuart stuart PROPN cblr-1720 413 9 board board PROPN cblr-1720 413 10 index index PROPN cblr-1720 413 11 12 12 NUM cblr-1720 413 12 ( ( PUNCT cblr-1720 413 13 2015 2015 NUM cblr-1720 413 14 ) ) PUNCT cblr-1720 413 15 , , PUNCT cblr-1720 413 16 https://www.spencerstuart.com/~/media/pdf%20files/research%20and%20i https://www.spencerstuart.com/~/media/pdf%20files/research%20and%20i PROPN cblr-1720 413 17 nsight%20pdfs nsight%20pdfs AUX cblr-1720 413 18 / / SYM cblr-1720 413 19 ssbi-2015_110215 ssbi-2015_110215 NOUN cblr-1720 413 20 - - NOUN cblr-1720 413 21 web.pdf web.pdf NOUN cblr-1720 413 22 [ [ X cblr-1720 413 23 https://perma.cc/ns8r-kgat https://perma.cc/ns8r-kgat X cblr-1720 413 24 ] ] X cblr-1720 413 25 ( ( PUNCT cblr-1720 413 26 reporting report VERB cblr-1720 413 27 that that SCONJ cblr-1720 413 28 in in ADP cblr-1720 413 29 2014 2014 NUM cblr-1720 413 30 , , PUNCT cblr-1720 413 31 independent independent ADJ cblr-1720 413 32 directors director NOUN cblr-1720 413 33 made make VERB cblr-1720 413 34 up up ADP cblr-1720 413 35 84 84 NUM cblr-1720 413 36 % % NOUN cblr-1720 413 37 of of ADP cblr-1720 413 38 all all DET cblr-1720 413 39 s&p s&p PROPN cblr-1720 413 40 500 500 NUM cblr-1720 413 41 board board NOUN cblr-1720 413 42 members member NOUN cblr-1720 413 43 ) ) PUNCT cblr-1720 413 44 . . PUNCT cblr-1720 414 1 71 71 NUM cblr-1720 414 2 see see VERB cblr-1720 414 3 lauren lauren PROPN cblr-1720 414 4 cohen cohen PROPN cblr-1720 414 5 , , PUNCT cblr-1720 414 6 andrea andrea PROPN cblr-1720 414 7 frazzini frazzini PROPN cblr-1720 414 8 & & CCONJ cblr-1720 414 9 christopher christopher PROPN cblr-1720 414 10 j. j. PROPN cblr-1720 414 11 malloy malloy PROPN cblr-1720 414 12 , , PUNCT cblr-1720 414 13 hiring hire VERB cblr-1720 414 14 cheerleaders cheerleader NOUN cblr-1720 414 15 : : PUNCT cblr-1720 414 16 board board NOUN cblr-1720 414 17 appointments appointment NOUN cblr-1720 414 18 of of ADP cblr-1720 414 19 “ " PUNCT cblr-1720 414 20 independent independent ADJ cblr-1720 414 21 ” " PUNCT cblr-1720 414 22 directors director NOUN cblr-1720 414 23 , , PUNCT cblr-1720 414 24 58 58 NUM cblr-1720 414 25 man man NOUN cblr-1720 414 26 . . PUNCT cblr-1720 415 1 sci sci PROPN cblr-1720 415 2 . . PROPN cblr-1720 415 3 1039 1039 NUM cblr-1720 415 4 ( ( PUNCT cblr-1720 415 5 2012 2012 NUM cblr-1720 415 6 ) ) PUNCT cblr-1720 415 7 . . PUNCT cblr-1720 416 1 72 72 NUM cblr-1720 416 2 see see VERB cblr-1720 416 3 lucian lucian PROPN cblr-1720 416 4 bebchuk bebchuk PROPN cblr-1720 416 5 & & CCONJ cblr-1720 416 6 jesse jesse PROPN cblr-1720 416 7 fried fried PROPN cblr-1720 416 8 , , PUNCT cblr-1720 416 9 pay pay VERB cblr-1720 416 10 without without ADP cblr-1720 416 11 performance performance NOUN cblr-1720 416 12 : : PUNCT cblr-1720 416 13 the the DET cblr-1720 416 14 unfulfilled unfulfilled ADJ cblr-1720 416 15 promise promise NOUN cblr-1720 416 16 of of ADP cblr-1720 416 17 executive executive ADJ cblr-1720 416 18 compensation compensation NOUN cblr-1720 416 19 23–34 23–34 NUM cblr-1720 416 20 ( ( PUNCT cblr-1720 416 21 2004 2004 NUM cblr-1720 416 22 ) ) PUNCT cblr-1720 416 23 ( ( PUNCT cblr-1720 416 24 describing describe VERB cblr-1720 416 25 sources source NOUN cblr-1720 416 26 of of ADP cblr-1720 416 27 executives executive NOUN cblr-1720 416 28 ’ ’ PART cblr-1720 416 29 influence influence NOUN cblr-1720 416 30 over over ADP cblr-1720 416 31 directors director NOUN cblr-1720 416 32 in in ADP cblr-1720 416 33 public public ADJ cblr-1720 416 34 companies company NOUN cblr-1720 416 35 ) ) PUNCT cblr-1720 416 36 . . PUNCT cblr-1720 417 1 shilon shilon NOUN cblr-1720 417 2 – – PUNCT cblr-1720 417 3 final final ADJ cblr-1720 417 4 540 540 NUM cblr-1720 417 5 columbia columbia PROPN cblr-1720 417 6 business business NOUN cblr-1720 417 7 law law NOUN cblr-1720 417 8 review review NOUN cblr-1720 417 9 [ [ X cblr-1720 417 10 vol vol NOUN cblr-1720 417 11 . . NOUN cblr-1720 417 12 2017 2017 NUM cblr-1720 417 13 the the DET cblr-1720 417 14 directors director NOUN cblr-1720 417 15 in in ADP cblr-1720 417 16 the the DET cblr-1720 417 17 airgas airgas PROPN cblr-1720 417 18 case case NOUN cblr-1720 417 19 embodied embody VERB cblr-1720 417 20 some some PRON cblr-1720 417 21 of of ADP cblr-1720 417 22 these these DET cblr-1720 417 23 concerns.73 concerns.73 NOUN cblr-1720 417 24 there there ADV cblr-1720 417 25 , , PUNCT cblr-1720 417 26 the the DET cblr-1720 417 27 independent independent ADJ cblr-1720 417 28 directors director NOUN cblr-1720 417 29 who who PRON cblr-1720 417 30 were be AUX cblr-1720 417 31 nominated nominate VERB cblr-1720 417 32 by by ADP cblr-1720 417 33 the the DET cblr-1720 417 34 insurgent insurgent NOUN cblr-1720 417 35 voted vote VERB cblr-1720 417 36 for for ADP cblr-1720 417 37 management management NOUN cblr-1720 417 38 and and CCONJ cblr-1720 417 39 supported support VERB cblr-1720 417 40 its its PRON cblr-1720 417 41 defensive defensive ADJ cblr-1720 417 42 tactics tactic NOUN cblr-1720 417 43 against against ADP cblr-1720 417 44 the the DET cblr-1720 417 45 insurgent insurgent NOUN cblr-1720 417 46 . . PUNCT cblr-1720 418 1 the the DET cblr-1720 418 2 airgas airgas PROPN cblr-1720 418 3 directors director NOUN cblr-1720 418 4 had have VERB cblr-1720 418 5 such such DET cblr-1720 418 6 a a DET cblr-1720 418 7 strong strong ADJ cblr-1720 418 8 management management NOUN cblr-1720 418 9 - - PUNCT cblr-1720 418 10 friendly friendly ADJ cblr-1720 418 11 mindset mindset NOUN cblr-1720 418 12 that that SCONJ cblr-1720 418 13 they they PRON cblr-1720 418 14 were be AUX cblr-1720 418 15 compelled compel VERB cblr-1720 418 16 to to PART cblr-1720 418 17 support support VERB cblr-1720 418 18 management management NOUN cblr-1720 418 19 even even ADV cblr-1720 418 20 when when SCONJ cblr-1720 418 21 doing do VERB cblr-1720 418 22 so so ADV cblr-1720 418 23 directly directly ADV cblr-1720 418 24 hurt hurt VERB cblr-1720 418 25 the the DET cblr-1720 418 26 major major ADJ cblr-1720 418 27 interests interest NOUN cblr-1720 418 28 of of ADP cblr-1720 418 29 the the DET cblr-1720 418 30 shareholders shareholder NOUN cblr-1720 418 31 who who PRON cblr-1720 418 32 appointed appoint VERB cblr-1720 418 33 them they PRON cblr-1720 418 34 . . PUNCT cblr-1720 419 1 second second ADV cblr-1720 419 2 , , PUNCT cblr-1720 419 3 a a DET cblr-1720 419 4 decision decision NOUN cblr-1720 419 5 to to PART cblr-1720 419 6 accept accept VERB cblr-1720 419 7 a a DET cblr-1720 419 8 hostile hostile ADJ cblr-1720 419 9 takeover takeover NOUN cblr-1720 419 10 , , PUNCT cblr-1720 419 11 unlike unlike ADP cblr-1720 419 12 any any DET cblr-1720 419 13 other other ADJ cblr-1720 419 14 corporate corporate ADJ cblr-1720 419 15 decision decision NOUN cblr-1720 419 16 , , PUNCT cblr-1720 419 17 is be AUX cblr-1720 419 18 followed follow VERB cblr-1720 419 19 by by ADP cblr-1720 419 20 the the DET cblr-1720 419 21 involuntary involuntary ADJ cblr-1720 419 22 removal removal NOUN cblr-1720 419 23 of of ADP cblr-1720 419 24 the the DET cblr-1720 419 25 entire entire ADJ cblr-1720 419 26 board board NOUN cblr-1720 419 27 of of ADP cblr-1720 419 28 directors director NOUN cblr-1720 419 29 and and CCONJ cblr-1720 419 30 senior senior ADJ cblr-1720 419 31 executive executive ADJ cblr-1720 419 32 management management NOUN cblr-1720 419 33 , , PUNCT cblr-1720 419 34 forcing force VERB cblr-1720 419 35 them they PRON cblr-1720 419 36 to to PART cblr-1720 419 37 relinquish relinquish VERB cblr-1720 419 38 their their PRON cblr-1720 419 39 future future ADJ cblr-1720 419 40 compensation compensation NOUN cblr-1720 419 41 , , PUNCT cblr-1720 419 42 perquisites perquisite NOUN cblr-1720 419 43 , , PUNCT cblr-1720 419 44 and and CCONJ cblr-1720 419 45 intangible intangible ADJ cblr-1720 419 46 benefits benefit NOUN cblr-1720 419 47 of of ADP cblr-1720 419 48 control.74 control.74 ADJ cblr-1720 419 49 as as ADP cblr-1720 419 50 a a DET cblr-1720 419 51 result result NOUN cblr-1720 419 52 , , PUNCT cblr-1720 419 53 managerial managerial ADJ cblr-1720 419 54 self self NOUN cblr-1720 419 55 - - PUNCT cblr-1720 419 56 interest interest NOUN cblr-1720 419 57 weighs weigh VERB cblr-1720 419 58 more more ADV cblr-1720 419 59 heavily heavily ADV cblr-1720 419 60 in in ADP cblr-1720 419 61 takeover takeover NOUN cblr-1720 419 62 situations situation NOUN cblr-1720 419 63 than than ADP cblr-1720 419 64 in in ADP cblr-1720 419 65 nontakeover nontakeover NOUN cblr-1720 419 66 situations situation NOUN cblr-1720 419 67 . . PUNCT cblr-1720 420 1 third third ADJ cblr-1720 420 2 , , PUNCT cblr-1720 420 3 whereas whereas SCONJ cblr-1720 420 4 the the DET cblr-1720 420 5 design design NOUN cblr-1720 420 6 of of ADP cblr-1720 420 7 their their PRON cblr-1720 420 8 incentive incentive NOUN cblr-1720 420 9 compensation compensation NOUN cblr-1720 420 10 arrangements⎯and arrangements⎯and CCONJ cblr-1720 420 11 especially especially ADV cblr-1720 420 12 the the DET cblr-1720 420 13 vesting vest VERB cblr-1720 420 14 conditions condition NOUN cblr-1720 420 15 of of ADP cblr-1720 420 16 their their PRON cblr-1720 420 17 restricted restrict VERB cblr-1720 420 18 stock stock NOUN cblr-1720 420 19 — — PUNCT cblr-1720 420 20 help help VERB cblr-1720 420 21 to to PART cblr-1720 420 22 bond bond VERB cblr-1720 420 23 directors director NOUN cblr-1720 420 24 with with ADP cblr-1720 420 25 their their PRON cblr-1720 420 26 long long ADJ cblr-1720 420 27 - - PUNCT cblr-1720 420 28 term term NOUN cblr-1720 420 29 shareholders shareholder NOUN cblr-1720 420 30 in in ADP cblr-1720 420 31 nontakeover nontakeover NOUN cblr-1720 420 32 situations,75 situations,75 NOUN cblr-1720 420 33 they they PRON cblr-1720 420 34 misalign misalign VERB cblr-1720 420 35 directors director NOUN cblr-1720 420 36 ’ ' PUNCT cblr-1720 420 37 long long ADJ cblr-1720 420 38 - - PUNCT cblr-1720 420 39 term term NOUN cblr-1720 420 40 interests interest NOUN cblr-1720 420 41 with with ADP cblr-1720 420 42 those those PRON cblr-1720 420 43 of of ADP cblr-1720 420 44 shareholders shareholder NOUN cblr-1720 420 45 in in ADP cblr-1720 420 46 73 73 NUM cblr-1720 420 47 see see VERB cblr-1720 420 48 air air NOUN cblr-1720 420 49 prods prod NOUN cblr-1720 420 50 . . PUNCT cblr-1720 421 1 & & CCONJ cblr-1720 422 1 chems chem NOUN cblr-1720 422 2 . . PUNCT cblr-1720 422 3 , , PUNCT cblr-1720 422 4 inc inc PROPN cblr-1720 422 5 . . PROPN cblr-1720 423 1 v. v. PROPN cblr-1720 423 2 airgas airgas PROPN cblr-1720 423 3 , , PUNCT cblr-1720 423 4 inc inc PROPN cblr-1720 423 5 . . PROPN cblr-1720 423 6 , , PUNCT cblr-1720 423 7 16 16 NUM cblr-1720 423 8 a.3d a.3d ADP cblr-1720 423 9 48 48 NUM cblr-1720 423 10 , , PUNCT cblr-1720 423 11 48 48 NUM cblr-1720 423 12 ( ( PUNCT cblr-1720 423 13 del del PROPN cblr-1720 423 14 . . PROPN cblr-1720 423 15 ch ch PROPN cblr-1720 423 16 . . PROPN cblr-1720 423 17 2011 2011 NUM cblr-1720 423 18 ) ) PUNCT cblr-1720 423 19 . . PUNCT cblr-1720 424 1 the the DET cblr-1720 424 2 vote vote NOUN cblr-1720 424 3 of of ADP cblr-1720 424 4 air air NOUN cblr-1720 424 5 products product NOUN cblr-1720 424 6 ’ ' PUNCT cblr-1720 424 7 independent independent ADJ cblr-1720 424 8 directors director NOUN cblr-1720 424 9 in in ADP cblr-1720 424 10 airgas airgas PROPN cblr-1720 424 11 can can AUX cblr-1720 424 12 also also ADV cblr-1720 424 13 be be AUX cblr-1720 424 14 interpreted interpret VERB cblr-1720 424 15 to to PART cblr-1720 424 16 support support VERB cblr-1720 424 17 the the DET cblr-1720 424 18 opposing opposing ADJ cblr-1720 424 19 view view NOUN cblr-1720 424 20 , , PUNCT cblr-1720 424 21 under under ADP cblr-1720 424 22 which which PRON cblr-1720 424 23 independent independent ADJ cblr-1720 424 24 directors director NOUN cblr-1720 424 25 exercise exercise VERB cblr-1720 424 26 strong strong ADJ cblr-1720 424 27 independent independent ADJ cblr-1720 424 28 judgment judgment NOUN cblr-1720 424 29 even even ADV cblr-1720 424 30 if if SCONJ cblr-1720 424 31 such such ADJ cblr-1720 424 32 judgment judgment NOUN cblr-1720 424 33 works work VERB cblr-1720 424 34 against against ADP cblr-1720 424 35 their their PRON cblr-1720 424 36 appointees appointee NOUN cblr-1720 424 37 . . PUNCT cblr-1720 425 1 however however ADV cblr-1720 425 2 , , PUNCT cblr-1720 425 3 the the DET cblr-1720 425 4 cohesive cohesive ADJ cblr-1720 425 5 group group NOUN cblr-1720 425 6 dynamics dynamic NOUN cblr-1720 425 7 of of ADP cblr-1720 425 8 a a DET cblr-1720 425 9 defending defend VERB cblr-1720 425 10 target target NOUN cblr-1720 425 11 board board NOUN cblr-1720 425 12 can can AUX cblr-1720 425 13 explain explain VERB cblr-1720 425 14 better well ADJ cblr-1720 425 15 the the DET cblr-1720 425 16 uniform uniform PROPN cblr-1720 425 17 board board PROPN cblr-1720 425 18 stance stance NOUN cblr-1720 425 19 against against ADP cblr-1720 425 20 the the DET cblr-1720 425 21 takeover takeover NOUN cblr-1720 425 22 than than ADP cblr-1720 425 23 a a DET cblr-1720 425 24 deliberation deliberation NOUN cblr-1720 425 25 involving involve VERB cblr-1720 425 26 each each PRON cblr-1720 425 27 of of ADP cblr-1720 425 28 the the DET cblr-1720 425 29 board board NOUN cblr-1720 425 30 members member NOUN cblr-1720 425 31 . . PUNCT cblr-1720 426 1 74 74 NUM cblr-1720 426 2 see see VERB cblr-1720 426 3 richard richard PROPN cblr-1720 426 4 a. a. PROPN cblr-1720 426 5 lambert lambert PROPN cblr-1720 426 6 & & CCONJ cblr-1720 426 7 david david PROPN cblr-1720 426 8 f. f. PROPN cblr-1720 426 9 larcker larcker PROPN cblr-1720 426 10 , , PUNCT cblr-1720 426 11 golden golden ADJ cblr-1720 426 12 parachutes parachute NOUN cblr-1720 426 13 , , PUNCT cblr-1720 426 14 executive executive ADJ cblr-1720 426 15 decision decision NOUN cblr-1720 426 16 - - PUNCT cblr-1720 426 17 making making NOUN cblr-1720 426 18 , , PUNCT cblr-1720 426 19 and and CCONJ cblr-1720 426 20 shareholder shareholder NOUN cblr-1720 426 21 wealth wealth NOUN cblr-1720 426 22 , , PUNCT cblr-1720 426 23 7 7 NUM cblr-1720 426 24 j. j. PROPN cblr-1720 426 25 acc acc PROPN cblr-1720 426 26 . . PROPN cblr-1720 426 27 & & CCONJ cblr-1720 426 28 econ econ PROPN cblr-1720 426 29 . . PUNCT cblr-1720 427 1 179 179 NUM cblr-1720 427 2 , , PUNCT cblr-1720 427 3 184 184 NUM cblr-1720 427 4 ( ( PUNCT cblr-1720 427 5 1985 1985 NUM cblr-1720 427 6 ) ) PUNCT cblr-1720 427 7 . . PUNCT cblr-1720 428 1 75 75 NUM cblr-1720 428 2 see see VERB cblr-1720 428 3 meridian meridian PROPN cblr-1720 428 4 comp comp PROPN cblr-1720 428 5 . . PUNCT cblr-1720 429 1 partners partner NOUN cblr-1720 429 2 , , PUNCT cblr-1720 429 3 supra supra PROPN cblr-1720 429 4 note note NOUN cblr-1720 429 5 57 57 NUM cblr-1720 429 6 , , PUNCT cblr-1720 429 7 at at ADP cblr-1720 429 8 10 10 NUM cblr-1720 429 9 . . PUNCT cblr-1720 430 1 also also ADV cblr-1720 430 2 , , PUNCT cblr-1720 430 3 in in ADP cblr-1720 430 4 2014 2014 NUM cblr-1720 430 5 , , PUNCT cblr-1720 430 6 the the DET cblr-1720 430 7 average average ADJ cblr-1720 430 8 mix mix NOUN cblr-1720 430 9 of of ADP cblr-1720 430 10 pay pay NOUN cblr-1720 430 11 for for ADP cblr-1720 430 12 fortune fortune NOUN cblr-1720 430 13 500 500 NUM cblr-1720 430 14 outside outside ADJ cblr-1720 430 15 directors director NOUN cblr-1720 430 16 was be AUX cblr-1720 430 17 44 44 NUM cblr-1720 430 18 % % NOUN cblr-1720 430 19 cash cash NOUN cblr-1720 430 20 and and CCONJ cblr-1720 430 21 56 56 NUM cblr-1720 430 22 % % NOUN cblr-1720 430 23 stock stock NOUN cblr-1720 430 24 . . PUNCT cblr-1720 431 1 also also ADV cblr-1720 431 2 , , PUNCT cblr-1720 431 3 60 60 NUM cblr-1720 431 4 % % NOUN cblr-1720 431 5 of of ADP cblr-1720 431 6 such such ADJ cblr-1720 431 7 directors director NOUN cblr-1720 431 8 received receive VERB cblr-1720 431 9 restricted restrict VERB cblr-1720 431 10 stock stock NOUN cblr-1720 431 11 ( ( PUNCT cblr-1720 431 12 stock stock NOUN cblr-1720 431 13 with with ADP cblr-1720 431 14 vesting vest VERB cblr-1720 431 15 periods period NOUN cblr-1720 431 16 ) ) PUNCT cblr-1720 431 17 , , PUNCT cblr-1720 431 18 and and CCONJ cblr-1720 431 19 23 23 NUM cblr-1720 431 20 % % NOUN cblr-1720 431 21 of of ADP cblr-1720 431 22 all all DET cblr-1720 431 23 outside outside ADJ cblr-1720 431 24 directors director NOUN cblr-1720 431 25 were be AUX cblr-1720 431 26 granted grant VERB cblr-1720 431 27 deferred deferred ADJ cblr-1720 431 28 stock stock NOUN cblr-1720 431 29 and and CCONJ cblr-1720 431 30 phantom phantom ADJ cblr-1720 431 31 stock stock NOUN cblr-1720 431 32 ( ( PUNCT cblr-1720 431 33 stock stock NOUN cblr-1720 431 34 that that PRON cblr-1720 431 35 will will AUX cblr-1720 431 36 be be AUX cblr-1720 431 37 given give VERB cblr-1720 431 38 to to ADP cblr-1720 431 39 them they PRON cblr-1720 431 40 in in ADP cblr-1720 431 41 the the DET cblr-1720 431 42 future future NOUN cblr-1720 431 43 but but CCONJ cblr-1720 431 44 will will AUX cblr-1720 431 45 not not PART cblr-1720 431 46 be be AUX cblr-1720 431 47 subject subject ADJ cblr-1720 431 48 to to ADP cblr-1720 431 49 vesting vest VERB cblr-1720 431 50 periods period NOUN cblr-1720 431 51 ) ) PUNCT cblr-1720 431 52 . . PUNCT cblr-1720 432 1 moreover moreover ADV cblr-1720 432 2 , , PUNCT cblr-1720 432 3 95 95 NUM cblr-1720 432 4 % % NOUN cblr-1720 432 5 of of ADP cblr-1720 432 6 total total ADJ cblr-1720 432 7 outside outside ADJ cblr-1720 432 8 directors director NOUN cblr-1720 432 9 were be AUX cblr-1720 432 10 paid pay VERB cblr-1720 432 11 with with ADP cblr-1720 432 12 full full ADJ cblr-1720 432 13 - - PUNCT cblr-1720 432 14 value value NOUN cblr-1720 432 15 stock stock NOUN cblr-1720 432 16 . . PUNCT cblr-1720 433 1 see see VERB cblr-1720 433 2 bowie bowie PROPN cblr-1720 433 3 , , PUNCT cblr-1720 433 4 supra supra PROPN cblr-1720 433 5 note note NOUN cblr-1720 433 6 58 58 NUM cblr-1720 433 7 , , PUNCT cblr-1720 433 8 at at ADP cblr-1720 433 9 1–2 1–2 NUM cblr-1720 433 10 . . PUNCT cblr-1720 434 1 shilon shilon NOUN cblr-1720 434 2 – – PUNCT cblr-1720 434 3 final final ADJ cblr-1720 434 4 no no NOUN cblr-1720 434 5 . . PUNCT cblr-1720 434 6 2:511 2:511 NOUN cblr-1720 434 7 ] ] X cblr-1720 434 8 improving improve VERB cblr-1720 434 9 corporate corporate ADJ cblr-1720 434 10 takeover takeover NOUN cblr-1720 434 11 dynamics dynamic NOUN cblr-1720 434 12 541 541 NUM cblr-1720 434 13 takeover takeover NOUN cblr-1720 434 14 situations situation NOUN cblr-1720 434 15 . . PUNCT cblr-1720 435 1 in in ADP cblr-1720 435 2 particular particular ADJ cblr-1720 435 3 , , PUNCT cblr-1720 435 4 such such ADJ cblr-1720 435 5 granted grant VERB cblr-1720 435 6 but but CCONJ cblr-1720 435 7 unvested76 unvested76 VERB cblr-1720 435 8 stock stock NOUN cblr-1720 435 9 compensation compensation PROPN cblr-1720 435 10 , , PUNCT cblr-1720 435 11 which which PRON cblr-1720 435 12 might might AUX cblr-1720 435 13 otherwise otherwise ADV cblr-1720 435 14 motivate motivate VERB cblr-1720 435 15 the the DET cblr-1720 435 16 outside outside ADJ cblr-1720 435 17 directors director NOUN cblr-1720 435 18 to to PART cblr-1720 435 19 maximize maximize VERB cblr-1720 435 20 the the DET cblr-1720 435 21 long long ADJ cblr-1720 435 22 - - PUNCT cblr-1720 435 23 term term NOUN cblr-1720 435 24 value value NOUN cblr-1720 435 25 of of ADP cblr-1720 435 26 the the DET cblr-1720 435 27 firm firm NOUN cblr-1720 435 28 , , PUNCT cblr-1720 435 29 stands stand VERB cblr-1720 435 30 to to PART cblr-1720 435 31 be be AUX cblr-1720 435 32 forfeited forfeit VERB cblr-1720 435 33 upon upon SCONJ cblr-1720 435 34 directors director NOUN cblr-1720 435 35 ’ ' PUNCT cblr-1720 435 36 termination termination NOUN cblr-1720 435 37 in in ADP cblr-1720 435 38 the the DET cblr-1720 435 39 takeover takeover NOUN cblr-1720 435 40 . . PUNCT cblr-1720 436 1 this this PRON cblr-1720 436 2 distorts distort VERB cblr-1720 436 3 directors director NOUN cblr-1720 436 4 ’ ’ PART cblr-1720 436 5 judgment judgment NOUN cblr-1720 436 6 away away ADV cblr-1720 436 7 from from ADP cblr-1720 436 8 maximizing maximize VERB cblr-1720 436 9 long long ADJ cblr-1720 436 10 - - PUNCT cblr-1720 436 11 term term NOUN cblr-1720 436 12 firm firm ADJ cblr-1720 436 13 value value NOUN cblr-1720 436 14 and and CCONJ cblr-1720 436 15 instead instead ADV cblr-1720 436 16 prompts prompt VERB cblr-1720 436 17 their their PRON cblr-1720 436 18 indiscriminate indiscriminate ADJ cblr-1720 436 19 rejection rejection NOUN cblr-1720 436 20 of of ADP cblr-1720 436 21 hostile hostile ADJ cblr-1720 436 22 bids bid NOUN cblr-1720 436 23 , , PUNCT cblr-1720 436 24 even even ADV cblr-1720 436 25 if if SCONJ cblr-1720 436 26 such such ADJ cblr-1720 436 27 action action NOUN cblr-1720 436 28 ultimately ultimately ADV cblr-1720 436 29 stands stand VERB cblr-1720 436 30 to to PART cblr-1720 436 31 destroy destroy VERB cblr-1720 436 32 firm firm ADJ cblr-1720 436 33 value value NOUN cblr-1720 436 34 . . PUNCT cblr-1720 437 1 golden golden ADJ cblr-1720 437 2 parachutes parachute NOUN cblr-1720 437 3 , , PUNCT cblr-1720 437 4 which which PRON cblr-1720 437 5 could could AUX cblr-1720 437 6 counter counter VERB cblr-1720 437 7 such such DET cblr-1720 437 8 an an DET cblr-1720 437 9 effect effect NOUN cblr-1720 437 10 , , PUNCT cblr-1720 437 11 do do AUX cblr-1720 437 12 not not PART cblr-1720 437 13 apply apply VERB cblr-1720 437 14 to to ADP cblr-1720 437 15 outside outside ADJ cblr-1720 437 16 directors director NOUN cblr-1720 437 17 . . PUNCT cblr-1720 438 1 consequently consequently ADV cblr-1720 438 2 , , PUNCT cblr-1720 438 3 resisting resist VERB cblr-1720 438 4 a a DET cblr-1720 438 5 tender tender NOUN cblr-1720 438 6 offer offer NOUN cblr-1720 438 7 is be AUX cblr-1720 438 8 clearly clearly ADV cblr-1720 438 9 and and CCONJ cblr-1720 438 10 significantly significantly ADV cblr-1720 438 11 more more ADV cblr-1720 438 12 desirable desirable ADJ cblr-1720 438 13 for for ADP cblr-1720 438 14 directors director NOUN cblr-1720 438 15 than than ADP cblr-1720 438 16 for for ADP cblr-1720 438 17 shareholders.77 shareholders.77 PROPN cblr-1720 438 18 fourth fourth ADJ cblr-1720 438 19 , , PUNCT cblr-1720 438 20 empirical empirical ADJ cblr-1720 438 21 studies study NOUN cblr-1720 438 22 indicate indicate VERB cblr-1720 438 23 that that SCONJ cblr-1720 438 24 directors director NOUN cblr-1720 438 25 misuse misuse VERB cblr-1720 438 26 their their PRON cblr-1720 438 27 power power NOUN cblr-1720 438 28 to to PART cblr-1720 438 29 insulate insulate VERB cblr-1720 438 30 their their PRON cblr-1720 438 31 firms firm NOUN cblr-1720 438 32 from from ADP cblr-1720 438 33 takeover takeover NOUN cblr-1720 438 34 threats threat NOUN cblr-1720 438 35 , , PUNCT cblr-1720 438 36 probably probably ADV cblr-1720 438 37 because because SCONJ cblr-1720 438 38 of of ADP cblr-1720 438 39 their their PRON cblr-1720 438 40 conflict conflict NOUN cblr-1720 438 41 of of ADP cblr-1720 438 42 interest interest NOUN cblr-1720 438 43 with with ADP cblr-1720 438 44 their their PRON cblr-1720 438 45 shareholders shareholder NOUN cblr-1720 438 46 . . PUNCT cblr-1720 439 1 boards board NOUN cblr-1720 439 2 that that PRON cblr-1720 439 3 place place VERB cblr-1720 439 4 preemptive preemptive ADJ cblr-1720 439 5 antitakeover antitakeover NOUN cblr-1720 439 6 defenses defense NOUN cblr-1720 439 7 tend tend VERB cblr-1720 439 8 to to PART cblr-1720 439 9 generate generate VERB cblr-1720 439 10 suboptimal suboptimal ADJ cblr-1720 439 11 operating operate VERB cblr-1720 439 12 76 76 NUM cblr-1720 439 13 vesting vesting NOUN cblr-1720 439 14 periods period NOUN cblr-1720 439 15 define define VERB cblr-1720 439 16 when when SCONJ cblr-1720 439 17 managers manager NOUN cblr-1720 439 18 “ " PUNCT cblr-1720 439 19 earn earn VERB cblr-1720 439 20 ” " PUNCT cblr-1720 439 21 their their PRON cblr-1720 439 22 stock stock NOUN cblr-1720 439 23 options option NOUN cblr-1720 439 24 or or CCONJ cblr-1720 439 25 restricted restrict VERB cblr-1720 439 26 stock stock NOUN cblr-1720 439 27 . . PUNCT cblr-1720 440 1 in in ADP cblr-1720 440 2 the the DET cblr-1720 440 3 united united PROPN cblr-1720 440 4 states states PROPN cblr-1720 440 5 , , PUNCT cblr-1720 440 6 these these DET cblr-1720 440 7 periods period NOUN cblr-1720 440 8 are be AUX cblr-1720 440 9 usually usually ADV cblr-1720 440 10 three three NUM cblr-1720 440 11 to to PART cblr-1720 440 12 five five NUM cblr-1720 440 13 years year NOUN cblr-1720 440 14 for for ADP cblr-1720 440 15 executives executive NOUN cblr-1720 440 16 but but CCONJ cblr-1720 440 17 less less ADJ cblr-1720 440 18 for for ADP cblr-1720 440 19 board board NOUN cblr-1720 440 20 members member NOUN cblr-1720 440 21 . . PUNCT cblr-1720 441 1 typically typically ADV cblr-1720 441 2 , , PUNCT cblr-1720 441 3 each each DET cblr-1720 441 4 year year NOUN cblr-1720 441 5 the the DET cblr-1720 441 6 executive executive NOUN cblr-1720 441 7 earns earn VERB cblr-1720 441 8 the the DET cblr-1720 441 9 prorated prorate VERB cblr-1720 441 10 amount amount NOUN cblr-1720 441 11 of of ADP cblr-1720 441 12 his his PRON cblr-1720 441 13 or or CCONJ cblr-1720 441 14 her her PRON cblr-1720 441 15 equity equity NOUN cblr-1720 441 16 grant grant NOUN cblr-1720 441 17 . . PUNCT cblr-1720 442 1 thus thus ADV cblr-1720 442 2 , , PUNCT cblr-1720 442 3 if if SCONJ cblr-1720 442 4 an an DET cblr-1720 442 5 executive executive NOUN cblr-1720 442 6 is be AUX cblr-1720 442 7 granted grant VERB cblr-1720 442 8 three three NUM cblr-1720 442 9 hundred hundred NUM cblr-1720 442 10 restricted restrict VERB cblr-1720 442 11 stock stock NOUN cblr-1720 442 12 units unit NOUN cblr-1720 442 13 with with ADP cblr-1720 442 14 a a DET cblr-1720 442 15 three three NUM cblr-1720 442 16 - - PUNCT cblr-1720 442 17 year year NOUN cblr-1720 442 18 vesting vesting NOUN cblr-1720 442 19 schedule schedule NOUN cblr-1720 442 20 , , PUNCT cblr-1720 442 21 that that DET cblr-1720 442 22 ceo ceo NOUN cblr-1720 442 23 will will AUX cblr-1720 442 24 own own VERB cblr-1720 442 25 one one NUM cblr-1720 442 26 hundred hundred NUM cblr-1720 442 27 units unit NOUN cblr-1720 442 28 after after ADP cblr-1720 442 29 one one NUM cblr-1720 442 30 year year NOUN cblr-1720 442 31 , , PUNCT cblr-1720 442 32 another another DET cblr-1720 442 33 one one NUM cblr-1720 442 34 hundred hundred NUM cblr-1720 442 35 after after ADP cblr-1720 442 36 two two NUM cblr-1720 442 37 years year NOUN cblr-1720 442 38 , , PUNCT cblr-1720 442 39 and and CCONJ cblr-1720 442 40 the the DET cblr-1720 442 41 remaining remain VERB cblr-1720 442 42 one one NUM cblr-1720 442 43 hundred hundred NUM cblr-1720 442 44 after after ADP cblr-1720 442 45 three three NUM cblr-1720 442 46 years year NOUN cblr-1720 442 47 . . PUNCT cblr-1720 443 1 77 77 NUM cblr-1720 443 2 see see VERB cblr-1720 443 3 cotter cotter PROPN cblr-1720 443 4 & & CCONJ cblr-1720 443 5 zenner zenner PROPN cblr-1720 443 6 , , PUNCT cblr-1720 443 7 supra supra PROPN cblr-1720 443 8 note note NOUN cblr-1720 443 9 4 4 NUM cblr-1720 443 10 , , PUNCT cblr-1720 443 11 at at ADP cblr-1720 443 12 86 86 NUM cblr-1720 443 13 ( ( PUNCT cblr-1720 443 14 reporting report VERB cblr-1720 443 15 that that SCONJ cblr-1720 443 16 shareholders shareholder NOUN cblr-1720 443 17 do do AUX cblr-1720 443 18 not not PART cblr-1720 443 19 necessarily necessarily ADV cblr-1720 443 20 gain gain VERB cblr-1720 443 21 due due ADJ cblr-1720 443 22 to to ADP cblr-1720 443 23 resisting resist VERB cblr-1720 443 24 a a DET cblr-1720 443 25 tender tender NOUN cblr-1720 443 26 offer offer NOUN cblr-1720 443 27 while while SCONJ cblr-1720 443 28 managers manager NOUN cblr-1720 443 29 may may AUX cblr-1720 443 30 gain gain VERB cblr-1720 443 31 from from ADP cblr-1720 443 32 their their PRON cblr-1720 443 33 resistance resistance NOUN cblr-1720 443 34 ) ) PUNCT cblr-1720 443 35 . . PUNCT cblr-1720 444 1 easterbrook easterbrook PROPN cblr-1720 444 2 and and CCONJ cblr-1720 444 3 fischel fischel PROPN cblr-1720 444 4 argue argue VERB cblr-1720 444 5 that that SCONJ cblr-1720 444 6 resistance resistance NOUN cblr-1720 444 7 by by ADP cblr-1720 444 8 a a DET cblr-1720 444 9 corporation corporation NOUN cblr-1720 444 10 ’s ’s PART cblr-1720 444 11 managers manager NOUN cblr-1720 444 12 to to ADP cblr-1720 444 13 premium premium ADJ cblr-1720 444 14 tender tender NOUN cblr-1720 444 15 offers offer NOUN cblr-1720 444 16 , , PUNCT cblr-1720 444 17 even even ADV cblr-1720 444 18 if if SCONJ cblr-1720 444 19 it it PRON cblr-1720 444 20 triggers trigger VERB cblr-1720 444 21 a a DET cblr-1720 444 22 bidding bidding NOUN cblr-1720 444 23 contest contest NOUN cblr-1720 444 24 , , PUNCT cblr-1720 444 25 ultimately ultimately ADV cblr-1720 444 26 decreases decrease VERB cblr-1720 444 27 shareholder shareholder NOUN cblr-1720 444 28 welfare welfare NOUN cblr-1720 444 29 . . PUNCT cblr-1720 445 1 this this PRON cblr-1720 445 2 is be AUX cblr-1720 445 3 because because SCONJ cblr-1720 445 4 the the DET cblr-1720 445 5 value value NOUN cblr-1720 445 6 of of ADP cblr-1720 445 7 any any DET cblr-1720 445 8 stock stock NOUN cblr-1720 445 9 can can AUX cblr-1720 445 10 be be AUX cblr-1720 445 11 understood understand VERB cblr-1720 445 12 as as ADP cblr-1720 445 13 the the DET cblr-1720 445 14 sum sum NOUN cblr-1720 445 15 of of ADP cblr-1720 445 16 two two NUM cblr-1720 445 17 components component NOUN cblr-1720 445 18 : : PUNCT cblr-1720 445 19 the the DET cblr-1720 445 20 market market NOUN cblr-1720 445 21 price price NOUN cblr-1720 445 22 that that PRON cblr-1720 445 23 will will AUX cblr-1720 445 24 prevail prevail VERB cblr-1720 445 25 if if SCONJ cblr-1720 445 26 there there PRON cblr-1720 445 27 is be VERB cblr-1720 445 28 no no DET cblr-1720 445 29 successful successful ADJ cblr-1720 445 30 offer offer NOUN cblr-1720 445 31 ( ( PUNCT cblr-1720 445 32 multiplied multiply VERB cblr-1720 445 33 by by ADP cblr-1720 445 34 the the DET cblr-1720 445 35 likelihood likelihood NOUN cblr-1720 445 36 that that SCONJ cblr-1720 445 37 there there PRON cblr-1720 445 38 will will AUX cblr-1720 445 39 be be AUX cblr-1720 445 40 none none NOUN cblr-1720 445 41 ) ) PUNCT cblr-1720 445 42 and and CCONJ cblr-1720 445 43 the the DET cblr-1720 445 44 price price NOUN cblr-1720 445 45 that that PRON cblr-1720 445 46 will will AUX cblr-1720 445 47 be be AUX cblr-1720 445 48 paid pay VERB cblr-1720 445 49 in in ADP cblr-1720 445 50 a a DET cblr-1720 445 51 future future ADJ cblr-1720 445 52 tender tender NOUN cblr-1720 445 53 offer offer NOUN cblr-1720 445 54 ( ( PUNCT cblr-1720 445 55 multiplied multiply VERB cblr-1720 445 56 by by ADP cblr-1720 445 57 the the DET cblr-1720 445 58 likelihood likelihood NOUN cblr-1720 445 59 that that SCONJ cblr-1720 445 60 some some DET cblr-1720 445 61 offer offer NOUN cblr-1720 445 62 will will AUX cblr-1720 445 63 succeed succeed VERB cblr-1720 445 64 ) ) PUNCT cblr-1720 445 65 . . PUNCT cblr-1720 446 1 although although SCONJ cblr-1720 446 2 board board NOUN cblr-1720 446 3 resistance resistance NOUN cblr-1720 446 4 might might AUX cblr-1720 446 5 increase increase VERB cblr-1720 446 6 the the DET cblr-1720 446 7 price price NOUN cblr-1720 446 8 of of ADP cblr-1720 446 9 a a DET cblr-1720 446 10 tender tender NOUN cblr-1720 446 11 offer offer NOUN cblr-1720 446 12 when when SCONJ cblr-1720 446 13 the the DET cblr-1720 446 14 offer offer NOUN cblr-1720 446 15 succeeds succeed VERB cblr-1720 446 16 , , PUNCT cblr-1720 446 17 it it PRON cblr-1720 446 18 also also ADV cblr-1720 446 19 decreases decrease VERB cblr-1720 446 20 the the DET cblr-1720 446 21 likelihood likelihood NOUN cblr-1720 446 22 that that SCONJ cblr-1720 446 23 such such DET cblr-1720 446 24 an an DET cblr-1720 446 25 offer offer NOUN cblr-1720 446 26 will will AUX cblr-1720 446 27 actually actually ADV cblr-1720 446 28 go go VERB cblr-1720 446 29 through through ADV cblr-1720 446 30 . . PUNCT cblr-1720 447 1 overall overall ADV cblr-1720 447 2 , , PUNCT cblr-1720 447 3 shareholders shareholder NOUN cblr-1720 447 4 would would AUX cblr-1720 447 5 be be AUX cblr-1720 447 6 better well ADJ cblr-1720 447 7 off off ADP cblr-1720 447 8 if if SCONJ cblr-1720 447 9 board board NOUN cblr-1720 447 10 resistance resistance NOUN cblr-1720 447 11 were be AUX cblr-1720 447 12 all all PRON cblr-1720 447 13 but but CCONJ cblr-1720 447 14 proscribed proscribe VERB cblr-1720 447 15 . . PUNCT cblr-1720 448 1 see see VERB cblr-1720 448 2 the the DET cblr-1720 448 3 proper proper ADJ cblr-1720 448 4 role role NOUN cblr-1720 448 5 , , PUNCT cblr-1720 448 6 supra supra NOUN cblr-1720 448 7 note note NOUN cblr-1720 448 8 4 4 NUM cblr-1720 448 9 . . X cblr-1720 448 10 shilon shilon NOUN cblr-1720 448 11 – – PUNCT cblr-1720 449 1 final final ADJ cblr-1720 449 2 542 542 NUM cblr-1720 449 3 columbia columbia PROPN cblr-1720 449 4 business business NOUN cblr-1720 449 5 law law PROPN cblr-1720 449 6 review review NOUN cblr-1720 449 7 [ [ X cblr-1720 449 8 vol vol NOUN cblr-1720 449 9 . . NOUN cblr-1720 449 10 2017 2017 NUM cblr-1720 449 11 performance78 performance78 ADJ cblr-1720 449 12 and and CCONJ cblr-1720 449 13 overconsume overconsume NOUN cblr-1720 449 14 private private ADJ cblr-1720 449 15 benefits benefit NOUN cblr-1720 449 16 of of ADP cblr-1720 449 17 control.79 control.79 NOUN cblr-1720 449 18 furthermore furthermore ADV cblr-1720 449 19 , , PUNCT cblr-1720 449 20 the the DET cblr-1720 449 21 insulation insulation NOUN cblr-1720 449 22 from from ADP cblr-1720 449 23 takeover takeover NOUN cblr-1720 449 24 threats threat NOUN cblr-1720 449 25 results result VERB cblr-1720 449 26 in in ADP cblr-1720 449 27 directors director NOUN cblr-1720 449 28 approving approve VERB cblr-1720 449 29 higher high ADJ cblr-1720 449 30 paychecks paycheck NOUN cblr-1720 449 31 for for ADP cblr-1720 449 32 their their PRON cblr-1720 449 33 executives executive NOUN cblr-1720 449 34 , , PUNCT cblr-1720 449 35 allowing allow VERB cblr-1720 449 36 higher high ADJ cblr-1720 449 37 levels level NOUN cblr-1720 449 38 of of ADP cblr-1720 449 39 managerial managerial ADJ cblr-1720 449 40 slack slack NOUN cblr-1720 449 41 , , PUNCT cblr-1720 449 42 and and CCONJ cblr-1720 449 43 being be AUX cblr-1720 449 44 more more ADV cblr-1720 449 45 likely likely ADJ cblr-1720 449 46 to to PART cblr-1720 449 47 support support VERB cblr-1720 449 48 inefficient inefficient ADJ cblr-1720 449 49 empire empire NOUN cblr-1720 449 50 building.80 building.80 PROPN cblr-1720 449 51 iv iv PROPN cblr-1720 449 52 . . PUNCT cblr-1720 450 1 delaware delaware PROPN cblr-1720 450 2 takeover takeover PROPN cblr-1720 450 3 doctrine doctrine NOUN cblr-1720 450 4 thus thus ADV cblr-1720 450 5 far far ADV cblr-1720 450 6 , , PUNCT cblr-1720 450 7 this this DET cblr-1720 450 8 article article NOUN cblr-1720 450 9 has have AUX cblr-1720 450 10 shown show VERB cblr-1720 450 11 that that SCONJ cblr-1720 450 12 shareholders shareholder NOUN cblr-1720 450 13 might might AUX cblr-1720 450 14 erroneously erroneously ADV cblr-1720 450 15 accept accept VERB cblr-1720 450 16 underpriced underpriced ADJ cblr-1720 450 17 bids bid NOUN cblr-1720 450 18 and and CCONJ cblr-1720 450 19 therefore therefore ADV cblr-1720 450 20 should should AUX cblr-1720 450 21 be be AUX cblr-1720 450 22 protected protect VERB cblr-1720 450 23 from from ADP cblr-1720 450 24 doing do VERB cblr-1720 450 25 so so ADV cblr-1720 450 26 . . PUNCT cblr-1720 451 1 however however ADV cblr-1720 451 2 , , PUNCT cblr-1720 451 3 it it PRON cblr-1720 451 4 has have AUX cblr-1720 451 5 also also ADV cblr-1720 451 6 shown show VERB cblr-1720 451 7 that that SCONJ cblr-1720 451 8 directors director NOUN cblr-1720 451 9 who who PRON cblr-1720 451 10 could could AUX cblr-1720 451 11 be be AUX cblr-1720 451 12 expected expect VERB cblr-1720 451 13 to to PART cblr-1720 451 14 protect protect VERB cblr-1720 451 15 such such ADJ cblr-1720 451 16 shareholders shareholder NOUN cblr-1720 451 17 , , PUNCT cblr-1720 451 18 and and CCONJ cblr-1720 451 19 who who PRON cblr-1720 451 20 possess possess VERB cblr-1720 451 21 superior superior ADJ cblr-1720 451 22 information information NOUN cblr-1720 451 23 and and CCONJ cblr-1720 451 24 expertise expertise NOUN cblr-1720 451 25 to to PART cblr-1720 451 26 evaluate evaluate VERB cblr-1720 451 27 the the DET cblr-1720 451 28 desirability desirability NOUN cblr-1720 451 29 of of ADP cblr-1720 451 30 takeover takeover NOUN cblr-1720 451 31 bids bid NOUN cblr-1720 451 32 , , PUNCT cblr-1720 451 33 are be AUX cblr-1720 451 34 in in ADP cblr-1720 451 35 a a DET cblr-1720 451 36 conflict conflict NOUN cblr-1720 451 37 of of ADP cblr-1720 451 38 interest interest NOUN cblr-1720 451 39 with with ADP cblr-1720 451 40 their their PRON cblr-1720 451 41 shareholders shareholder NOUN cblr-1720 451 42 . . PUNCT cblr-1720 452 1 because because SCONJ cblr-1720 452 2 these these DET cblr-1720 452 3 perils peril NOUN cblr-1720 452 4 exist exist VERB cblr-1720 452 5 , , PUNCT cblr-1720 452 6 the the DET cblr-1720 452 7 delaware delaware PROPN cblr-1720 452 8 courts court NOUN cblr-1720 452 9 developed develop VERB cblr-1720 452 10 a a DET cblr-1720 452 11 rich rich ADJ cblr-1720 452 12 doctrine doctrine NOUN cblr-1720 452 13 tailored tailor VERB cblr-1720 452 14 specifically specifically ADV cblr-1720 452 15 for for ADP cblr-1720 452 16 takeover takeover NOUN cblr-1720 452 17 situations situation NOUN cblr-1720 452 18 . . PUNCT cblr-1720 453 1 this this DET cblr-1720 453 2 part part NOUN cblr-1720 453 3 first first ADV cblr-1720 453 4 explains explain VERB cblr-1720 453 5 the the DET cblr-1720 453 6 policy policy NOUN cblr-1720 453 7 choices choice NOUN cblr-1720 453 8 that that PRON cblr-1720 453 9 led lead VERB cblr-1720 453 10 to to ADP cblr-1720 453 11 the the DET cblr-1720 453 12 takeover takeover NOUN cblr-1720 453 13 doctrine doctrine NOUN cblr-1720 453 14 . . PUNCT cblr-1720 454 1 it it PRON cblr-1720 454 2 then then ADV cblr-1720 454 3 examines examine VERB cblr-1720 454 4 the the DET cblr-1720 454 5 specifics specific NOUN cblr-1720 454 6 of of ADP cblr-1720 454 7 that that DET cblr-1720 454 8 judicial judicial ADJ cblr-1720 454 9 standard standard NOUN cblr-1720 454 10 and and CCONJ cblr-1720 454 11 explains explain VERB cblr-1720 454 12 why why SCONJ cblr-1720 454 13 a a DET cblr-1720 454 14 board board NOUN cblr-1720 454 15 ’s ’s PART cblr-1720 454 16 allegation allegation NOUN cblr-1720 454 17 of of ADP cblr-1720 454 18 “ " PUNCT cblr-1720 454 19 substantive substantive ADJ cblr-1720 454 20 coercion coercion NOUN cblr-1720 454 21 ” " PUNCT cblr-1720 454 22 is be AUX cblr-1720 454 23 the the DET cblr-1720 454 24 most most ADV cblr-1720 454 25 demanding demanding ADJ cblr-1720 454 26 aspect aspect NOUN cblr-1720 454 27 of of ADP cblr-1720 454 28 it it PRON cblr-1720 454 29 . . PUNCT cblr-1720 455 1 78 78 NUM cblr-1720 455 2 see see VERB cblr-1720 455 3 paul paul PROPN cblr-1720 455 4 gompers gompers PROPN cblr-1720 455 5 et et PROPN cblr-1720 455 6 al al PROPN cblr-1720 455 7 . . PROPN cblr-1720 455 8 , , PUNCT cblr-1720 455 9 corporate corporate ADJ cblr-1720 455 10 governance governance NOUN cblr-1720 455 11 and and CCONJ cblr-1720 455 12 equity equity NOUN cblr-1720 455 13 prices price NOUN cblr-1720 455 14 , , PUNCT cblr-1720 455 15 118 118 NUM cblr-1720 455 16 q.j q.j PROPN cblr-1720 455 17 . . PROPN cblr-1720 455 18 econ econ PROPN cblr-1720 455 19 . . PUNCT cblr-1720 456 1 107 107 NUM cblr-1720 456 2 , , PUNCT cblr-1720 456 3 129 129 NUM cblr-1720 456 4 ( ( PUNCT cblr-1720 456 5 2003 2003 NUM cblr-1720 456 6 ) ) PUNCT cblr-1720 456 7 . . PUNCT cblr-1720 457 1 79 79 NUM cblr-1720 457 2 see see VERB cblr-1720 457 3 kenneth kenneth PROPN cblr-1720 457 4 a. a. PROPN cblr-1720 457 5 borokhovich borokhovich PROPN cblr-1720 457 6 et et PROPN cblr-1720 457 7 al al PROPN cblr-1720 457 8 . . PROPN cblr-1720 457 9 , , PUNCT cblr-1720 457 10 ceo ceo NOUN cblr-1720 457 11 contracting contracting NOUN cblr-1720 457 12 and and CCONJ cblr-1720 457 13 antitakeover antitakeover ADJ cblr-1720 457 14 amendments amendment NOUN cblr-1720 457 15 , , PUNCT cblr-1720 457 16 52 52 NUM cblr-1720 457 17 j. j. PROPN cblr-1720 457 18 fin fin PROPN cblr-1720 457 19 . . PUNCT cblr-1720 458 1 1495 1495 NUM cblr-1720 458 2 , , PUNCT cblr-1720 458 3 ( ( PUNCT cblr-1720 458 4 1997 1997 NUM cblr-1720 458 5 ) ) PUNCT cblr-1720 458 6 . . PUNCT cblr-1720 459 1 80 80 NUM cblr-1720 460 1 i i PRON cblr-1720 460 2 d. d. PROPN cblr-1720 460 3 ( ( PUNCT cblr-1720 460 4 reporting report VERB cblr-1720 460 5 that that SCONJ cblr-1720 460 6 managers manager NOUN cblr-1720 460 7 with with ADP cblr-1720 460 8 stronger strong ADJ cblr-1720 460 9 antitakeover antitakeover ADJ cblr-1720 460 10 defenses defense NOUN cblr-1720 460 11 extract extract VERB cblr-1720 460 12 higher high ADJ cblr-1720 460 13 compensation compensation NOUN cblr-1720 460 14 levels level NOUN cblr-1720 460 15 ) ) PUNCT cblr-1720 460 16 ; ; PUNCT cblr-1720 460 17 see see VERB cblr-1720 460 18 also also ADV cblr-1720 460 19 marianne marianne PROPN cblr-1720 460 20 bertrand bertrand PROPN cblr-1720 460 21 & & CCONJ cblr-1720 460 22 sendhil sendhil PROPN cblr-1720 460 23 mullainathan mullainathan PROPN cblr-1720 460 24 , , PUNCT cblr-1720 460 25 executive executive ADJ cblr-1720 460 26 compensation compensation NOUN cblr-1720 460 27 and and CCONJ cblr-1720 460 28 incentives incentive NOUN cblr-1720 460 29 : : PUNCT cblr-1720 460 30 the the DET cblr-1720 460 31 impact impact NOUN cblr-1720 460 32 of of ADP cblr-1720 460 33 takeover takeover NOUN cblr-1720 460 34 legislation legislation NOUN cblr-1720 460 35 ( ( PUNCT cblr-1720 460 36 nat’l nat’l NUM cblr-1720 460 37 bureau bureau PROPN cblr-1720 460 38 of of ADP cblr-1720 460 39 econ econ PROPN cblr-1720 460 40 . . PUNCT cblr-1720 461 1 research research PROPN cblr-1720 461 2 , , PUNCT cblr-1720 461 3 working work VERB cblr-1720 461 4 paper paper NOUN cblr-1720 461 5 no no INTJ cblr-1720 461 6 . . PROPN cblr-1720 461 7 6830 6830 NUM cblr-1720 461 8 , , PUNCT cblr-1720 461 9 1998 1998 NUM cblr-1720 461 10 ) ) PUNCT cblr-1720 461 11 , , PUNCT cblr-1720 461 12 http://papers.nber.org/papers/w6830.pdf http://papers.nber.org/papers/w6830.pdf NOUN cblr-1720 462 1 [ [ X cblr-1720 462 2 https://perma.cc/7gkz-bru2 https://perma.cc/7gkz-bru2 X cblr-1720 462 3 ] ] X cblr-1720 462 4 ( ( PUNCT cblr-1720 462 5 reporting report VERB cblr-1720 462 6 that that SCONJ cblr-1720 462 7 managers manager NOUN cblr-1720 462 8 subject subject ADJ cblr-1720 462 9 to to ADP cblr-1720 462 10 stronger strong ADJ cblr-1720 462 11 antitakeover antitakeover ADJ cblr-1720 462 12 statutes statute NOUN cblr-1720 462 13 extract extract VERB cblr-1720 462 14 higher high ADJ cblr-1720 462 15 compensation compensation NOUN cblr-1720 462 16 levels level NOUN cblr-1720 462 17 ) ) PUNCT cblr-1720 462 18 ; ; PUNCT cblr-1720 462 19 gompers gomper NOUN cblr-1720 462 20 et et PROPN cblr-1720 462 21 al al PROPN cblr-1720 462 22 . . PROPN cblr-1720 462 23 , , PUNCT cblr-1720 462 24 supra supra PROPN cblr-1720 462 25 note note PROPN cblr-1720 462 26 78 78 NUM cblr-1720 462 27 , , PUNCT cblr-1720 462 28 at at ADP cblr-1720 462 29 139–40 139–40 PROPN cblr-1720 462 30 ( ( PUNCT cblr-1720 462 31 reporting report VERB cblr-1720 462 32 that that SCONJ cblr-1720 462 33 managers manager NOUN cblr-1720 462 34 with with ADP cblr-1720 462 35 stronger strong ADJ cblr-1720 462 36 antitakeover antitakeover ADJ cblr-1720 462 37 protections protection NOUN cblr-1720 462 38 engage engage VERB cblr-1720 462 39 in in ADP cblr-1720 462 40 more more ADJ cblr-1720 462 41 empire empire NOUN cblr-1720 462 42 building building NOUN cblr-1720 462 43 ) ) PUNCT cblr-1720 462 44 ; ; PUNCT cblr-1720 462 45 garvey garvey PROPN cblr-1720 462 46 & & CCONJ cblr-1720 462 47 hanka hanka PROPN cblr-1720 462 48 , , PUNCT cblr-1720 462 49 supra supra PROPN cblr-1720 462 50 note note NOUN cblr-1720 462 51 4 4 NUM cblr-1720 462 52 , , PUNCT cblr-1720 462 53 at at ADP cblr-1720 462 54 520 520 NUM cblr-1720 462 55 ( ( PUNCT cblr-1720 462 56 concluding conclude VERB cblr-1720 462 57 that that SCONJ cblr-1720 462 58 antitakeover antitakeover ADJ cblr-1720 462 59 statutes statute NOUN cblr-1720 462 60 allow allow VERB cblr-1720 462 61 managers manager NOUN cblr-1720 462 62 to to PART cblr-1720 462 63 pursue pursue VERB cblr-1720 462 64 value value NOUN cblr-1720 462 65 - - PUNCT cblr-1720 462 66 destroying destroy VERB cblr-1720 462 67 goals goal NOUN cblr-1720 462 68 ) ) PUNCT cblr-1720 462 69 . . PUNCT cblr-1720 463 1 shilon shilon NOUN cblr-1720 463 2 – – PUNCT cblr-1720 463 3 final final ADJ cblr-1720 463 4 no no NOUN cblr-1720 463 5 . . PUNCT cblr-1720 464 1 2:511 2:511 NOUN cblr-1720 464 2 ] ] X cblr-1720 464 3 improving improve VERB cblr-1720 464 4 corporate corporate ADJ cblr-1720 464 5 takeover takeover NOUN cblr-1720 464 6 dynamics dynamic NOUN cblr-1720 464 7 543 543 NUM cblr-1720 464 8 a. a. NOUN cblr-1720 464 9 delaware delaware PROPN cblr-1720 464 10 intermediate intermediate PROPN cblr-1720 464 11 standard standard PROPN cblr-1720 464 12 of of ADP cblr-1720 464 13 review review PROPN cblr-1720 464 14 delaware delaware PROPN cblr-1720 464 15 corporate corporate ADJ cblr-1720 464 16 law law NOUN cblr-1720 464 17 is be AUX cblr-1720 464 18 generally generally ADV cblr-1720 464 19 board board NOUN cblr-1720 464 20 - - PUNCT cblr-1720 464 21 centric centric ADJ cblr-1720 464 22 . . PUNCT cblr-1720 465 1 its its PRON cblr-1720 465 2 basic basic ADJ cblr-1720 465 3 and and CCONJ cblr-1720 465 4 long long ADV cblr-1720 465 5 - - PUNCT cblr-1720 465 6 standing stand VERB cblr-1720 465 7 principle principle NOUN cblr-1720 465 8 ( ( PUNCT cblr-1720 465 9 as as ADV cblr-1720 465 10 well well ADV cblr-1720 465 11 as as ADP cblr-1720 465 12 that that PRON cblr-1720 465 13 of of ADP cblr-1720 465 14 u.s u.s PROPN cblr-1720 465 15 . . PROPN cblr-1720 465 16 corporate corporate ADJ cblr-1720 465 17 law law NOUN cblr-1720 465 18 ) ) PUNCT cblr-1720 465 19 is be AUX cblr-1720 465 20 that that SCONJ cblr-1720 465 21 the the DET cblr-1720 465 22 power power NOUN cblr-1720 465 23 to to PART cblr-1720 465 24 manage manage VERB cblr-1720 465 25 the the DET cblr-1720 465 26 business business NOUN cblr-1720 465 27 and and CCONJ cblr-1720 465 28 affairs affair NOUN cblr-1720 465 29 of of ADP cblr-1720 465 30 the the DET cblr-1720 465 31 corporation corporation NOUN cblr-1720 465 32 is be AUX cblr-1720 465 33 conferred confer VERB cblr-1720 465 34 on on ADP cblr-1720 465 35 the the DET cblr-1720 465 36 board board NOUN cblr-1720 465 37 of of ADP cblr-1720 465 38 directors.81 directors.81 PROPN cblr-1720 465 39 no no ADV cblr-1720 465 40 matter matter ADV cblr-1720 465 41 how how SCONJ cblr-1720 465 42 much much ADJ cblr-1720 465 43 shareholders shareholder NOUN cblr-1720 465 44 want want VERB cblr-1720 465 45 a a DET cblr-1720 465 46 business business NOUN cblr-1720 465 47 decision decision NOUN cblr-1720 465 48 , , PUNCT cblr-1720 465 49 they they PRON cblr-1720 465 50 can can AUX cblr-1720 465 51 not not PART cblr-1720 465 52 force force VERB cblr-1720 465 53 management management NOUN cblr-1720 465 54 to to PART cblr-1720 465 55 consider consider VERB cblr-1720 465 56 one one NUM cblr-1720 465 57 . . PUNCT cblr-1720 466 1 this this DET cblr-1720 466 2 broad broad ADJ cblr-1720 466 3 power power NOUN cblr-1720 466 4 is be AUX cblr-1720 466 5 coupled couple VERB cblr-1720 466 6 with with ADP cblr-1720 466 7 the the DET cblr-1720 466 8 director director NOUN cblr-1720 466 9 - - PUNCT cblr-1720 466 10 friendly friendly ADJ cblr-1720 466 11 business business NOUN cblr-1720 466 12 judgment judgment NOUN cblr-1720 466 13 rule82 rule82 NOUN cblr-1720 466 14 — — PUNCT cblr-1720 466 15 a a DET cblr-1720 466 16 doctrine doctrine NOUN cblr-1720 466 17 that that PRON cblr-1720 466 18 insulates insulate VERB cblr-1720 466 19 the the DET cblr-1720 466 20 directors director NOUN cblr-1720 466 21 from from ADP cblr-1720 466 22 liability liability NOUN cblr-1720 466 23 in in ADP cblr-1720 466 24 nonconflicted nonconflicte VERB cblr-1720 466 25 business business NOUN cblr-1720 466 26 decisions decision NOUN cblr-1720 466 27 . . PUNCT cblr-1720 467 1 this this DET cblr-1720 467 2 rule rule NOUN cblr-1720 467 3 recognizes recognize VERB cblr-1720 467 4 that that SCONJ cblr-1720 467 5 in in ADP cblr-1720 467 6 the the DET cblr-1720 467 7 inherently inherently ADV cblr-1720 467 8 risky risky ADJ cblr-1720 467 9 environment environment NOUN cblr-1720 467 10 of of ADP cblr-1720 467 11 business business NOUN cblr-1720 467 12 , , PUNCT cblr-1720 467 13 boards board NOUN cblr-1720 467 14 need need VERB cblr-1720 467 15 to to PART cblr-1720 467 16 be be AUX cblr-1720 467 17 free free ADJ cblr-1720 467 18 to to PART cblr-1720 467 19 take take VERB cblr-1720 467 20 risks risk NOUN cblr-1720 467 21 without without ADP cblr-1720 467 22 a a DET cblr-1720 467 23 constant constant ADJ cblr-1720 467 24 fear fear NOUN cblr-1720 467 25 of of ADP cblr-1720 467 26 lawsuits lawsuit NOUN cblr-1720 467 27 affecting affect VERB cblr-1720 467 28 their their PRON cblr-1720 467 29 judgment judgment NOUN cblr-1720 467 30 . . PUNCT cblr-1720 468 1 however however ADV cblr-1720 468 2 , , PUNCT cblr-1720 468 3 lenient lenient ADJ cblr-1720 468 4 judicial judicial ADJ cblr-1720 468 5 review review NOUN cblr-1720 468 6 on on ADP cblr-1720 468 7 the the DET cblr-1720 468 8 directors director NOUN cblr-1720 468 9 ’ ’ PART cblr-1720 468 10 unfettered unfettered ADJ cblr-1720 468 11 authority authority NOUN cblr-1720 468 12 turns turn VERB cblr-1720 468 13 strict strict ADJ cblr-1720 468 14 when when SCONJ cblr-1720 468 15 the the DET cblr-1720 468 16 directors director NOUN cblr-1720 468 17 are be AUX cblr-1720 468 18 conflicted conflict VERB cblr-1720 468 19 . . PUNCT cblr-1720 469 1 when when SCONJ cblr-1720 469 2 a a DET cblr-1720 469 3 majority majority NOUN cblr-1720 469 4 of of ADP cblr-1720 469 5 the the DET cblr-1720 469 6 directors director NOUN cblr-1720 469 7 approving approve VERB cblr-1720 469 8 the the DET cblr-1720 469 9 transaction transaction NOUN cblr-1720 469 10 are be AUX cblr-1720 469 11 interested interested ADJ cblr-1720 469 12 in in ADP cblr-1720 469 13 or or CCONJ cblr-1720 469 14 appear appear VERB cblr-1720 469 15 on on ADP cblr-1720 469 16 both both DET cblr-1720 469 17 sides side NOUN cblr-1720 469 18 of of ADP cblr-1720 469 19 a a DET cblr-1720 469 20 transaction transaction NOUN cblr-1720 469 21 , , PUNCT cblr-1720 469 22 the the DET cblr-1720 469 23 corporate corporate ADJ cblr-1720 469 24 board board NOUN cblr-1720 469 25 does do AUX cblr-1720 469 26 not not PART cblr-1720 469 27 enjoy enjoy VERB cblr-1720 469 28 the the DET cblr-1720 469 29 protection protection NOUN cblr-1720 469 30 of of ADP cblr-1720 469 31 the the DET cblr-1720 469 32 business business NOUN cblr-1720 469 33 judgment judgment NOUN cblr-1720 469 34 rule rule NOUN cblr-1720 469 35 . . PUNCT cblr-1720 470 1 instead instead ADV cblr-1720 470 2 , , PUNCT cblr-1720 470 3 the the DET cblr-1720 470 4 board board NOUN cblr-1720 470 5 has have VERB cblr-1720 470 6 the the DET cblr-1720 470 7 burden burden NOUN cblr-1720 470 8 of of ADP cblr-1720 470 9 demonstrating demonstrate VERB cblr-1720 470 10 that that SCONJ cblr-1720 470 11 the the DET cblr-1720 470 12 transaction transaction NOUN cblr-1720 470 13 is be AUX cblr-1720 470 14 inherently inherently ADV cblr-1720 470 15 fair fair ADJ cblr-1720 470 16 to to ADP cblr-1720 470 17 the the DET cblr-1720 470 18 shareholders shareholder NOUN cblr-1720 470 19 . . PUNCT cblr-1720 471 1 this this PRON cblr-1720 471 2 includes include VERB cblr-1720 471 3 the the DET cblr-1720 471 4 demanding demand VERB cblr-1720 471 5 burden burden NOUN cblr-1720 471 6 of of ADP cblr-1720 471 7 showing show VERB cblr-1720 471 8 both both PRON cblr-1720 471 9 fair fair ADJ cblr-1720 471 10 dealing dealing NOUN cblr-1720 471 11 and and CCONJ cblr-1720 471 12 fair fair ADJ cblr-1720 472 1 price.83 price.83 ADJ cblr-1720 472 2 81 81 NUM cblr-1720 472 3 see see NOUN cblr-1720 472 4 , , PUNCT cblr-1720 472 5 e.g. e.g. ADV cblr-1720 472 6 , , PUNCT cblr-1720 472 7 del del PROPN cblr-1720 472 8 . . PROPN cblr-1720 472 9 code code PROPN cblr-1720 472 10 ann ann PROPN cblr-1720 472 11 . . PUNCT cblr-1720 473 1 tit tit PROPN cblr-1720 473 2 . . PROPN cblr-1720 474 1 8 8 NUM cblr-1720 474 2 , , PUNCT cblr-1720 474 3 § § PROPN cblr-1720 474 4 141 141 NUM cblr-1720 474 5 ( ( PUNCT cblr-1720 474 6 2016 2016 NUM cblr-1720 474 7 ) ) PUNCT cblr-1720 474 8 ; ; PUNCT cblr-1720 474 9 revised revise VERB cblr-1720 474 10 model model NOUN cblr-1720 474 11 bus bus PROPN cblr-1720 474 12 . . PUNCT cblr-1720 475 1 corp corp PROPN cblr-1720 475 2 . . PROPN cblr-1720 475 3 act act PROPN cblr-1720 475 4 § § PROPN cblr-1720 475 5 8.01 8.01 NUM cblr-1720 475 6 ( ( PUNCT cblr-1720 475 7 am am NOUN cblr-1720 475 8 . . PUNCT cblr-1720 476 1 bar bar NOUN cblr-1720 476 2 ass’n ass’n NOUN cblr-1720 476 3 1983 1983 NUM cblr-1720 476 4 ) ) PUNCT cblr-1720 476 5 ; ; PUNCT cblr-1720 476 6 cal cal PROPN cblr-1720 476 7 . . PUNCT cblr-1720 477 1 corp corp PROPN cblr-1720 477 2 . . PROPN cblr-1720 477 3 code code PROPN cblr-1720 477 4 § § PROPN cblr-1720 477 5 300 300 NUM cblr-1720 477 6 ( ( PUNCT cblr-1720 477 7 west west NOUN cblr-1720 477 8 2016 2016 NUM cblr-1720 477 9 ) ) PUNCT cblr-1720 477 10 ; ; PUNCT cblr-1720 477 11 n.y n.y PROPN cblr-1720 477 12 . . PROPN cblr-1720 477 13 bus bus PROPN cblr-1720 477 14 . . PUNCT cblr-1720 478 1 corp corp PROPN cblr-1720 478 2 . . PROPN cblr-1720 478 3 law law PROPN cblr-1720 478 4 § § PROPN cblr-1720 478 5 701 701 NUM cblr-1720 478 6 ( ( PUNCT cblr-1720 478 7 mckinney mckinney PROPN cblr-1720 478 8 2016 2016 NUM cblr-1720 478 9 ) ) PUNCT cblr-1720 478 10 ; ; PUNCT cblr-1720 478 11 see see VERB cblr-1720 478 12 also also ADV cblr-1720 478 13 jeffrey jeffrey PROPN cblr-1720 478 14 n. n. PROPN cblr-1720 478 15 gordon gordon PROPN cblr-1720 478 16 , , PUNCT cblr-1720 478 17 shareholder shareholder NOUN cblr-1720 478 18 initiative initiative NOUN cblr-1720 478 19 : : PUNCT cblr-1720 478 20 a a DET cblr-1720 478 21 social social ADJ cblr-1720 478 22 choice choice NOUN cblr-1720 478 23 and and CCONJ cblr-1720 478 24 game game NOUN cblr-1720 478 25 theoretic theoretic NOUN cblr-1720 478 26 approach approach NOUN cblr-1720 478 27 to to ADP cblr-1720 478 28 corporate corporate ADJ cblr-1720 478 29 law law NOUN cblr-1720 478 30 , , PUNCT cblr-1720 478 31 60 60 NUM cblr-1720 478 32 u. u. NOUN cblr-1720 478 33 cin cin PROPN cblr-1720 478 34 . . PUNCT cblr-1720 479 1 l. l. PROPN cblr-1720 479 2 rev rev PROPN cblr-1720 479 3 . . PROPN cblr-1720 479 4 347 347 NUM cblr-1720 479 5 , , PUNCT cblr-1720 479 6 358 358 NUM cblr-1720 479 7 ( ( PUNCT cblr-1720 479 8 1991 1991 NUM cblr-1720 479 9 ) ) PUNCT cblr-1720 479 10 ; ; PUNCT cblr-1720 479 11 lynne lynne PROPN cblr-1720 479 12 l. l. PROPN cblr-1720 479 13 dallas dallas PROPN cblr-1720 479 14 , , PUNCT cblr-1720 479 15 the the DET cblr-1720 479 16 control control NOUN cblr-1720 479 17 and and CCONJ cblr-1720 479 18 conflict conflict NOUN cblr-1720 479 19 of of ADP cblr-1720 479 20 interest interest NOUN cblr-1720 479 21 voting voting NOUN cblr-1720 479 22 systems system NOUN cblr-1720 479 23 , , PUNCT cblr-1720 479 24 71 71 NUM cblr-1720 479 25 n.c n.c PROPN cblr-1720 479 26 . . PROPN cblr-1720 479 27 l. l. PROPN cblr-1720 479 28 rev rev PROPN cblr-1720 479 29 . . PROPN cblr-1720 479 30 1 1 NUM cblr-1720 479 31 , , PUNCT cblr-1720 479 32 11 11 NUM cblr-1720 479 33 ( ( PUNCT cblr-1720 479 34 1992 1992 NUM cblr-1720 479 35 ) ) PUNCT cblr-1720 479 36 . . PUNCT cblr-1720 480 1 82 82 NUM cblr-1720 480 2 see see VERB cblr-1720 480 3 gagliardi gagliardi PROPN cblr-1720 480 4 v. v. ADP cblr-1720 480 5 trifoods trifoods PROPN cblr-1720 480 6 int’l int’l PROPN cblr-1720 480 7 inc inc PROPN cblr-1720 480 8 . . PROPN cblr-1720 480 9 , , PUNCT cblr-1720 480 10 683 683 NUM cblr-1720 480 11 a.2d a.2d SYM cblr-1720 480 12 1049 1049 NUM cblr-1720 480 13 , , PUNCT cblr-1720 480 14 1052 1052 NUM cblr-1720 480 15 ( ( PUNCT cblr-1720 480 16 del del PROPN cblr-1720 480 17 . . PROPN cblr-1720 480 18 ch ch PROPN cblr-1720 480 19 . . PROPN cblr-1720 480 20 1996 1996 NUM cblr-1720 480 21 ) ) PUNCT cblr-1720 480 22 ( ( PUNCT cblr-1720 480 23 setting set VERB cblr-1720 480 24 out out ADP cblr-1720 480 25 the the DET cblr-1720 480 26 rationale rationale NOUN cblr-1720 480 27 for for ADP cblr-1720 480 28 the the DET cblr-1720 480 29 rule rule NOUN cblr-1720 480 30 ) ) PUNCT cblr-1720 480 31 . . PUNCT cblr-1720 481 1 83 83 NUM cblr-1720 482 1 the the DET cblr-1720 482 2 entire entire ADJ cblr-1720 482 3 fairness fairness NOUN cblr-1720 482 4 standard standard NOUN cblr-1720 482 5 is be AUX cblr-1720 482 6 triggered trigger VERB cblr-1720 482 7 when when SCONJ cblr-1720 482 8 a a DET cblr-1720 482 9 majority majority NOUN cblr-1720 482 10 of of ADP cblr-1720 482 11 the the DET cblr-1720 482 12 directors director NOUN cblr-1720 482 13 approving approve VERB cblr-1720 482 14 the the DET cblr-1720 482 15 transaction transaction NOUN cblr-1720 482 16 are be AUX cblr-1720 482 17 interested interested ADJ cblr-1720 482 18 in in ADP cblr-1720 482 19 or or CCONJ cblr-1720 482 20 appear appear VERB cblr-1720 482 21 on on ADP cblr-1720 482 22 both both DET cblr-1720 482 23 sides side NOUN cblr-1720 482 24 of of ADP cblr-1720 482 25 a a DET cblr-1720 482 26 transaction transaction NOUN cblr-1720 482 27 . . PUNCT cblr-1720 483 1 at at ADP cblr-1720 483 2 that that DET cblr-1720 483 3 point point NOUN cblr-1720 483 4 , , PUNCT cblr-1720 483 5 the the DET cblr-1720 483 6 corporate corporate ADJ cblr-1720 483 7 board board NOUN cblr-1720 483 8 has have VERB cblr-1720 483 9 the the DET cblr-1720 483 10 burden burden NOUN cblr-1720 483 11 of of ADP cblr-1720 483 12 demonstrating demonstrate VERB cblr-1720 483 13 that that SCONJ cblr-1720 483 14 the the DET cblr-1720 483 15 transaction transaction NOUN cblr-1720 483 16 is be AUX cblr-1720 483 17 inherently inherently ADV cblr-1720 483 18 fair fair ADJ cblr-1720 483 19 to to ADP cblr-1720 483 20 the the DET cblr-1720 483 21 shareholders shareholder NOUN cblr-1720 483 22 by by ADP cblr-1720 483 23 demonstrating demonstrate VERB cblr-1720 483 24 both both PRON cblr-1720 483 25 fair fair ADJ cblr-1720 483 26 dealing dealing NOUN cblr-1720 483 27 and and CCONJ cblr-1720 483 28 fair fair ADJ cblr-1720 483 29 price price NOUN cblr-1720 483 30 . . PUNCT cblr-1720 484 1 see see VERB cblr-1720 484 2 weinberger weinberger PROPN cblr-1720 484 3 v. v. ADP cblr-1720 484 4 uop uop PROPN cblr-1720 484 5 , , PUNCT cblr-1720 484 6 inc inc PROPN cblr-1720 484 7 . . PROPN cblr-1720 484 8 , , PUNCT cblr-1720 484 9 457 457 NUM cblr-1720 484 10 a.2d a.2d SYM cblr-1720 484 11 701 701 NUM cblr-1720 484 12 , , PUNCT cblr-1720 484 13 710 710 NUM cblr-1720 484 14 ( ( PUNCT cblr-1720 484 15 del del PROPN cblr-1720 484 16 . . NOUN cblr-1720 484 17 1983 1983 NUM cblr-1720 484 18 ) ) PUNCT cblr-1720 485 1 ( ( PUNCT cblr-1720 485 2 stating state VERB cblr-1720 485 3 that that SCONJ cblr-1720 485 4 directors director NOUN cblr-1720 485 5 must must AUX cblr-1720 485 6 exhibit exhibit VERB cblr-1720 485 7 the the DET cblr-1720 485 8 “ " PUNCT cblr-1720 485 9 most most ADV cblr-1720 485 10 scrupulous scrupulous ADJ cblr-1720 485 11 inherent inherent ADJ cblr-1720 485 12 fairness fairness NOUN cblr-1720 485 13 of of ADP cblr-1720 485 14 the the DET cblr-1720 485 15 bargain bargain NOUN cblr-1720 485 16 ” " PUNCT cblr-1720 485 17 when when SCONJ cblr-1720 485 18 they they PRON cblr-1720 485 19 are be AUX cblr-1720 485 20 on on ADP cblr-1720 485 21 both both DET cblr-1720 485 22 sides side NOUN cblr-1720 485 23 of of ADP cblr-1720 485 24 a a DET cblr-1720 485 25 transaction transaction NOUN cblr-1720 485 26 ) ) PUNCT cblr-1720 485 27 . . PUNCT cblr-1720 486 1 shilon shilon NOUN cblr-1720 486 2 – – PUNCT cblr-1720 486 3 final final ADJ cblr-1720 486 4 544 544 NUM cblr-1720 486 5 columbia columbia PROPN cblr-1720 486 6 business business NOUN cblr-1720 486 7 law law PROPN cblr-1720 486 8 review review NOUN cblr-1720 486 9 [ [ X cblr-1720 486 10 vol vol NOUN cblr-1720 486 11 . . NOUN cblr-1720 486 12 2017 2017 NUM cblr-1720 486 13 because because SCONJ cblr-1720 486 14 takeover takeover NOUN cblr-1720 486 15 decisions decision NOUN cblr-1720 486 16 are be AUX cblr-1720 486 17 crucial crucial ADJ cblr-1720 486 18 business business NOUN cblr-1720 486 19 decisions decision NOUN cblr-1720 486 20 that that PRON cblr-1720 486 21 the the DET cblr-1720 486 22 board board NOUN cblr-1720 486 23 is be AUX cblr-1720 486 24 best well ADV cblr-1720 486 25 positioned position VERB cblr-1720 486 26 to to PART cblr-1720 486 27 evaluate evaluate VERB cblr-1720 486 28 , , PUNCT cblr-1720 486 29 yet yet CCONJ cblr-1720 486 30 directors director NOUN cblr-1720 486 31 are be AUX cblr-1720 486 32 personally personally ADV cblr-1720 486 33 conflicted conflict VERB cblr-1720 486 34 when when SCONJ cblr-1720 486 35 deciding decide VERB cblr-1720 486 36 them they PRON cblr-1720 486 37 , , PUNCT cblr-1720 486 38 the the DET cblr-1720 486 39 delaware delaware PROPN cblr-1720 486 40 supreme supreme PROPN cblr-1720 486 41 court court PROPN cblr-1720 486 42 in in ADP cblr-1720 486 43 unocal unocal PROPN cblr-1720 486 44 unveiled unveil VERB cblr-1720 486 45 an an DET cblr-1720 486 46 intermediate intermediate ADJ cblr-1720 486 47 standard standard NOUN cblr-1720 486 48 of of ADP cblr-1720 486 49 review review NOUN cblr-1720 486 50 to to PART cblr-1720 486 51 adjudicate adjudicate VERB cblr-1720 486 52 takeover takeover NOUN cblr-1720 486 53 cases.84 cases.84 NOUN cblr-1720 486 54 specifically specifically ADV cblr-1720 486 55 , , PUNCT cblr-1720 486 56 under under ADP cblr-1720 486 57 that that DET cblr-1720 486 58 intermediate intermediate ADJ cblr-1720 486 59 standard standard NOUN cblr-1720 486 60 of of ADP cblr-1720 486 61 review review NOUN cblr-1720 486 62 , , PUNCT cblr-1720 486 63 the the DET cblr-1720 486 64 target target NOUN cblr-1720 486 65 board board NOUN cblr-1720 486 66 of of ADP cblr-1720 486 67 directors director NOUN cblr-1720 486 68 may may AUX cblr-1720 486 69 use use VERB cblr-1720 486 70 defensive defensive ADJ cblr-1720 486 71 tactics tactic NOUN cblr-1720 486 72 to to PART cblr-1720 486 73 prevent prevent VERB cblr-1720 486 74 a a DET cblr-1720 486 75 takeover takeover NOUN cblr-1720 486 76 only only ADV cblr-1720 486 77 when when SCONJ cblr-1720 486 78 it it PRON cblr-1720 486 79 can can AUX cblr-1720 486 80 show show VERB cblr-1720 486 81 that that SCONJ cblr-1720 486 82 ( ( PUNCT cblr-1720 486 83 1 1 X cblr-1720 486 84 ) ) PUNCT cblr-1720 486 85 a a DET cblr-1720 486 86 legally legally ADV cblr-1720 486 87 cognizable cognizable ADJ cblr-1720 486 88 threat threat NOUN cblr-1720 486 89 to to ADP cblr-1720 486 90 corporate corporate ADJ cblr-1720 486 91 policy policy NOUN cblr-1720 486 92 and and CCONJ cblr-1720 486 93 effectiveness effectiveness NOUN cblr-1720 486 94 exists85 exists85 NOUN cblr-1720 486 95 and and CCONJ cblr-1720 486 96 ( ( PUNCT cblr-1720 486 97 2 2 X cblr-1720 486 98 ) ) PUNCT cblr-1720 486 99 any any DET cblr-1720 486 100 board board NOUN cblr-1720 486 101 action action NOUN cblr-1720 486 102 taken take VERB cblr-1720 486 103 in in ADP cblr-1720 486 104 response response NOUN cblr-1720 486 105 to to ADP cblr-1720 486 106 that that DET cblr-1720 486 107 threat threat NOUN cblr-1720 486 108 is be AUX cblr-1720 486 109 “ " PUNCT cblr-1720 486 110 reasonable reasonable ADJ cblr-1720 486 111 in in ADP cblr-1720 486 112 relation relation NOUN cblr-1720 486 113 to to ADP cblr-1720 486 114 the the DET cblr-1720 486 115 threat threat NOUN cblr-1720 486 116 posed pose VERB cblr-1720 486 117 . . PUNCT cblr-1720 487 1 ”86 ”86 PROPN cblr-1720 487 2 b. b. PROPN cblr-1720 488 1 the the DET cblr-1720 488 2 substantive substantive ADJ cblr-1720 488 3 coercion coercion NOUN cblr-1720 488 4 threat threat NOUN cblr-1720 488 5 the the DET cblr-1720 488 6 first first ADJ cblr-1720 488 7 hurdle hurdle NOUN cblr-1720 488 8 of of ADP cblr-1720 488 9 delaware delaware PROPN cblr-1720 488 10 ’s ’s PART cblr-1720 488 11 intermediate intermediate PROPN cblr-1720 488 12 standard standard PROPN cblr-1720 488 13 involves involve VERB cblr-1720 488 14 three three NUM cblr-1720 488 15 categories category NOUN cblr-1720 488 16 of of ADP cblr-1720 488 17 cognizable cognizable ADJ cblr-1720 488 18 threats threat NOUN cblr-1720 488 19 , , PUNCT cblr-1720 488 20 as as SCONJ cblr-1720 488 21 initially initially ADV cblr-1720 488 22 recognized recognize VERB cblr-1720 488 23 in in ADP cblr-1720 488 24 paramount paramount PROPN cblr-1720 488 25 comm comm NOUN cblr-1720 488 26 ’s ’s NOUN cblr-1720 488 27 v. v. ADP cblr-1720 488 28 time time NOUN cblr-1720 488 29 , , PUNCT cblr-1720 488 30 inc.:87 inc.:87 ADV cblr-1720 488 31 ( ( PUNCT cblr-1720 488 32 1 1 X cblr-1720 488 33 ) ) PUNCT cblr-1720 488 34 structural structural ADJ cblr-1720 488 35 coercion coercion NOUN cblr-1720 488 36 risk risk NOUN cblr-1720 488 37 , , PUNCT cblr-1720 488 38 in in ADP cblr-1720 488 39 which which PRON cblr-1720 488 40 disparate disparate ADJ cblr-1720 488 41 treatment treatment NOUN cblr-1720 488 42 of of ADP cblr-1720 488 43 nontendering nontendere VERB cblr-1720 488 44 shareholders shareholder NOUN cblr-1720 488 45 might might AUX cblr-1720 488 46 pressure pressure VERB cblr-1720 488 47 shareholders shareholder NOUN cblr-1720 488 48 to to ADP cblr-1720 488 49 tender,88 tender,88 NOUN cblr-1720 488 50 as as SCONJ cblr-1720 488 51 might might AUX cblr-1720 488 52 occur occur VERB cblr-1720 488 53 with with ADP cblr-1720 488 54 a a DET cblr-1720 488 55 two two NUM cblr-1720 488 56 - - PUNCT cblr-1720 488 57 tiered tiere VERB cblr-1720 488 58 offer offer NOUN cblr-1720 488 59 in in ADP cblr-1720 488 60 which which PRON cblr-1720 488 61 the the DET cblr-1720 488 62 back back NOUN cblr-1720 488 63 - - PUNCT cblr-1720 488 64 end end NOUN cblr-1720 488 65 gets get VERB cblr-1720 488 66 less less ADJ cblr-1720 488 67 than than ADP cblr-1720 488 68 the the DET cblr-1720 488 69 front front ADJ cblr-1720 488 70 - - PUNCT cblr-1720 488 71 end end NOUN cblr-1720 488 72 ; ; PUNCT cblr-1720 488 73 ( ( PUNCT cblr-1720 488 74 2 2 X cblr-1720 488 75 ) ) PUNCT cblr-1720 488 76 opportunity opportunity NOUN cblr-1720 488 77 loss loss NOUN cblr-1720 488 78 , , PUNCT cblr-1720 488 79 which which PRON cblr-1720 488 80 is be AUX cblr-1720 488 81 the the DET cblr-1720 488 82 risk risk NOUN cblr-1720 488 83 that that SCONJ cblr-1720 488 84 a a DET cblr-1720 488 85 hostile hostile ADJ cblr-1720 488 86 offer offer NOUN cblr-1720 488 87 might might AUX cblr-1720 488 88 deprive deprive VERB cblr-1720 488 89 target target VERB cblr-1720 488 90 shareholders shareholder NOUN cblr-1720 488 91 of of ADP cblr-1720 488 92 the the DET cblr-1720 488 93 opportunity opportunity NOUN cblr-1720 488 94 to to PART cblr-1720 488 95 select select VERB cblr-1720 488 96 a a DET cblr-1720 488 97 superior superior ADJ cblr-1720 488 98 alternative alternative NOUN cblr-1720 488 99 offered offer VERB cblr-1720 488 100 by by ADP cblr-1720 488 101 target target NOUN cblr-1720 488 102 management management NOUN cblr-1720 488 103 or or CCONJ cblr-1720 488 104 another another DET cblr-1720 488 105 84 84 NUM cblr-1720 488 106 see see VERB cblr-1720 488 107 unocal unocal PROPN cblr-1720 488 108 corp corp PROPN cblr-1720 488 109 . . PROPN cblr-1720 488 110 v. v. PROPN cblr-1720 488 111 mesa mesa PROPN cblr-1720 488 112 petroleum petroleum PROPN cblr-1720 488 113 co. co. PROPN cblr-1720 488 114 , , PUNCT cblr-1720 488 115 493 493 NUM cblr-1720 488 116 a.2d a.2d NUM cblr-1720 488 117 946 946 NUM cblr-1720 488 118 , , PUNCT cblr-1720 488 119 957 957 NUM cblr-1720 488 120 ( ( PUNCT cblr-1720 488 121 1985 1985 NUM cblr-1720 488 122 ) ) PUNCT cblr-1720 488 123 . . PUNCT cblr-1720 489 1 85 85 NUM cblr-1720 489 2 see see VERB cblr-1720 489 3 unitrin unitrin PROPN cblr-1720 489 4 , , PUNCT cblr-1720 489 5 inc inc PROPN cblr-1720 489 6 . . PROPN cblr-1720 490 1 v. v. PROPN cblr-1720 490 2 am be AUX cblr-1720 490 3 . . PUNCT cblr-1720 491 1 gen gen PROPN cblr-1720 491 2 . . PROPN cblr-1720 491 3 corp corp PROPN cblr-1720 491 4 . . PROPN cblr-1720 491 5 , , PUNCT cblr-1720 491 6 651 651 NUM cblr-1720 491 7 a.2d a.2d SYM cblr-1720 491 8 1361 1361 NUM cblr-1720 491 9 , , PUNCT cblr-1720 491 10 1384 1384 NUM cblr-1720 491 11 ( ( PUNCT cblr-1720 491 12 del del PROPN cblr-1720 491 13 . . PROPN cblr-1720 491 14 1995 1995 NUM cblr-1720 491 15 ) ) PUNCT cblr-1720 491 16 ( ( PUNCT cblr-1720 491 17 citing cite VERB cblr-1720 491 18 unocal unocal PROPN cblr-1720 491 19 , , PUNCT cblr-1720 491 20 493 493 NUM cblr-1720 491 21 a.2d a.2d PUNCT cblr-1720 491 22 at at ADP cblr-1720 491 23 955 955 NUM cblr-1720 491 24 ) ) PUNCT cblr-1720 491 25 . . PUNCT cblr-1720 492 1 86 86 NUM cblr-1720 492 2 see see VERB cblr-1720 492 3 air air NOUN cblr-1720 492 4 prods prod NOUN cblr-1720 492 5 . . PUNCT cblr-1720 493 1 & & CCONJ cblr-1720 494 1 chems chem NOUN cblr-1720 494 2 . . PUNCT cblr-1720 494 3 , , PUNCT cblr-1720 494 4 inc inc PROPN cblr-1720 494 5 . . PROPN cblr-1720 495 1 v. v. PROPN cblr-1720 495 2 airgas airgas PROPN cblr-1720 495 3 , , PUNCT cblr-1720 495 4 inc inc PROPN cblr-1720 495 5 . . PROPN cblr-1720 495 6 , , PUNCT cblr-1720 495 7 16 16 NUM cblr-1720 495 8 a.3d a.3d ADP cblr-1720 495 9 48 48 NUM cblr-1720 495 10 , , PUNCT cblr-1720 495 11 92 92 NUM cblr-1720 495 12 ( ( PUNCT cblr-1720 495 13 del del PROPN cblr-1720 495 14 . . PROPN cblr-1720 495 15 ch ch PROPN cblr-1720 495 16 . . PROPN cblr-1720 495 17 2011 2011 NUM cblr-1720 495 18 ) ) PUNCT cblr-1720 495 19 ; ; PUNCT cblr-1720 495 20 see see VERB cblr-1720 495 21 also also ADV cblr-1720 495 22 unocal unocal PROPN cblr-1720 495 23 , , PUNCT cblr-1720 495 24 493 493 NUM cblr-1720 495 25 a.2d a.2d PUNCT cblr-1720 495 26 at at ADP cblr-1720 495 27 955 955 NUM cblr-1720 495 28 ; ; PUNCT cblr-1720 495 29 yucaipa yucaipa PROPN cblr-1720 495 30 american american PROPN cblr-1720 495 31 alliance alliance PROPN cblr-1720 495 32 fund fund PROPN cblr-1720 495 33 ii ii PROPN cblr-1720 495 34 , , PUNCT cblr-1720 495 35 l.p l.p PROPN cblr-1720 495 36 . . PROPN cblr-1720 496 1 v. v. ADP cblr-1720 496 2 riggio riggio NOUN cblr-1720 496 3 , , PUNCT cblr-1720 496 4 1 1 NUM cblr-1720 496 5 a.3d a.3d ADP cblr-1720 496 6 310 310 NUM cblr-1720 496 7 , , PUNCT cblr-1720 496 8 335 335 NUM cblr-1720 496 9 ( ( PUNCT cblr-1720 496 10 del del PROPN cblr-1720 496 11 . . PROPN cblr-1720 496 12 ch ch PROPN cblr-1720 496 13 . . PROPN cblr-1720 496 14 2010 2010 NUM cblr-1720 496 15 ) ) PUNCT cblr-1720 496 16 ( ( PUNCT cblr-1720 496 17 stating state VERB cblr-1720 496 18 that that SCONJ cblr-1720 496 19 “ " PUNCT cblr-1720 496 20 [ [ X cblr-1720 496 21 i]t i]t NOUN cblr-1720 496 22 is be AUX cblr-1720 496 23 settled settle VERB cblr-1720 496 24 law law NOUN cblr-1720 496 25 that that SCONJ cblr-1720 496 26 the the DET cblr-1720 496 27 standard standard NOUN cblr-1720 496 28 of of ADP cblr-1720 496 29 review review NOUN cblr-1720 496 30 to to PART cblr-1720 496 31 be be AUX cblr-1720 496 32 employed employ VERB cblr-1720 496 33 to to PART cblr-1720 496 34 address address VERB cblr-1720 496 35 whether whether SCONJ cblr-1720 496 36 a a DET cblr-1720 496 37 poison poison NOUN cblr-1720 496 38 pill pill NOUN cblr-1720 496 39 is be AUX cblr-1720 496 40 being be AUX cblr-1720 496 41 exercised exercise VERB cblr-1720 496 42 consistently consistently ADV cblr-1720 496 43 with with ADP cblr-1720 496 44 a a DET cblr-1720 496 45 board board NOUN cblr-1720 496 46 ’s ’s PART cblr-1720 496 47 fiduciary fiduciary ADJ cblr-1720 496 48 duties duty NOUN cblr-1720 496 49 is be AUX cblr-1720 496 50 the the DET cblr-1720 496 51 unocal unocal PROPN cblr-1720 496 52 . . PUNCT cblr-1720 496 53 . . PUNCT cblr-1720 497 1 . . PUNCT cblr-1720 498 1 standard standard PROPN cblr-1720 498 2 ” " PUNCT cblr-1720 498 3 ) ) PUNCT cblr-1720 498 4 . . PUNCT cblr-1720 499 1 87 87 NUM cblr-1720 499 2 see see VERB cblr-1720 499 3 paramount paramount PROPN cblr-1720 499 4 comm comm NOUN cblr-1720 499 5 ’s ’s PART cblr-1720 499 6 , , PUNCT cblr-1720 499 7 inc inc PROPN cblr-1720 499 8 . . PROPN cblr-1720 500 1 v. v. ADP cblr-1720 500 2 time time PROPN cblr-1720 500 3 , , PUNCT cblr-1720 500 4 inc inc PROPN cblr-1720 500 5 . . PROPN cblr-1720 500 6 , , PUNCT cblr-1720 500 7 571 571 NUM cblr-1720 500 8 a.2d a.2d SYM cblr-1720 500 9 1140 1140 NUM cblr-1720 500 10 , , PUNCT cblr-1720 500 11 1152–53 1152–53 NUM cblr-1720 500 12 ( ( PUNCT cblr-1720 500 13 del del PROPN cblr-1720 500 14 . . PROPN cblr-1720 500 15 1989 1989 NUM cblr-1720 500 16 ) ) PUNCT cblr-1720 500 17 . . PUNCT cblr-1720 501 1 88 88 NUM cblr-1720 501 2 see see VERB cblr-1720 501 3 airgas airgas PROPN cblr-1720 501 4 , , PUNCT cblr-1720 501 5 16 16 NUM cblr-1720 501 6 a.3d a.3d X cblr-1720 501 7 at at ADP cblr-1720 501 8 96 96 NUM cblr-1720 501 9 ( ( PUNCT cblr-1720 501 10 citing cite VERB cblr-1720 501 11 ronald ronald PROPN cblr-1720 501 12 gilson gilson PROPN cblr-1720 501 13 & & CCONJ cblr-1720 501 14 reinier reinier PROPN cblr-1720 501 15 kraakman kraakman PROPN cblr-1720 501 16 , , PUNCT cblr-1720 501 17 delaware delaware PROPN cblr-1720 501 18 ’s ’s PART cblr-1720 501 19 intermediate intermediate PROPN cblr-1720 501 20 standard standard NOUN cblr-1720 501 21 for for ADP cblr-1720 501 22 defensive defensive ADJ cblr-1720 501 23 tactics tactic NOUN cblr-1720 501 24 : : PUNCT cblr-1720 501 25 is be AUX cblr-1720 501 26 there there PRON cblr-1720 501 27 substance substance NOUN cblr-1720 501 28 to to ADP cblr-1720 501 29 proportionality proportionality NOUN cblr-1720 501 30 review review NOUN cblr-1720 501 31 ? ? PUNCT cblr-1720 501 32 , , PUNCT cblr-1720 501 33 44 44 NUM cblr-1720 501 34 bus bus NOUN cblr-1720 501 35 . . PUNCT cblr-1720 502 1 law law NOUN cblr-1720 502 2 . . PUNCT cblr-1720 503 1 247 247 NUM cblr-1720 503 2 , , PUNCT cblr-1720 503 3 258 258 NUM cblr-1720 503 4 ( ( PUNCT cblr-1720 503 5 1989 1989 NUM cblr-1720 503 6 ) ) PUNCT cblr-1720 503 7 ) ) PUNCT cblr-1720 503 8 . . PUNCT cblr-1720 504 1 shilon shilon NOUN cblr-1720 504 2 – – PUNCT cblr-1720 504 3 final final ADJ cblr-1720 504 4 no no NOUN cblr-1720 504 5 . . PUNCT cblr-1720 505 1 2:511 2:511 NOUN cblr-1720 505 2 ] ] X cblr-1720 505 3 improving improve VERB cblr-1720 505 4 corporate corporate ADJ cblr-1720 505 5 takeover takeover NOUN cblr-1720 505 6 dynamics dynamic NOUN cblr-1720 505 7 545 545 NUM cblr-1720 505 8 bidder;89 bidder;89 ADJ cblr-1720 505 9 and and CCONJ cblr-1720 505 10 ( ( PUNCT cblr-1720 505 11 3 3 X cblr-1720 505 12 ) ) PUNCT cblr-1720 505 13 substantive substantive ADJ cblr-1720 505 14 coercion coercion NOUN cblr-1720 505 15 , , PUNCT cblr-1720 505 16 which which PRON cblr-1720 505 17 is be AUX cblr-1720 505 18 the the DET cblr-1720 505 19 risk risk NOUN cblr-1720 505 20 that that SCONJ cblr-1720 505 21 shareholders shareholder NOUN cblr-1720 505 22 will will AUX cblr-1720 505 23 accept accept VERB cblr-1720 505 24 an an DET cblr-1720 505 25 underpriced underpriced ADJ cblr-1720 505 26 bid bid NOUN cblr-1720 505 27 because because SCONJ cblr-1720 505 28 they they PRON cblr-1720 505 29 mistakenly mistakenly ADV cblr-1720 505 30 distrust distrust VERB cblr-1720 505 31 management management NOUN cblr-1720 505 32 ’s ’s PART cblr-1720 505 33 representations representation NOUN cblr-1720 505 34 of of ADP cblr-1720 505 35 intrinsic intrinsic ADJ cblr-1720 505 36 value.90 value.90 NOUN cblr-1720 505 37 of of ADP cblr-1720 505 38 these these DET cblr-1720 505 39 three three NUM cblr-1720 505 40 categories category NOUN cblr-1720 505 41 of of ADP cblr-1720 505 42 threats threat NOUN cblr-1720 505 43 , , PUNCT cblr-1720 505 44 the the DET cblr-1720 505 45 third third ADJ cblr-1720 505 46 places place NOUN cblr-1720 505 47 the the DET cblr-1720 505 48 most most ADV cblr-1720 505 49 demanding demanding ADJ cblr-1720 505 50 burden burden NOUN cblr-1720 505 51 on on ADP cblr-1720 505 52 delaware delaware PROPN cblr-1720 505 53 ’s ’s PART cblr-1720 505 54 intermediate intermediate PROPN cblr-1720 505 55 standard standard NOUN cblr-1720 505 56 . . PUNCT cblr-1720 506 1 where where SCONJ cblr-1720 506 2 management management NOUN cblr-1720 506 3 alleges allege VERB cblr-1720 506 4 that that SCONJ cblr-1720 506 5 a a DET cblr-1720 506 6 bidder bidder NOUN cblr-1720 506 7 ’s ’s PART cblr-1720 506 8 offer offer NOUN cblr-1720 506 9 is be AUX cblr-1720 506 10 structurally structurally ADV cblr-1720 506 11 coercive coercive ADJ cblr-1720 506 12 , , PUNCT cblr-1720 506 13 a a DET cblr-1720 506 14 court court NOUN cblr-1720 506 15 needs need VERB cblr-1720 506 16 only only ADV cblr-1720 506 17 to to PART cblr-1720 506 18 determine determine VERB cblr-1720 506 19 whether whether SCONJ cblr-1720 506 20 the the DET cblr-1720 506 21 hostile hostile ADJ cblr-1720 506 22 bid bid NOUN cblr-1720 506 23 favors favor VERB cblr-1720 506 24 tendering tender VERB cblr-1720 506 25 shareholders shareholder NOUN cblr-1720 506 26 over over ADP cblr-1720 506 27 nontendering nontendere VERB cblr-1720 506 28 ones.91 ones.91 NOUN cblr-1720 506 29 similarly similarly ADV cblr-1720 506 30 , , PUNCT cblr-1720 506 31 to to PART cblr-1720 506 32 identify identify VERB cblr-1720 506 33 an an DET cblr-1720 506 34 opportunity opportunity NOUN cblr-1720 506 35 loss loss NOUN cblr-1720 506 36 threat threat NOUN cblr-1720 506 37 , , PUNCT cblr-1720 506 38 a a DET cblr-1720 506 39 court court NOUN cblr-1720 506 40 needs need VERB cblr-1720 506 41 only only ADV cblr-1720 506 42 to to PART cblr-1720 506 43 determine determine VERB cblr-1720 506 44 whether whether SCONJ cblr-1720 506 45 management management NOUN cblr-1720 506 46 or or CCONJ cblr-1720 506 47 another another DET cblr-1720 506 48 potential potential ADJ cblr-1720 506 49 bidder bidder NOUN cblr-1720 506 50 needs need VERB cblr-1720 506 51 some some DET cblr-1720 506 52 additional additional ADJ cblr-1720 506 53 time time NOUN cblr-1720 506 54 to to PART cblr-1720 506 55 formulate formulate VERB cblr-1720 506 56 and and CCONJ cblr-1720 506 57 present present VERB cblr-1720 506 58 a a PRON cblr-1720 506 59 more more ADV cblr-1720 506 60 attractive attractive ADJ cblr-1720 506 61 alternative.92 alternative.92 NOUN cblr-1720 506 62 however however ADV cblr-1720 506 63 , , PUNCT cblr-1720 506 64 an an DET cblr-1720 506 65 allegation allegation NOUN cblr-1720 506 66 of of ADP cblr-1720 506 67 substantive substantive ADJ cblr-1720 506 68 coercion coercion NOUN cblr-1720 506 69 requires require VERB cblr-1720 506 70 much much ADV cblr-1720 506 71 more more ADJ cblr-1720 506 72 than than ADP cblr-1720 506 73 the the DET cblr-1720 506 74 review review NOUN cblr-1720 506 75 of of ADP cblr-1720 506 76 a a DET cblr-1720 506 77 simple simple ADJ cblr-1720 506 78 statement statement NOUN cblr-1720 506 79 of of ADP cblr-1720 506 80 management management NOUN cblr-1720 506 81 ’s ’s PART cblr-1720 506 82 immediate immediate ADJ cblr-1720 506 83 plans plan NOUN cblr-1720 506 84 and and CCONJ cblr-1720 506 85 the the DET cblr-1720 506 86 terms term NOUN cblr-1720 506 87 of of ADP cblr-1720 506 88 a a DET cblr-1720 506 89 hostile hostile ADJ cblr-1720 506 90 offer offer NOUN cblr-1720 506 91 . . PUNCT cblr-1720 507 1 to to PART cblr-1720 507 2 support support VERB cblr-1720 507 3 such such DET cblr-1720 507 4 an an DET cblr-1720 507 5 allegation allegation NOUN cblr-1720 507 6 , , PUNCT cblr-1720 507 7 the the DET cblr-1720 507 8 board board NOUN cblr-1720 507 9 of of ADP cblr-1720 507 10 directors director NOUN cblr-1720 507 11 must must AUX cblr-1720 507 12 demonstrate demonstrate VERB cblr-1720 507 13 that that SCONJ cblr-1720 507 14 it it PRON cblr-1720 507 15 has have AUX cblr-1720 507 16 reasonably reasonably ADV cblr-1720 507 17 determined determine VERB cblr-1720 507 18 two two NUM cblr-1720 507 19 elements:93 elements:93 SYM cblr-1720 507 20 ( ( PUNCT cblr-1720 507 21 1 1 X cblr-1720 507 22 ) ) PUNCT cblr-1720 507 23 that that SCONJ cblr-1720 507 24 the the DET cblr-1720 507 25 unsolicited unsolicited ADJ cblr-1720 507 26 bid bid NOUN cblr-1720 507 27 offers offer VERB cblr-1720 507 28 inadequate inadequate ADJ cblr-1720 507 29 value value NOUN cblr-1720 507 30 to to ADP cblr-1720 507 31 the the DET cblr-1720 507 32 shareholders;94 shareholders;94 NOUN cblr-1720 507 33 and and CCONJ cblr-1720 507 34 ( ( PUNCT cblr-1720 507 35 2 2 X cblr-1720 507 36 ) ) PUNCT cblr-1720 507 37 that that SCONJ cblr-1720 507 38 shareholders shareholder NOUN cblr-1720 507 39 will will AUX cblr-1720 507 40 mistakenly mistakenly ADV cblr-1720 507 41 accept accept VERB cblr-1720 507 42 that that DET cblr-1720 507 43 offer offer NOUN cblr-1720 507 44 because because SCONJ cblr-1720 507 45 of of ADP cblr-1720 507 46 “ " PUNCT cblr-1720 507 47 ignorance ignorance NOUN cblr-1720 507 48 or or CCONJ cblr-1720 507 49 . . PUNCT cblr-1720 507 50 . . PUNCT cblr-1720 507 51 . . PUNCT cblr-1720 508 1 mistaken mistaken ADJ cblr-1720 508 2 belief belief NOUN cblr-1720 508 3 ” " PUNCT cblr-1720 508 4 regarding regard VERB cblr-1720 508 5 the the DET cblr-1720 508 6 board board NOUN cblr-1720 508 7 ’s ’s PART cblr-1720 508 8 assessment assessment NOUN cblr-1720 508 9 of of ADP cblr-1720 508 10 the the DET cblr-1720 508 11 long long ADJ cblr-1720 508 12 - - PUNCT cblr-1720 508 13 term term NOUN cblr-1720 508 14 value value NOUN cblr-1720 508 15 of of ADP cblr-1720 508 16 the the DET cblr-1720 508 17 target target NOUN cblr-1720 508 18 stock.95 stock.95 NOUN cblr-1720 508 19 both both DET cblr-1720 508 20 elements element NOUN cblr-1720 508 21 must must AUX cblr-1720 508 22 be be AUX cblr-1720 508 23 present present ADJ cblr-1720 508 24 because because SCONJ cblr-1720 508 25 in in ADP cblr-1720 508 26 the the DET cblr-1720 508 27 absence absence NOUN cblr-1720 508 28 of of ADP cblr-1720 508 29 the the DET cblr-1720 508 30 first first ADJ cblr-1720 508 31 , , PUNCT cblr-1720 508 32 shareholders shareholder NOUN cblr-1720 508 33 who who PRON cblr-1720 508 34 accept accept VERB cblr-1720 508 35 the the DET cblr-1720 508 36 bid bid NOUN cblr-1720 508 37 have have AUX cblr-1720 508 38 not not PART cblr-1720 508 39 erred err VERB cblr-1720 508 40 , , PUNCT cblr-1720 508 41 and and CCONJ cblr-1720 508 42 without without ADP cblr-1720 508 43 the the DET cblr-1720 508 44 second second ADJ cblr-1720 508 45 , , PUNCT cblr-1720 508 46 89 89 NUM cblr-1720 508 47 see see VERB cblr-1720 508 48 unitrin unitrin NOUN cblr-1720 508 49 , , PUNCT cblr-1720 508 50 651 651 NUM cblr-1720 508 51 a.2d a.2d PUNCT cblr-1720 508 52 at at ADP cblr-1720 508 53 1384 1384 NUM cblr-1720 508 54 ( ( PUNCT cblr-1720 508 55 quoting quote VERB cblr-1720 508 56 gilson gilson PROPN cblr-1720 508 57 & & CCONJ cblr-1720 508 58 kraakman kraakman PROPN cblr-1720 508 59 , , PUNCT cblr-1720 508 60 supra supra PROPN cblr-1720 508 61 note note PROPN cblr-1720 508 62 88 88 NUM cblr-1720 508 63 , , PUNCT cblr-1720 508 64 at at ADP cblr-1720 508 65 267 267 NUM cblr-1720 508 66 ) ) PUNCT cblr-1720 508 67 . . PUNCT cblr-1720 509 1 90 90 NUM cblr-1720 510 1 i i PRON cblr-1720 510 2 d. d. PROPN cblr-1720 510 3 91 91 NUM cblr-1720 510 4 see see VERB cblr-1720 510 5 gilson gilson PROPN cblr-1720 510 6 & & CCONJ cblr-1720 510 7 kraakman kraakman PROPN cblr-1720 510 8 , , PUNCT cblr-1720 510 9 supra supra PROPN cblr-1720 510 10 note note PROPN cblr-1720 510 11 88 88 NUM cblr-1720 510 12 , , PUNCT cblr-1720 510 13 at at ADP cblr-1720 510 14 267–68 267–68 NOUN cblr-1720 510 15 ( ( PUNCT cblr-1720 510 16 citing cite VERB cblr-1720 510 17 ac ac PROPN cblr-1720 510 18 acquisitions acquisitions PROPN cblr-1720 510 19 corp corp PROPN cblr-1720 510 20 . . PROPN cblr-1720 510 21 v. v. PROPN cblr-1720 511 1 anderson anderson PROPN cblr-1720 511 2 , , PUNCT cblr-1720 511 3 clayton clayton PROPN cblr-1720 511 4 & & CCONJ cblr-1720 511 5 co. co. PROPN cblr-1720 512 1 519 519 NUM cblr-1720 512 2 a.2d a.2d SYM cblr-1720 512 3 103 103 NUM cblr-1720 512 4 ( ( PUNCT cblr-1720 512 5 del del PROPN cblr-1720 512 6 . . PROPN cblr-1720 512 7 ch ch PROPN cblr-1720 512 8 . . PROPN cblr-1720 512 9 1986 1986 NUM cblr-1720 512 10 ) ) PUNCT cblr-1720 512 11 ) ) PUNCT cblr-1720 512 12 . . PUNCT cblr-1720 513 1 92 92 NUM cblr-1720 513 2 see see VERB cblr-1720 513 3 shamrock shamrock NOUN cblr-1720 513 4 holdings holding NOUN cblr-1720 513 5 , , PUNCT cblr-1720 513 6 inc inc PROPN cblr-1720 513 7 . . PROPN cblr-1720 514 1 v. v. PROPN cblr-1720 514 2 polaroid polaroid PROPN cblr-1720 514 3 corp corp PROPN cblr-1720 514 4 . . PROPN cblr-1720 514 5 , , PUNCT cblr-1720 514 6 559 559 NUM cblr-1720 514 7 a.2d a.2d SYM cblr-1720 514 8 278 278 NUM cblr-1720 514 9 , , PUNCT cblr-1720 514 10 289 289 NUM cblr-1720 514 11 ( ( PUNCT cblr-1720 514 12 del del PROPN cblr-1720 514 13 . . PROPN cblr-1720 514 14 ch ch PROPN cblr-1720 514 15 . . PROPN cblr-1720 514 16 1989 1989 NUM cblr-1720 514 17 ) ) PUNCT cblr-1720 514 18 . . PUNCT cblr-1720 515 1 93 93 NUM cblr-1720 515 2 see see VERB cblr-1720 515 3 airgas airgas PROPN cblr-1720 515 4 , , PUNCT cblr-1720 515 5 16 16 NUM cblr-1720 515 6 a.3d a.3d X cblr-1720 515 7 at at ADP cblr-1720 515 8 96 96 NUM cblr-1720 515 9 ( ( PUNCT cblr-1720 515 10 citing cite VERB cblr-1720 515 11 gilson gilson PROPN cblr-1720 515 12 & & CCONJ cblr-1720 515 13 kraakman kraakman PROPN cblr-1720 515 14 , , PUNCT cblr-1720 515 15 supra supra PROPN cblr-1720 515 16 note note PROPN cblr-1720 515 17 88 88 NUM cblr-1720 515 18 , , PUNCT cblr-1720 515 19 at at ADP cblr-1720 515 20 258 258 NUM cblr-1720 515 21 ) ) PUNCT cblr-1720 515 22 . . PUNCT cblr-1720 516 1 94 94 NUM cblr-1720 516 2 see see VERB cblr-1720 516 3 city city PROPN cblr-1720 516 4 capital capital PROPN cblr-1720 516 5 assocs assocs PROPN cblr-1720 516 6 . . PROPN cblr-1720 516 7 ltd ltd PROPN cblr-1720 516 8 . . PROPN cblr-1720 516 9 p’ship p’ship PROPN cblr-1720 516 10 v. v. ADP cblr-1720 516 11 interco interco PROPN cblr-1720 516 12 inc inc PROPN cblr-1720 516 13 . . PROPN cblr-1720 516 14 , , PUNCT cblr-1720 516 15 551 551 NUM cblr-1720 516 16 a.2d a.2d NUM cblr-1720 516 17 787 787 NUM cblr-1720 516 18 , , PUNCT cblr-1720 516 19 798 798 NUM cblr-1720 516 20 ( ( PUNCT cblr-1720 516 21 del del PROPN cblr-1720 516 22 . . PROPN cblr-1720 516 23 ch ch PROPN cblr-1720 516 24 . . PROPN cblr-1720 516 25 1988 1988 NUM cblr-1720 516 26 ) ) PUNCT cblr-1720 516 27 . . PUNCT cblr-1720 517 1 95 95 NUM cblr-1720 517 2 see see VERB cblr-1720 517 3 unitrin unitrin NOUN cblr-1720 517 4 , , PUNCT cblr-1720 517 5 651 651 NUM cblr-1720 517 6 a.2d a.2d PUNCT cblr-1720 517 7 at at ADP cblr-1720 517 8 1385 1385 NUM cblr-1720 517 9 ( ( PUNCT cblr-1720 517 10 citing cite VERB cblr-1720 517 11 paramount paramount ADJ cblr-1720 517 12 comm comm NOUN cblr-1720 517 13 ’s ’s PART cblr-1720 517 14 , , PUNCT cblr-1720 517 15 inc inc PROPN cblr-1720 517 16 . . PROPN cblr-1720 518 1 v. v. ADP cblr-1720 518 2 time time PROPN cblr-1720 518 3 , , PUNCT cblr-1720 518 4 inc inc PROPN cblr-1720 518 5 . . PROPN cblr-1720 518 6 , , PUNCT cblr-1720 518 7 571 571 NUM cblr-1720 518 8 a.2d a.2d SYM cblr-1720 518 9 1140 1140 NUM cblr-1720 518 10 , , PUNCT cblr-1720 518 11 1153 1153 NUM cblr-1720 518 12 ( ( PUNCT cblr-1720 518 13 del del PROPN cblr-1720 518 14 . . PROPN cblr-1720 518 15 1989 1989 NUM cblr-1720 518 16 ) ) PUNCT cblr-1720 518 17 ) ) PUNCT cblr-1720 518 18 . . PUNCT cblr-1720 519 1 shilon shilon NOUN cblr-1720 519 2 – – PUNCT cblr-1720 519 3 final final ADJ cblr-1720 519 4 546 546 NUM cblr-1720 519 5 columbia columbia PROPN cblr-1720 519 6 business business NOUN cblr-1720 519 7 law law PROPN cblr-1720 519 8 review review NOUN cblr-1720 519 9 [ [ X cblr-1720 519 10 vol vol NOUN cblr-1720 519 11 . . NOUN cblr-1720 519 12 2017 2017 NUM cblr-1720 519 13 shareholders shareholder NOUN cblr-1720 519 14 will will AUX cblr-1720 519 15 believe believe VERB cblr-1720 519 16 the the DET cblr-1720 519 17 board board NOUN cblr-1720 519 18 ’s ’s PART cblr-1720 519 19 assessment assessment NOUN cblr-1720 519 20 and and CCONJ cblr-1720 519 21 reject reject VERB cblr-1720 519 22 underpriced underpriced ADJ cblr-1720 519 23 bids.96 bids.96 NOUN cblr-1720 519 24 to to PART cblr-1720 519 25 establish establish VERB cblr-1720 519 26 the the DET cblr-1720 519 27 “ " PUNCT cblr-1720 519 28 inadequate inadequate ADJ cblr-1720 519 29 value value NOUN cblr-1720 519 30 ” " PUNCT cblr-1720 519 31 prong prong NOUN cblr-1720 519 32 , , PUNCT cblr-1720 519 33 the the DET cblr-1720 519 34 target target NOUN cblr-1720 519 35 board board NOUN cblr-1720 519 36 , , PUNCT cblr-1720 519 37 composed compose VERB cblr-1720 519 38 of of ADP cblr-1720 519 39 a a DET cblr-1720 519 40 majority majority NOUN cblr-1720 519 41 of of ADP cblr-1720 519 42 outside outside ADJ cblr-1720 519 43 , , PUNCT cblr-1720 519 44 independent independent ADJ cblr-1720 519 45 directors director NOUN cblr-1720 519 46 , , PUNCT cblr-1720 519 47 should should AUX cblr-1720 519 48 act act VERB cblr-1720 519 49 deliberately deliberately ADV cblr-1720 519 50 , , PUNCT cblr-1720 519 51 in in ADP cblr-1720 519 52 an an DET cblr-1720 519 53 informed informed ADJ cblr-1720 519 54 way way NOUN cblr-1720 519 55 , , PUNCT cblr-1720 519 56 and and CCONJ cblr-1720 519 57 in in ADP cblr-1720 519 58 the the DET cblr-1720 519 59 good good ADJ cblr-1720 519 60 - - PUNCT cblr-1720 519 61 faith faith NOUN cblr-1720 519 62 pursuit pursuit NOUN cblr-1720 519 63 of of ADP cblr-1720 519 64 corporate corporate ADJ cblr-1720 519 65 interests.97 interests.97 NOUN cblr-1720 519 66 it it PRON cblr-1720 519 67 should should AUX cblr-1720 519 68 further far ADV cblr-1720 519 69 undertake undertake VERB cblr-1720 519 70 a a DET cblr-1720 519 71 reasonable reasonable ADJ cblr-1720 519 72 investigation investigation NOUN cblr-1720 519 73 and and CCONJ cblr-1720 519 74 consult consult VERB cblr-1720 519 75 outside outside ADJ cblr-1720 519 76 advisors advisor NOUN cblr-1720 519 77 before before ADP cblr-1720 519 78 concluding conclude VERB cblr-1720 519 79 that that SCONJ cblr-1720 519 80 the the DET cblr-1720 519 81 offer offer NOUN cblr-1720 519 82 is be AUX cblr-1720 519 83 inadequate inadequate ADJ cblr-1720 519 84 . . PUNCT cblr-1720 520 1 the the DET cblr-1720 520 2 delaware delaware PROPN cblr-1720 520 3 courts court NOUN cblr-1720 520 4 have have AUX cblr-1720 520 5 recognized recognize VERB cblr-1720 520 6 that that SCONJ cblr-1720 520 7 such such DET cblr-1720 520 8 a a DET cblr-1720 520 9 board board NOUN cblr-1720 520 10 may may AUX cblr-1720 520 11 follow follow VERB cblr-1720 520 12 a a DET cblr-1720 520 13 course course NOUN cblr-1720 520 14 designed design VERB cblr-1720 520 15 to to PART cblr-1720 520 16 achieve achieve VERB cblr-1720 520 17 long long ADJ cblr-1720 520 18 - - PUNCT cblr-1720 520 19 term term NOUN cblr-1720 520 20 value value NOUN cblr-1720 520 21 even even ADV cblr-1720 520 22 at at ADP cblr-1720 520 23 the the DET cblr-1720 520 24 cost cost NOUN cblr-1720 520 25 of of ADP cblr-1720 520 26 immediate immediate ADJ cblr-1720 520 27 value value NOUN cblr-1720 520 28 maximization.98 maximization.98 PROPN cblr-1720 520 29 after after ADP cblr-1720 520 30 showing show VERB cblr-1720 520 31 that that SCONJ cblr-1720 520 32 the the DET cblr-1720 520 33 bid bid NOUN cblr-1720 520 34 is be AUX cblr-1720 520 35 inadequate inadequate ADJ cblr-1720 520 36 , , PUNCT cblr-1720 520 37 the the DET cblr-1720 520 38 board board NOUN cblr-1720 520 39 should should AUX cblr-1720 520 40 show show VERB cblr-1720 520 41 a a DET cblr-1720 520 42 reasonable reasonable ADJ cblr-1720 520 43 concern concern NOUN cblr-1720 520 44 that that SCONJ cblr-1720 520 45 the the DET cblr-1720 520 46 target target NOUN cblr-1720 520 47 stockholders stockholder NOUN cblr-1720 520 48 might might AUX cblr-1720 520 49 tender tender VERB cblr-1720 520 50 to to ADP cblr-1720 520 51 the the DET cblr-1720 520 52 bidder bidder NOUN cblr-1720 520 53 in in ADP cblr-1720 520 54 ignorance ignorance NOUN cblr-1720 520 55 or or CCONJ cblr-1720 520 56 based base VERB cblr-1720 520 57 upon upon SCONJ cblr-1720 520 58 a a DET cblr-1720 520 59 mistaken mistaken ADJ cblr-1720 520 60 belief belief NOUN cblr-1720 520 61 about about ADP cblr-1720 520 62 how how SCONJ cblr-1720 520 63 the the DET cblr-1720 520 64 board board NOUN cblr-1720 520 65 has have AUX cblr-1720 520 66 represented represent VERB cblr-1720 520 67 the the DET cblr-1720 520 68 target target NOUN cblr-1720 520 69 stock stock NOUN cblr-1720 520 70 ’s ’s PART cblr-1720 520 71 long long ADJ cblr-1720 520 72 - - PUNCT cblr-1720 520 73 term term NOUN cblr-1720 520 74 value value NOUN cblr-1720 520 75 . . PUNCT cblr-1720 521 1 for for ADP cblr-1720 521 2 this this PRON cblr-1720 521 3 , , PUNCT cblr-1720 521 4 the the DET cblr-1720 521 5 board board NOUN cblr-1720 521 6 must must AUX cblr-1720 521 7 be be AUX cblr-1720 521 8 able able ADJ cblr-1720 521 9 to to PART cblr-1720 521 10 show show VERB cblr-1720 521 11 one one NUM cblr-1720 521 12 of of ADP cblr-1720 521 13 the the DET cblr-1720 521 14 following follow VERB cblr-1720 521 15 two two NUM cblr-1720 521 16 potentialities:99 potentialities:99 ADJ cblr-1720 521 17 ( ( PUNCT cblr-1720 521 18 1 1 NUM cblr-1720 521 19 ) ) PUNCT cblr-1720 521 20 that that SCONJ cblr-1720 521 21 the the DET cblr-1720 521 22 stockholders stockholder NOUN cblr-1720 521 23 will will AUX cblr-1720 521 24 mistakenly mistakenly ADV cblr-1720 521 25 tender tender VERB cblr-1720 521 26 to to ADP cblr-1720 521 27 the the DET cblr-1720 521 28 bidder bidder NOUN cblr-1720 521 29 because because SCONJ cblr-1720 521 30 they they PRON cblr-1720 521 31 do do AUX cblr-1720 521 32 not not PART cblr-1720 521 33 believe believe VERB cblr-1720 521 34 or or CCONJ cblr-1720 521 35 understand understand VERB cblr-1720 521 36 ( ( PUNCT cblr-1720 521 37 literally literally ADV cblr-1720 521 38 ) ) PUNCT cblr-1720 521 39 the the DET cblr-1720 521 40 value value NOUN cblr-1720 521 41 of of ADP cblr-1720 521 42 the the DET cblr-1720 521 43 management management NOUN cblr-1720 521 44 alternative alternative NOUN cblr-1720 521 45 , , PUNCT cblr-1720 521 46 which which PRON cblr-1720 521 47 could could AUX cblr-1720 521 48 occur occur VERB cblr-1720 521 49 if if SCONJ cblr-1720 521 50 the the DET cblr-1720 521 51 terms term NOUN cblr-1720 521 52 of of ADP cblr-1720 521 53 the the DET cblr-1720 521 54 offer offer NOUN cblr-1720 521 55 are be AUX cblr-1720 521 56 , , PUNCT cblr-1720 521 57 for for ADP cblr-1720 521 58 example example NOUN cblr-1720 521 59 , , PUNCT cblr-1720 521 60 uncertain;100 uncertain;100 PROPN cblr-1720 521 61 or or CCONJ cblr-1720 521 62 ( ( PUNCT cblr-1720 521 63 2 2 NUM cblr-1720 521 64 ) ) PUNCT cblr-1720 521 65 absent absent ADJ cblr-1720 521 66 a a DET cblr-1720 521 67 claim claim NOUN cblr-1720 521 68 about about ADP cblr-1720 521 69 shareholders shareholder NOUN cblr-1720 521 70 being be AUX cblr-1720 521 71 “ " PUNCT cblr-1720 521 72 confused confused ADJ cblr-1720 521 73 ” " PUNCT cblr-1720 521 74 or or CCONJ cblr-1720 521 75 “ " PUNCT cblr-1720 521 76 mistakenly mistakenly ADV cblr-1720 521 77 tendering tender VERB cblr-1720 521 78 ” " PUNCT cblr-1720 521 79 ( ( PUNCT cblr-1720 521 80 or or CCONJ cblr-1720 521 81 even even ADV cblr-1720 521 82 “ " PUNCT cblr-1720 521 83 disbelieving disbelieving ADJ cblr-1720 521 84 ” " PUNCT cblr-1720 521 85 management management NOUN cblr-1720 521 86 ) ) PUNCT cblr-1720 521 87 , , PUNCT cblr-1720 521 88 that that SCONJ cblr-1720 521 89 the the DET cblr-1720 521 90 majority majority NOUN cblr-1720 521 91 of of ADP cblr-1720 521 92 the the DET cblr-1720 521 93 target target NOUN cblr-1720 521 94 ’s ’s PART cblr-1720 521 95 investors investor NOUN cblr-1720 521 96 are be AUX cblr-1720 521 97 short short ADJ cblr-1720 521 98 - - PUNCT cblr-1720 521 99 term term NOUN cblr-1720 521 100 ( ( PUNCT cblr-1720 521 101 e.g. e.g. ADV cblr-1720 521 102 , , PUNCT cblr-1720 521 103 arbitrageurs arbitrageur NOUN cblr-1720 521 104 , , PUNCT cblr-1720 521 105 hedge hedge NOUN cblr-1720 521 106 funds fund NOUN cblr-1720 521 107 , , PUNCT cblr-1720 521 108 and and CCONJ cblr-1720 521 109 event event NOUN cblr-1720 521 110 - - PUNCT cblr-1720 521 111 driven drive VERB cblr-1720 521 112 investors investor NOUN cblr-1720 521 113 ) ) PUNCT cblr-1720 521 114 and and CCONJ cblr-1720 521 115 will will AUX cblr-1720 521 116 tender tender VERB cblr-1720 521 117 into into ADP cblr-1720 521 118 the the DET cblr-1720 521 119 96 96 NUM cblr-1720 521 120 see see NOUN cblr-1720 521 121 gilson gilson PROPN cblr-1720 521 122 & & CCONJ cblr-1720 521 123 kraakman kraakman PROPN cblr-1720 521 124 , , PUNCT cblr-1720 521 125 supra supra PROPN cblr-1720 521 126 note note PROPN cblr-1720 521 127 88 88 NUM cblr-1720 521 128 , , PUNCT cblr-1720 521 129 at at ADP cblr-1720 521 130 260 260 NUM cblr-1720 521 131 . . PUNCT cblr-1720 522 1 97 97 NUM cblr-1720 522 2 see see VERB cblr-1720 522 3 airgas airgas PROPN cblr-1720 522 4 , , PUNCT cblr-1720 522 5 16 16 NUM cblr-1720 522 6 a.3d a.3d X cblr-1720 522 7 at at ADP cblr-1720 522 8 124–25 124–25 NUM cblr-1720 522 9 . . PUNCT cblr-1720 523 1 98 98 NUM cblr-1720 523 2 see see VERB cblr-1720 523 3 paramount paramount NOUN cblr-1720 523 4 , , PUNCT cblr-1720 523 5 571 571 NUM cblr-1720 523 6 a.2d a.2d PUNCT cblr-1720 523 7 at at ADP cblr-1720 523 8 1152 1152 NUM cblr-1720 523 9 ; ; PUNCT cblr-1720 523 10 see see VERB cblr-1720 523 11 also also ADV cblr-1720 523 12 in in ADP cblr-1720 523 13 re re NOUN cblr-1720 523 14 dollar dollar NOUN cblr-1720 523 15 thrifty thrifty ADJ cblr-1720 523 16 s’holder s’holder NOUN cblr-1720 523 17 litig litig NOUN cblr-1720 523 18 . . PUNCT cblr-1720 524 1 , , PUNCT cblr-1720 524 2 14 14 NUM cblr-1720 524 3 a.3d a.3d SYM cblr-1720 524 4 573 573 NUM cblr-1720 524 5 , , PUNCT cblr-1720 524 6 612 612 NUM cblr-1720 524 7 ( ( PUNCT cblr-1720 524 8 del del PROPN cblr-1720 524 9 . . PROPN cblr-1720 524 10 ch ch PROPN cblr-1720 524 11 . . PROPN cblr-1720 524 12 2010 2010 NUM cblr-1720 524 13 ) ) PUNCT cblr-1720 524 14 ( ( PUNCT cblr-1720 524 15 “ " PUNCT cblr-1720 524 16 [ [ X cblr-1720 524 17 o]ur o]ur PRON cblr-1720 524 18 law law NOUN cblr-1720 524 19 does do AUX cblr-1720 524 20 not not PART cblr-1720 524 21 require require VERB cblr-1720 524 22 a a DET cblr-1720 524 23 well well ADV cblr-1720 524 24 - - PUNCT cblr-1720 524 25 motivated motivate VERB cblr-1720 524 26 board board NOUN cblr-1720 524 27 to to PART cblr-1720 524 28 simply simply ADV cblr-1720 524 29 sell sell VERB cblr-1720 524 30 the the DET cblr-1720 524 31 company company NOUN cblr-1720 524 32 whenever whenever SCONJ cblr-1720 524 33 a a DET cblr-1720 524 34 high high ADJ cblr-1720 524 35 market market NOUN cblr-1720 524 36 premium premium NOUN cblr-1720 524 37 is be AUX cblr-1720 524 38 available available ADJ cblr-1720 524 39 . . PUNCT cblr-1720 524 40 ” " PUNCT cblr-1720 524 41 ) ) PUNCT cblr-1720 524 42 . . PUNCT cblr-1720 525 1 99 99 NUM cblr-1720 525 2 see see VERB cblr-1720 525 3 airgas airgas PROPN cblr-1720 525 4 , , PUNCT cblr-1720 525 5 16 16 NUM cblr-1720 525 6 a.3d a.3d X cblr-1720 525 7 at at ADP cblr-1720 525 8 108 108 NUM cblr-1720 525 9 . . NOUN cblr-1720 525 10 100 100 NUM cblr-1720 525 11 see see VERB cblr-1720 525 12 paramount paramount NOUN cblr-1720 525 13 , , PUNCT cblr-1720 525 14 571 571 NUM cblr-1720 525 15 a.2d a.2d PUNCT cblr-1720 525 16 at at ADP cblr-1720 525 17 1153 1153 NUM cblr-1720 525 18 ( ( PUNCT cblr-1720 525 19 concluding conclude VERB cblr-1720 525 20 that that SCONJ cblr-1720 525 21 the the DET cblr-1720 525 22 time time NOUN cblr-1720 525 23 stockholders stockholder NOUN cblr-1720 525 24 would would AUX cblr-1720 525 25 mistakenly mistakenly ADV cblr-1720 525 26 not not PART cblr-1720 525 27 believe believe VERB cblr-1720 525 28 the the DET cblr-1720 525 29 strategic strategic ADJ cblr-1720 525 30 benefits benefit NOUN cblr-1720 525 31 of of ADP cblr-1720 525 32 management management NOUN cblr-1720 525 33 ’s ’s PART cblr-1720 525 34 proposed propose VERB cblr-1720 525 35 merger merger NOUN cblr-1720 525 36 with with ADP cblr-1720 525 37 warner warner PROPN cblr-1720 525 38 , , PUNCT cblr-1720 525 39 the the DET cblr-1720 525 40 terms term NOUN cblr-1720 525 41 of of ADP cblr-1720 525 42 which which PRON cblr-1720 525 43 were be AUX cblr-1720 525 44 uncertain uncertain ADJ cblr-1720 525 45 ) ) PUNCT cblr-1720 525 46 . . PUNCT cblr-1720 526 1 shilon shilon NOUN cblr-1720 526 2 – – PUNCT cblr-1720 526 3 final final ADJ cblr-1720 526 4 no no NOUN cblr-1720 526 5 . . PUNCT cblr-1720 527 1 2:511 2:511 NOUN cblr-1720 527 2 ] ] X cblr-1720 527 3 improving improve VERB cblr-1720 527 4 corporate corporate ADJ cblr-1720 527 5 takeover takeover NOUN cblr-1720 527 6 dynamics dynamic NOUN cblr-1720 527 7 547 547 NUM cblr-1720 527 8 bidder bidder NOUN cblr-1720 527 9 ’s ’s PART cblr-1720 527 10 offer offer NOUN cblr-1720 527 11 despite despite SCONJ cblr-1720 527 12 an an DET cblr-1720 527 13 inadequate inadequate ADJ cblr-1720 527 14 price price NOUN cblr-1720 527 15 tag.101 tag.101 NOUN cblr-1720 527 16 this this DET cblr-1720 527 17 second second ADJ cblr-1720 527 18 possibility possibility NOUN cblr-1720 527 19 was be AUX cblr-1720 527 20 recognized recognize VERB cblr-1720 527 21 as as ADP cblr-1720 527 22 a a DET cblr-1720 527 23 threat threat NOUN cblr-1720 527 24 because because SCONJ cblr-1720 527 25 if if SCONJ cblr-1720 527 26 the the DET cblr-1720 527 27 majority majority NOUN cblr-1720 527 28 does do AUX cblr-1720 527 29 not not PART cblr-1720 527 30 care care VERB cblr-1720 527 31 about about ADP cblr-1720 527 32 the the DET cblr-1720 527 33 fundamental fundamental ADJ cblr-1720 527 34 value value NOUN cblr-1720 527 35 of of ADP cblr-1720 527 36 the the DET cblr-1720 527 37 target target NOUN cblr-1720 527 38 , , PUNCT cblr-1720 527 39 it it PRON cblr-1720 527 40 will will AUX cblr-1720 527 41 leave leave VERB cblr-1720 527 42 the the DET cblr-1720 527 43 minority minority NOUN cblr-1720 527 44 “ " PUNCT cblr-1720 527 45 coerced coerce VERB cblr-1720 527 46 ” " PUNCT cblr-1720 527 47 into into ADP cblr-1720 527 48 taking take VERB cblr-1720 527 49 the the DET cblr-1720 527 50 inadequate inadequate ADJ cblr-1720 527 51 bid.102 bid.102 NOUN cblr-1720 527 52 once once SCONJ cblr-1720 527 53 the the DET cblr-1720 527 54 target target NOUN cblr-1720 527 55 board board NOUN cblr-1720 527 56 has have AUX cblr-1720 527 57 established establish VERB cblr-1720 527 58 that that SCONJ cblr-1720 527 59 it it PRON cblr-1720 527 60 is be AUX cblr-1720 527 61 reasonably reasonably ADV cblr-1720 527 62 concerned concerned ADJ cblr-1720 527 63 about about ADP cblr-1720 527 64 both both DET cblr-1720 527 65 prongs prong NOUN cblr-1720 527 66 of of ADP cblr-1720 527 67 substantive substantive ADJ cblr-1720 527 68 coercion coercion NOUN cblr-1720 527 69 , , PUNCT cblr-1720 527 70 the the DET cblr-1720 527 71 delaware delaware PROPN cblr-1720 527 72 courts court NOUN cblr-1720 527 73 will will AUX cblr-1720 527 74 uphold uphold VERB cblr-1720 527 75 the the DET cblr-1720 527 76 board board NOUN cblr-1720 527 77 ’s ’s PART cblr-1720 527 78 defensive defensive ADJ cblr-1720 527 79 tactics tactic NOUN cblr-1720 527 80 if if SCONJ cblr-1720 527 81 they they PRON cblr-1720 527 82 are be AUX cblr-1720 527 83 proportionate proportionate ADJ cblr-1720 527 84 to to ADP cblr-1720 527 85 the the DET cblr-1720 527 86 threat threat NOUN cblr-1720 527 87 posed pose VERB cblr-1720 527 88 . . PUNCT cblr-1720 528 1 for for ADP cblr-1720 528 2 example example NOUN cblr-1720 528 3 , , PUNCT cblr-1720 528 4 whereas whereas SCONJ cblr-1720 528 5 the the DET cblr-1720 528 6 interco interco NOUN cblr-1720 528 7 court court NOUN cblr-1720 528 8 stated state VERB cblr-1720 528 9 that that SCONJ cblr-1720 528 10 the the DET cblr-1720 528 11 low low ADJ cblr-1720 528 12 - - PUNCT cblr-1720 528 13 level level NOUN cblr-1720 528 14 threat threat NOUN cblr-1720 528 15 posed pose VERB cblr-1720 528 16 there there ADV cblr-1720 528 17 justified justify VERB cblr-1720 528 18 maintaining maintain VERB cblr-1720 528 19 defensive defensive ADJ cblr-1720 528 20 tactics tactic NOUN cblr-1720 528 21 against against ADP cblr-1720 528 22 substantive substantive ADJ cblr-1720 528 23 coercion coercion NOUN cblr-1720 528 24 only only ADV cblr-1720 528 25 for for ADP cblr-1720 528 26 as as ADV cblr-1720 528 27 long long ADV cblr-1720 528 28 as as SCONJ cblr-1720 528 29 the the DET cblr-1720 528 30 board board NOUN cblr-1720 528 31 needed need VERB cblr-1720 528 32 to to PART cblr-1720 528 33 protect protect VERB cblr-1720 528 34 stockholder stockholder NOUN cblr-1720 528 35 interests interest NOUN cblr-1720 528 36 ( ( PUNCT cblr-1720 528 37 by by ADP cblr-1720 528 38 negotiating negotiate VERB cblr-1720 528 39 with with ADP cblr-1720 528 40 the the DET cblr-1720 528 41 bidder bidder NOUN cblr-1720 528 42 , , PUNCT cblr-1720 528 43 looking look VERB cblr-1720 528 44 for for ADP cblr-1720 528 45 a a DET cblr-1720 528 46 white white ADJ cblr-1720 528 47 knight knight NOUN cblr-1720 528 48 , , PUNCT cblr-1720 528 49 or or CCONJ cblr-1720 528 50 structuring structure VERB cblr-1720 528 51 an an DET cblr-1720 528 52 alternative alternative NOUN cblr-1720 528 53 to to ADP cblr-1720 528 54 the the DET cblr-1720 528 55 offer),103 offer),103 PROPN cblr-1720 528 56 the the DET cblr-1720 528 57 airgas airgas PROPN cblr-1720 528 58 court court NOUN cblr-1720 528 59 concluded conclude VERB cblr-1720 528 60 that that SCONJ cblr-1720 528 61 showing show VERB cblr-1720 528 62 substantive substantive ADJ cblr-1720 528 63 coercion coercion NOUN cblr-1720 528 64 under under ADP cblr-1720 528 65 the the DET cblr-1720 528 66 greater great ADJ cblr-1720 528 67 threat threat NOUN cblr-1720 528 68 justifies justify VERB cblr-1720 528 69 maintaining maintain VERB cblr-1720 528 70 a a DET cblr-1720 528 71 poison poison NOUN cblr-1720 528 72 pill pill NOUN cblr-1720 528 73 with with ADP cblr-1720 528 74 no no DET cblr-1720 528 75 “ " PUNCT cblr-1720 528 76 set set VERB cblr-1720 528 77 expiration expiration NOUN cblr-1720 528 78 date date NOUN cblr-1720 528 79 . . PUNCT cblr-1720 528 80 ”104 ”104 PUNCT cblr-1720 529 1 v. v. ADP cblr-1720 529 2 the the DET cblr-1720 529 3 ineffectiveness ineffectiveness NOUN cblr-1720 529 4 of of ADP cblr-1720 529 5 adjudicating adjudicate VERB cblr-1720 529 6 substantive substantive ADJ cblr-1720 529 7 coercion coercion NOUN cblr-1720 529 8 showing show VERB cblr-1720 529 9 substantive substantive ADJ cblr-1720 529 10 coercion coercion NOUN cblr-1720 529 11 essentially essentially ADV cblr-1720 529 12 requires require VERB cblr-1720 529 13 a a DET cblr-1720 529 14 process process NOUN cblr-1720 529 15 - - PUNCT cblr-1720 529 16 based base VERB cblr-1720 529 17 review review NOUN cblr-1720 529 18 , , PUNCT cblr-1720 529 19 which which PRON cblr-1720 529 20 the the DET cblr-1720 529 21 directors director NOUN cblr-1720 529 22 satisfy satisfy VERB cblr-1720 529 23 by by ADP cblr-1720 529 24 demonstrating demonstrate VERB cblr-1720 529 25 good good ADJ cblr-1720 529 26 faith faith NOUN cblr-1720 529 27 and and CCONJ cblr-1720 529 28 reasonable reasonable ADJ cblr-1720 529 29 investigation.105 investigation.105 ADJ cblr-1720 529 30 proof proof NOUN cblr-1720 529 31 of of ADP cblr-1720 529 32 good good ADJ cblr-1720 529 33 faith faith NOUN cblr-1720 529 34 and and CCONJ cblr-1720 529 35 reasonable reasonable ADJ cblr-1720 529 36 investigation investigation NOUN cblr-1720 529 37 is be AUX cblr-1720 529 38 commonly commonly ADV cblr-1720 529 39 provided provide VERB cblr-1720 529 40 by by ADP cblr-1720 529 41 the the DET cblr-1720 529 42 fact fact NOUN cblr-1720 529 43 that that SCONJ cblr-1720 529 44 the the DET cblr-1720 529 45 decision decision NOUN cblr-1720 529 46 to to PART cblr-1720 529 47 reject reject VERB cblr-1720 529 48 the the DET cblr-1720 529 49 bid bid NOUN cblr-1720 529 50 was be AUX cblr-1720 529 51 101 101 NUM cblr-1720 529 52 see see NOUN cblr-1720 529 53 airgas airgas PROPN cblr-1720 529 54 , , PUNCT cblr-1720 529 55 16 16 NUM cblr-1720 529 56 a.3d a.3d X cblr-1720 529 57 at at ADP cblr-1720 529 58 95 95 NUM cblr-1720 529 59 , , PUNCT cblr-1720 529 60 109 109 NUM cblr-1720 529 61 ( ( PUNCT cblr-1720 529 62 stating state VERB cblr-1720 529 63 that that SCONJ cblr-1720 529 64 the the DET cblr-1720 529 65 board board NOUN cblr-1720 529 66 demonstrated demonstrate VERB cblr-1720 529 67 this this DET cblr-1720 529 68 prong prong NOUN cblr-1720 529 69 by by ADP cblr-1720 529 70 showing show VERB cblr-1720 529 71 that that SCONJ cblr-1720 529 72 a a DET cblr-1720 529 73 large large ADJ cblr-1720 529 74 percentage percentage NOUN cblr-1720 529 75 ( ( PUNCT cblr-1720 529 76 almost almost ADV cblr-1720 529 77 half half NOUN cblr-1720 529 78 ) ) PUNCT cblr-1720 529 79 of of ADP cblr-1720 529 80 airgas airgas PROPN cblr-1720 529 81 ’s ’s PART cblr-1720 529 82 stockholders stockholder NOUN cblr-1720 529 83 were be AUX cblr-1720 529 84 merger merger NOUN cblr-1720 529 85 arbitrageurs arbitrageur NOUN cblr-1720 529 86 ) ) PUNCT cblr-1720 529 87 . . PUNCT cblr-1720 530 1 102 102 NUM cblr-1720 530 2 see see VERB cblr-1720 530 3 i i PRON cblr-1720 530 4 d. d. PROPN cblr-1720 530 5 at at ADP cblr-1720 530 6 109 109 NUM cblr-1720 530 7 ( ( PUNCT cblr-1720 530 8 citing cite VERB cblr-1720 530 9 seh seh PROPN cblr-1720 530 10 tr tr VERB cblr-1720 530 11 . . PROPN cblr-1720 530 12 454 454 NUM cblr-1720 530 13 ( ( PUNCT cblr-1720 530 14 clancey clancey NOUN cblr-1720 530 15 ) ) PUNCT cblr-1720 530 16 ) ) PUNCT cblr-1720 530 17 ( ( PUNCT cblr-1720 530 18 “ " PUNCT cblr-1720 530 19 [ [ X cblr-1720 530 20 essentially essentially ADV cblr-1720 530 21 , , PUNCT cblr-1720 530 22 the the DET cblr-1720 530 23 risk risk NOUN cblr-1720 530 24 is be AUX cblr-1720 530 25 ] ] PUNCT cblr-1720 530 26 that that SCONJ cblr-1720 530 27 the the DET cblr-1720 530 28 informed informed ADJ cblr-1720 530 29 minority minority NOUN cblr-1720 530 30 , , PUNCT cblr-1720 530 31 in in ADP cblr-1720 530 32 theory theory NOUN cblr-1720 530 33 , , PUNCT cblr-1720 530 34 will will AUX cblr-1720 530 35 be be AUX cblr-1720 530 36 forced force VERB cblr-1720 530 37 to to PART cblr-1720 530 38 do do VERB cblr-1720 530 39 something something PRON cblr-1720 530 40 because because SCONJ cblr-1720 530 41 of of ADP cblr-1720 530 42 the the DET cblr-1720 530 43 bamboozled bamboozled ADJ cblr-1720 530 44 majority majority NOUN cblr-1720 530 45 , , PUNCT cblr-1720 530 46 or or CCONJ cblr-1720 530 47 the the DET cblr-1720 530 48 majority majority NOUN cblr-1720 530 49 who who PRON cblr-1720 530 50 will will AUX cblr-1720 530 51 act act VERB cblr-1720 530 52 because because SCONJ cblr-1720 530 53 their their PRON cblr-1720 530 54 interests interest NOUN cblr-1720 530 55 ’ ' PUNCT cblr-1720 530 56 time time NOUN cblr-1720 530 57 lines line NOUN cblr-1720 530 58 are be AUX cblr-1720 530 59 different different ADJ cblr-1720 530 60 than than ADP cblr-1720 530 61 that that DET cblr-1720 530 62 minority minority NOUN cblr-1720 530 63 . . PUNCT cblr-1720 530 64 ” " PUNCT cblr-1720 530 65 ) ) PUNCT cblr-1720 530 66 . . PUNCT cblr-1720 531 1 103 103 NUM cblr-1720 531 2 see see VERB cblr-1720 531 3 city city PROPN cblr-1720 531 4 capital capital PROPN cblr-1720 531 5 assocs assocs PROPN cblr-1720 531 6 . . PROPN cblr-1720 532 1 ltd ltd PROPN cblr-1720 532 2 . . PROPN cblr-1720 532 3 p’ship p’ship PROPN cblr-1720 532 4 v. v. ADP cblr-1720 532 5 interco interco PROPN cblr-1720 532 6 inc inc PROPN cblr-1720 532 7 . . PROPN cblr-1720 532 8 , , PUNCT cblr-1720 532 9 551 551 NUM cblr-1720 532 10 a.2d a.2d NUM cblr-1720 532 11 787 787 NUM cblr-1720 532 12 , , PUNCT cblr-1720 532 13 798 798 NUM cblr-1720 532 14 ( ( PUNCT cblr-1720 532 15 del del PROPN cblr-1720 532 16 . . PROPN cblr-1720 532 17 ch ch PROPN cblr-1720 532 18 . . PROPN cblr-1720 532 19 1988 1988 NUM cblr-1720 532 20 ) ) PUNCT cblr-1720 532 21 . . PUNCT cblr-1720 533 1 104 104 NUM cblr-1720 533 2 airgas airgas NOUN cblr-1720 533 3 , , PUNCT cblr-1720 533 4 16 16 NUM cblr-1720 533 5 a.3d a.3d X cblr-1720 533 6 at at ADP cblr-1720 533 7 129 129 NUM cblr-1720 533 8 . . PUNCT cblr-1720 533 9 105 105 NUM cblr-1720 533 10 see see VERB cblr-1720 533 11 paramount paramount NOUN cblr-1720 533 12 , , PUNCT cblr-1720 533 13 571 571 NUM cblr-1720 533 14 a.2d a.2d PUNCT cblr-1720 533 15 at at ADP cblr-1720 533 16 1152 1152 NUM cblr-1720 533 17 ; ; PUNCT cblr-1720 533 18 unocal unocal PROPN cblr-1720 533 19 corp corp PROPN cblr-1720 533 20 . . PROPN cblr-1720 533 21 v. v. PROPN cblr-1720 533 22 mesa mesa PROPN cblr-1720 533 23 petroleum petroleum PROPN cblr-1720 533 24 co. co. PROPN cblr-1720 533 25 , , PUNCT cblr-1720 533 26 493 493 NUM cblr-1720 533 27 a.2d a.2d SYM cblr-1720 533 28 946 946 NUM cblr-1720 533 29 , , PUNCT cblr-1720 533 30 955 955 NUM cblr-1720 533 31 ( ( PUNCT cblr-1720 533 32 del del PROPN cblr-1720 533 33 . . PROPN cblr-1720 533 34 1985 1985 NUM cblr-1720 533 35 ) ) PUNCT cblr-1720 533 36 . . PUNCT cblr-1720 534 1 shilon shilon NOUN cblr-1720 534 2 – – PUNCT cblr-1720 534 3 final final ADJ cblr-1720 534 4 548 548 NUM cblr-1720 534 5 columbia columbia PROPN cblr-1720 534 6 business business NOUN cblr-1720 534 7 law law PROPN cblr-1720 534 8 review review NOUN cblr-1720 534 9 [ [ X cblr-1720 534 10 vol vol NOUN cblr-1720 534 11 . . PUNCT cblr-1720 534 12 2017 2017 NUM cblr-1720 534 13 made make VERB cblr-1720 534 14 by by ADP cblr-1720 534 15 a a DET cblr-1720 534 16 board board NOUN cblr-1720 534 17 composed compose VERB cblr-1720 534 18 mostly mostly ADV cblr-1720 534 19 of of ADP cblr-1720 534 20 outside outside ADJ cblr-1720 534 21 , , PUNCT cblr-1720 534 22 independent independent ADJ cblr-1720 534 23 directors106 directors106 PROPN cblr-1720 534 24 who who PRON cblr-1720 534 25 backed back VERB cblr-1720 534 26 their their PRON cblr-1720 534 27 decision decision NOUN cblr-1720 534 28 with with ADP cblr-1720 534 29 opinions opinion NOUN cblr-1720 534 30 from from ADP cblr-1720 534 31 outside outside ADP cblr-1720 534 32 financial financial ADJ cblr-1720 534 33 and and CCONJ cblr-1720 534 34 legal legal ADJ cblr-1720 534 35 advisors advisor NOUN cblr-1720 534 36 . . PUNCT cblr-1720 535 1 unfortunately unfortunately ADV cblr-1720 535 2 , , PUNCT cblr-1720 535 3 the the DET cblr-1720 535 4 delaware delaware PROPN cblr-1720 535 5 courts court NOUN cblr-1720 535 6 have have AUX cblr-1720 535 7 systematically systematically ADV cblr-1720 535 8 failed fail VERB cblr-1720 535 9 in in ADP cblr-1720 535 10 evaluating evaluate VERB cblr-1720 535 11 the the DET cblr-1720 535 12 review review NOUN cblr-1720 535 13 process process NOUN cblr-1720 535 14 of of ADP cblr-1720 535 15 target target NOUN cblr-1720 535 16 boards board NOUN cblr-1720 535 17 . . PUNCT cblr-1720 536 1 professor professor PROPN cblr-1720 536 2 ronald ronald PROPN cblr-1720 536 3 gilson gilson PROPN cblr-1720 536 4 , , PUNCT cblr-1720 536 5 who who PRON cblr-1720 536 6 initially initially ADV cblr-1720 536 7 offered offer VERB cblr-1720 536 8 the the DET cblr-1720 536 9 concept concept NOUN cblr-1720 536 10 of of ADP cblr-1720 536 11 substantive substantive ADJ cblr-1720 536 12 coercion coercion NOUN cblr-1720 536 13 with with ADP cblr-1720 536 14 professor professor NOUN cblr-1720 536 15 reinier reinier PROPN cblr-1720 536 16 kraakman kraakman NOUN cblr-1720 536 17 , , PUNCT cblr-1720 536 18 has have AUX cblr-1720 536 19 harshly harshly ADV cblr-1720 536 20 criticized criticize VERB cblr-1720 536 21 the the DET cblr-1720 536 22 delaware delaware PROPN cblr-1720 536 23 supreme supreme PROPN cblr-1720 536 24 court court PROPN cblr-1720 536 25 for for ADP cblr-1720 536 26 its its PRON cblr-1720 536 27 misuse misuse NOUN cblr-1720 536 28 of of ADP cblr-1720 536 29 the the DET cblr-1720 536 30 concept concept NOUN cblr-1720 536 31 : : PUNCT cblr-1720 536 32 unfortunately unfortunately ADV cblr-1720 536 33 , , PUNCT cblr-1720 536 34 only only ADV cblr-1720 536 35 the the DET cblr-1720 536 36 phrase phrase NOUN cblr-1720 536 37 and and CCONJ cblr-1720 536 38 not not PART cblr-1720 536 39 the the DET cblr-1720 536 40 substance substance NOUN cblr-1720 536 41 captured capture VERB cblr-1720 536 42 the the DET cblr-1720 536 43 attention attention NOUN cblr-1720 536 44 of of ADP cblr-1720 536 45 the the DET cblr-1720 536 46 delaware delaware PROPN cblr-1720 536 47 supreme supreme PROPN cblr-1720 536 48 court court PROPN cblr-1720 536 49 ; ; PUNCT cblr-1720 536 50 the the DET cblr-1720 536 51 mere mere ADJ cblr-1720 536 52 incantation incantation NOUN cblr-1720 536 53 of of ADP cblr-1720 536 54 substantive substantive ADJ cblr-1720 536 55 coercion coercion NOUN cblr-1720 536 56 now now ADV cblr-1720 536 57 seems seem VERB cblr-1720 536 58 sufficient sufficient ADJ cblr-1720 536 59 to to PART cblr-1720 536 60 establish establish VERB cblr-1720 536 61 a a DET cblr-1720 536 62 threat threat NOUN cblr-1720 536 63 under under ADP cblr-1720 536 64 unocal unocal PROPN cblr-1720 536 65 without without ADP cblr-1720 536 66 any any DET cblr-1720 536 67 inquiry inquiry NOUN cblr-1720 536 68 into into ADP cblr-1720 536 69 the the DET cblr-1720 536 70 facts fact NOUN cblr-1720 536 71 or or CCONJ cblr-1720 536 72 management management NOUN cblr-1720 536 73 ’s ’s PART cblr-1720 536 74 explanation explanation NOUN cblr-1720 536 75 for for ADP cblr-1720 536 76 the the DET cblr-1720 536 77 market market NOUN cblr-1720 536 78 ’s ’s PART cblr-1720 536 79 underpricing underpricing NOUN cblr-1720 536 80 of of ADP cblr-1720 536 81 the the DET cblr-1720 536 82 company company NOUN cblr-1720 536 83 ’s ’s PART cblr-1720 536 84 shares.107 shares.107 ADJ cblr-1720 536 85 this this DET cblr-1720 536 86 part part NOUN cblr-1720 536 87 first first ADV cblr-1720 536 88 discusses discuss VERB cblr-1720 536 89 the the DET cblr-1720 536 90 inevitable inevitable ADJ cblr-1720 536 91 challenges challenge NOUN cblr-1720 536 92 that that PRON cblr-1720 536 93 the the DET cblr-1720 536 94 delaware delaware PROPN cblr-1720 536 95 courts court NOUN cblr-1720 536 96 face face VERB cblr-1720 536 97 in in ADP cblr-1720 536 98 their their PRON cblr-1720 536 99 process process NOUN cblr-1720 536 100 - - PUNCT cblr-1720 536 101 based base VERB cblr-1720 536 102 assessment assessment NOUN cblr-1720 536 103 of of ADP cblr-1720 536 104 substantive substantive ADJ cblr-1720 536 105 coercion coercion NOUN cblr-1720 536 106 . . PUNCT cblr-1720 537 1 second second ADJ cblr-1720 537 2 , , PUNCT cblr-1720 537 3 it it PRON cblr-1720 537 4 shows show VERB cblr-1720 537 5 that that SCONJ cblr-1720 537 6 the the DET cblr-1720 537 7 ineffective ineffective ADJ cblr-1720 537 8 judicial judicial ADJ cblr-1720 537 9 review review NOUN cblr-1720 537 10 results result NOUN cblr-1720 537 11 in in ADP cblr-1720 537 12 the the DET cblr-1720 537 13 ability ability NOUN cblr-1720 537 14 of of ADP cblr-1720 537 15 target target NOUN cblr-1720 537 16 boards board NOUN cblr-1720 537 17 to to PART cblr-1720 537 18 “ " PUNCT cblr-1720 537 19 just just ADV cblr-1720 537 20 say say VERB cblr-1720 537 21 no no INTJ cblr-1720 537 22 ” " PUNCT cblr-1720 537 23 to to ADP cblr-1720 537 24 takeover takeover NOUN cblr-1720 537 25 bids bid NOUN cblr-1720 537 26 . . PUNCT cblr-1720 538 1 finally finally ADV cblr-1720 538 2 , , PUNCT cblr-1720 538 3 it it PRON cblr-1720 538 4 analyzes analyze VERB cblr-1720 538 5 the the DET cblr-1720 538 6 practical practical ADJ cblr-1720 538 7 significance significance NOUN cblr-1720 538 8 of of ADP cblr-1720 538 9 boards board NOUN cblr-1720 538 10 ’ ' PUNCT cblr-1720 538 11 ability ability NOUN cblr-1720 538 12 to to PART cblr-1720 538 13 “ " PUNCT cblr-1720 538 14 just just ADV cblr-1720 538 15 say say VERB cblr-1720 538 16 no no INTJ cblr-1720 538 17 . . PUNCT cblr-1720 538 18 ” " PUNCT cblr-1720 539 1 a. a. NOUN cblr-1720 539 2 impediments impediment VERB cblr-1720 539 3 to to ADP cblr-1720 539 4 judicial judicial ADJ cblr-1720 539 5 review review NOUN cblr-1720 539 6 of of ADP cblr-1720 539 7 substantive substantive ADJ cblr-1720 539 8 coercion coercion NOUN cblr-1720 539 9 by by ADP cblr-1720 539 10 relying rely VERB cblr-1720 539 11 on on ADP cblr-1720 539 12 a a DET cblr-1720 539 13 process process NOUN cblr-1720 539 14 - - PUNCT cblr-1720 539 15 based base VERB cblr-1720 539 16 standard standard NOUN cblr-1720 539 17 , , PUNCT cblr-1720 539 18 the the DET cblr-1720 539 19 delaware delaware PROPN cblr-1720 539 20 courts court NOUN cblr-1720 539 21 must must AUX cblr-1720 539 22 assess assess VERB cblr-1720 539 23 two two NUM cblr-1720 539 24 factors factor NOUN cblr-1720 539 25 : : PUNCT cblr-1720 539 26 ( ( PUNCT cblr-1720 539 27 1 1 X cblr-1720 539 28 ) ) PUNCT cblr-1720 539 29 whether whether SCONJ cblr-1720 539 30 the the DET cblr-1720 539 31 investigation investigation NOUN cblr-1720 539 32 that that SCONJ cblr-1720 539 33 a a DET cblr-1720 539 34 target target NOUN cblr-1720 539 35 board board NOUN cblr-1720 539 36 made make VERB cblr-1720 539 37 before before ADP cblr-1720 539 38 deciding decide VERB cblr-1720 539 39 to to PART cblr-1720 539 40 reject reject VERB cblr-1720 539 41 a a DET cblr-1720 539 42 bid bid NOUN cblr-1720 539 43 was be AUX cblr-1720 539 44 conducted conduct VERB cblr-1720 539 45 by by ADP cblr-1720 539 46 a a DET cblr-1720 539 47 majority majority NOUN cblr-1720 539 48 of of ADP cblr-1720 539 49 outside outside ADJ cblr-1720 539 50 , , PUNCT cblr-1720 539 51 independent independent ADJ cblr-1720 539 52 directors director NOUN cblr-1720 539 53 , , PUNCT cblr-1720 539 54 and and CCONJ cblr-1720 539 55 ( ( PUNCT cblr-1720 539 56 2 2 X cblr-1720 539 57 ) ) PUNCT cblr-1720 539 58 whether whether SCONJ cblr-1720 539 59 these these DET cblr-1720 539 60 outside outside ADJ cblr-1720 539 61 directors director NOUN cblr-1720 539 62 exercised exercise VERB cblr-1720 539 63 deliberate deliberate ADJ cblr-1720 539 64 , , PUNCT cblr-1720 539 65 informed inform VERB cblr-1720 539 66 , , PUNCT cblr-1720 539 67 and and CCONJ cblr-1720 539 68 good good ADJ cblr-1720 539 69 - - PUNCT cblr-1720 539 70 faith faith NOUN cblr-1720 539 71 pursuit pursuit NOUN cblr-1720 539 72 of of ADP cblr-1720 539 73 corporate corporate ADJ cblr-1720 539 74 interests interest NOUN cblr-1720 539 75 , , PUNCT cblr-1720 539 76 as as SCONJ cblr-1720 539 77 supported support VERB cblr-1720 539 78 by by ADP cblr-1720 539 79 the the DET cblr-1720 539 80 legal legal ADJ cblr-1720 539 81 and and CCONJ cblr-1720 539 82 financial financial ADJ cblr-1720 539 83 opinions opinion NOUN cblr-1720 539 84 they they PRON cblr-1720 539 85 ordered.108 ordered.108 VERB cblr-1720 539 86 106 106 NUM cblr-1720 539 87 see see VERB cblr-1720 539 88 airgas airgas PROPN cblr-1720 539 89 , , PUNCT cblr-1720 539 90 16 16 NUM cblr-1720 539 91 a.3d a.3d X cblr-1720 539 92 at at ADP cblr-1720 539 93 92 92 NUM cblr-1720 539 94 . . PUNCT cblr-1720 540 1 107 107 NUM cblr-1720 540 2 see see VERB cblr-1720 540 3 ronald ronald PROPN cblr-1720 540 4 j. j. PROPN cblr-1720 540 5 gilson gilson PROPN cblr-1720 540 6 , , PUNCT cblr-1720 540 7 unocal unocal PROPN cblr-1720 540 8 fifteen fifteen NUM cblr-1720 540 9 years year NOUN cblr-1720 540 10 later later ADV cblr-1720 540 11 ( ( PUNCT cblr-1720 540 12 and and CCONJ cblr-1720 540 13 what what PRON cblr-1720 540 14 we we PRON cblr-1720 540 15 can can AUX cblr-1720 540 16 do do VERB cblr-1720 540 17 about about ADP cblr-1720 540 18 it it PRON cblr-1720 540 19 ) ) PUNCT cblr-1720 540 20 , , PUNCT cblr-1720 540 21 26 26 NUM cblr-1720 540 22 del del PROPN cblr-1720 540 23 . . PROPN cblr-1720 540 24 j. j. PROPN cblr-1720 540 25 corp corp PROPN cblr-1720 540 26 . . PROPN cblr-1720 540 27 l. l. PROPN cblr-1720 540 28 491 491 NUM cblr-1720 540 29 , , PUNCT cblr-1720 540 30 498 498 NUM cblr-1720 540 31 ( ( PUNCT cblr-1720 540 32 2001 2001 NUM cblr-1720 540 33 ) ) PUNCT cblr-1720 540 34 ( ( PUNCT cblr-1720 540 35 emphasis emphasis NOUN cblr-1720 540 36 added add VERB cblr-1720 540 37 ) ) PUNCT cblr-1720 540 38 . . PUNCT cblr-1720 541 1 108 108 NUM cblr-1720 541 2 see see VERB cblr-1720 541 3 airgas airgas PROPN cblr-1720 541 4 , , PUNCT cblr-1720 541 5 16 16 NUM cblr-1720 541 6 a.3d a.3d X cblr-1720 541 7 at at ADP cblr-1720 541 8 92 92 NUM cblr-1720 541 9 , , PUNCT cblr-1720 541 10 124–25 124–25 NUM cblr-1720 541 11 . . PUNCT cblr-1720 542 1 shilon shilon NOUN cblr-1720 542 2 – – PUNCT cblr-1720 542 3 final final ADJ cblr-1720 542 4 no no NOUN cblr-1720 542 5 . . PUNCT cblr-1720 542 6 2:511 2:511 NOUN cblr-1720 542 7 ] ] X cblr-1720 542 8 improving improve VERB cblr-1720 542 9 corporate corporate ADJ cblr-1720 542 10 takeover takeover NOUN cblr-1720 542 11 dynamics dynamic NOUN cblr-1720 542 12 549 549 NUM cblr-1720 542 13 as as SCONJ cblr-1720 542 14 discussed discuss VERB cblr-1720 542 15 in in ADP cblr-1720 542 16 part part PROPN cblr-1720 542 17 ii ii PROPN cblr-1720 542 18 , , PUNCT cblr-1720 542 19 the the DET cblr-1720 542 20 legal legal ADJ cblr-1720 542 21 independence independence NOUN cblr-1720 542 22 that that PRON cblr-1720 542 23 directors director NOUN cblr-1720 542 24 have have AUX cblr-1720 542 25 does do AUX cblr-1720 542 26 not not PART cblr-1720 542 27 guarantee guarantee VERB cblr-1720 542 28 that that SCONJ cblr-1720 542 29 they they PRON cblr-1720 542 30 exercise exercise VERB cblr-1720 542 31 independent independent ADJ cblr-1720 542 32 business business NOUN cblr-1720 542 33 judgment judgment NOUN cblr-1720 542 34 . . PUNCT cblr-1720 543 1 this this DET cblr-1720 543 2 section section NOUN cblr-1720 543 3 shows show VERB cblr-1720 543 4 that that SCONJ cblr-1720 543 5 , , PUNCT cblr-1720 543 6 in in ADP cblr-1720 543 7 addition addition NOUN cblr-1720 543 8 , , PUNCT cblr-1720 543 9 the the DET cblr-1720 543 10 financial financial ADJ cblr-1720 543 11 and and CCONJ cblr-1720 543 12 legal legal ADJ cblr-1720 543 13 expert expert NOUN cblr-1720 543 14 opinions opinion NOUN cblr-1720 543 15 that that PRON cblr-1720 543 16 target target NOUN cblr-1720 543 17 boards board NOUN cblr-1720 543 18 have have AUX cblr-1720 543 19 bought buy VERB cblr-1720 543 20 and and CCONJ cblr-1720 543 21 paid pay VERB cblr-1720 543 22 for for ADP cblr-1720 543 23 are be AUX cblr-1720 543 24 extremely extremely ADV cblr-1720 543 25 hard hard ADJ cblr-1720 543 26 for for SCONJ cblr-1720 543 27 courts court NOUN cblr-1720 543 28 to to PART cblr-1720 543 29 review review VERB cblr-1720 543 30 effectively.109 effectively.109 VERB cblr-1720 543 31 first first ADV cblr-1720 543 32 , , PUNCT cblr-1720 543 33 financial financial ADJ cblr-1720 543 34 advisors advisor NOUN cblr-1720 543 35 and and CCONJ cblr-1720 543 36 legal legal ADJ cblr-1720 543 37 counsels counsel NOUN cblr-1720 543 38 are be AUX cblr-1720 543 39 themselves themselves PRON cblr-1720 543 40 prone prone ADJ cblr-1720 543 41 to to ADP cblr-1720 543 42 conflicts conflict NOUN cblr-1720 543 43 of of ADP cblr-1720 543 44 interest interest NOUN cblr-1720 543 45 , , PUNCT cblr-1720 543 46 which which PRON cblr-1720 543 47 derive derive VERB cblr-1720 543 48 , , PUNCT cblr-1720 543 49 for for ADP cblr-1720 543 50 example example NOUN cblr-1720 543 51 , , PUNCT cblr-1720 543 52 from from ADP cblr-1720 543 53 their their PRON cblr-1720 543 54 desire desire NOUN cblr-1720 543 55 to to PART cblr-1720 543 56 retain retain VERB cblr-1720 543 57 and and CCONJ cblr-1720 543 58 attract attract VERB cblr-1720 543 59 clients client NOUN cblr-1720 543 60 and and CCONJ cblr-1720 543 61 possibly possibly ADV cblr-1720 543 62 also also ADV cblr-1720 543 63 from from ADP cblr-1720 543 64 their their PRON cblr-1720 543 65 psychological psychological ADJ cblr-1720 543 66 loyalty loyalty NOUN cblr-1720 543 67 to to PART cblr-1720 543 68 managers.110 managers.110 NOUN cblr-1720 543 69 these these DET cblr-1720 543 70 conflicts conflict NOUN cblr-1720 543 71 may may AUX cblr-1720 543 72 encourage encourage VERB cblr-1720 543 73 them they PRON cblr-1720 543 74 to to PART cblr-1720 543 75 issue issue VERB cblr-1720 543 76 opinions opinion NOUN cblr-1720 543 77 in in ADP cblr-1720 543 78 favor favor NOUN cblr-1720 543 79 of of ADP cblr-1720 543 80 the the DET cblr-1720 543 81 managers manager NOUN cblr-1720 543 82 who who PRON cblr-1720 543 83 hired hire VERB cblr-1720 543 84 them they PRON cblr-1720 543 85 rather rather ADV cblr-1720 543 86 than than ADP cblr-1720 543 87 opinions opinion NOUN cblr-1720 543 88 that that PRON cblr-1720 543 89 reflect reflect VERB cblr-1720 543 90 their their PRON cblr-1720 543 91 genuine genuine ADJ cblr-1720 543 92 professional professional ADJ cblr-1720 543 93 judgment.111 judgment.111 PROPN cblr-1720 543 94 for for ADP cblr-1720 543 95 example example NOUN cblr-1720 543 96 , , PUNCT cblr-1720 543 97 investment investment NOUN cblr-1720 543 98 bankers banker NOUN cblr-1720 543 99 typically typically ADV cblr-1720 543 100 assume assume VERB cblr-1720 543 101 that that SCONJ cblr-1720 543 102 management management NOUN cblr-1720 543 103 ’s ’ VERB cblr-1720 543 104 optimistic optimistic ADJ cblr-1720 543 105 projections projection NOUN cblr-1720 543 106 for for ADP cblr-1720 543 107 future future ADJ cblr-1720 543 108 performance performance NOUN cblr-1720 543 109 will will AUX cblr-1720 543 110 be be AUX cblr-1720 543 111 achieved achieve VERB cblr-1720 543 112 and and CCONJ cblr-1720 543 113 thus thus ADV cblr-1720 543 114 do do AUX cblr-1720 543 115 not not PART cblr-1720 543 116 allow allow VERB cblr-1720 543 117 for for ADP cblr-1720 543 118 the the DET cblr-1720 543 119 risk risk NOUN cblr-1720 543 120 that that SCONJ cblr-1720 543 121 they they PRON cblr-1720 543 122 will will AUX cblr-1720 543 123 not.112 not.112 VERB cblr-1720 543 124 this this PRON cblr-1720 543 125 enables enable VERB cblr-1720 543 126 them they PRON cblr-1720 543 127 to to PART cblr-1720 543 128 find find VERB cblr-1720 543 129 unfair unfair ADJ cblr-1720 543 130 a a DET cblr-1720 543 131 hostile hostile ADJ cblr-1720 543 132 bid bid NOUN cblr-1720 543 133 price price NOUN cblr-1720 543 134 that that PRON cblr-1720 543 135 a a DET cblr-1720 543 136 hypothetical hypothetical ADJ cblr-1720 543 137 well well ADV cblr-1720 543 138 - - PUNCT cblr-1720 543 139 informed inform VERB cblr-1720 543 140 investor investor NOUN cblr-1720 543 141 would would AUX cblr-1720 543 142 happily happily ADV cblr-1720 543 143 accept accept VERB cblr-1720 543 144 . . PUNCT cblr-1720 544 1 courts court NOUN cblr-1720 544 2 , , PUNCT cblr-1720 544 3 unfortunately unfortunately ADV cblr-1720 544 4 , , PUNCT cblr-1720 544 5 recognize recognize VERB cblr-1720 544 6 that that SCONJ cblr-1720 544 7 they they PRON cblr-1720 544 8 are be AUX cblr-1720 544 9 not not PART cblr-1720 544 10 well well ADV cblr-1720 544 11 equipped equip VERB cblr-1720 544 12 to to PART cblr-1720 544 13 review review VERB cblr-1720 544 14 assumptions assumption NOUN cblr-1720 544 15 about about ADP cblr-1720 544 16 the the DET cblr-1720 544 17 target target NOUN cblr-1720 544 18 ’s ’s PART cblr-1720 544 19 future future ADJ cblr-1720 544 20 performance performance NOUN cblr-1720 544 21 because because SCONJ cblr-1720 544 22 , , PUNCT cblr-1720 544 23 as as SCONJ cblr-1720 544 24 the the DET cblr-1720 544 25 airgas airgas PROPN cblr-1720 544 26 court court NOUN cblr-1720 544 27 admitted admit VERB cblr-1720 544 28 , , PUNCT cblr-1720 544 29 reasonable reasonable ADJ cblr-1720 544 30 minds mind NOUN cblr-1720 544 31 can can AUX cblr-1720 544 32 differ differ VERB cblr-1720 544 33 greatly greatly ADV cblr-1720 544 34 on on ADP cblr-1720 544 35 this this DET cblr-1720 544 36 matter.113 matter.113 PROPN cblr-1720 544 37 second second NOUN cblr-1720 544 38 , , PUNCT cblr-1720 544 39 the the DET cblr-1720 544 40 advisors advisor NOUN cblr-1720 544 41 ’ ' PUNCT cblr-1720 544 42 conflict conflict NOUN cblr-1720 544 43 of of ADP cblr-1720 544 44 interest interest NOUN cblr-1720 544 45 is be AUX cblr-1720 544 46 especially especially ADV cblr-1720 544 47 troubling troubling ADJ cblr-1720 544 48 because because SCONJ cblr-1720 544 49 financial financial ADJ cblr-1720 544 50 models model NOUN cblr-1720 544 51 and and CCONJ cblr-1720 544 52 assumptions assumption NOUN cblr-1720 544 53 are be AUX cblr-1720 544 54 hard hard ADJ cblr-1720 544 55 to to PART cblr-1720 544 56 attack attack VERB cblr-1720 544 57 . . PUNCT cblr-1720 545 1 financial financial ADJ cblr-1720 545 2 advisors advisor NOUN cblr-1720 545 3 can can AUX cblr-1720 545 4 freely freely ADV cblr-1720 545 5 choose choose VERB cblr-1720 545 6 among among ADP cblr-1720 545 7 109 109 NUM cblr-1720 545 8 for for ADP cblr-1720 545 9 skeptical skeptical ADJ cblr-1720 545 10 accounts account NOUN cblr-1720 545 11 of of ADP cblr-1720 545 12 the the DET cblr-1720 545 13 weight weight NOUN cblr-1720 545 14 that that PRON cblr-1720 545 15 investment investment NOUN cblr-1720 545 16 banker banker NOUN cblr-1720 545 17 fairness fairness NOUN cblr-1720 545 18 opinions opinion NOUN cblr-1720 545 19 deserve deserve VERB cblr-1720 545 20 , , PUNCT cblr-1720 545 21 see see VERB cblr-1720 545 22 , , PUNCT cblr-1720 545 23 e.g. e.g. ADV cblr-1720 545 24 , , PUNCT cblr-1720 545 25 lucian lucian PROPN cblr-1720 545 26 arye arye PROPN cblr-1720 545 27 bebchuk bebchuk PROPN cblr-1720 545 28 & & CCONJ cblr-1720 545 29 marcel marcel PROPN cblr-1720 545 30 kahan kahan PROPN cblr-1720 545 31 , , PUNCT cblr-1720 545 32 fairness fairness NOUN cblr-1720 545 33 opinions opinion NOUN cblr-1720 545 34 : : PUNCT cblr-1720 545 35 how how SCONJ cblr-1720 545 36 fair fair ADJ cblr-1720 545 37 are be AUX cblr-1720 545 38 they they PRON cblr-1720 545 39 and and CCONJ cblr-1720 545 40 what what PRON cblr-1720 545 41 can can AUX cblr-1720 545 42 be be AUX cblr-1720 545 43 done do VERB cblr-1720 545 44 about about ADP cblr-1720 545 45 it it PRON cblr-1720 545 46 ? ? PUNCT cblr-1720 546 1 , , PUNCT cblr-1720 546 2 1989 1989 NUM cblr-1720 546 3 duke duke PROPN cblr-1720 546 4 l.j l.j PROPN cblr-1720 546 5 . . PROPN cblr-1720 546 6 27 27 NUM cblr-1720 546 7 ( ( PUNCT cblr-1720 546 8 1989 1989 NUM cblr-1720 546 9 ) ) PUNCT cblr-1720 546 10 ; ; PUNCT cblr-1720 546 11 william william PROPN cblr-1720 546 12 j. j. PROPN cblr-1720 546 13 carney carney PROPN cblr-1720 546 14 , , PUNCT cblr-1720 546 15 fairness fairness NOUN cblr-1720 546 16 opinions opinion NOUN cblr-1720 546 17 : : PUNCT cblr-1720 546 18 how how SCONJ cblr-1720 546 19 fair fair ADJ cblr-1720 546 20 are be AUX cblr-1720 546 21 they they PRON cblr-1720 546 22 and and CCONJ cblr-1720 546 23 why why SCONJ cblr-1720 546 24 we we PRON cblr-1720 546 25 should should AUX cblr-1720 546 26 do do VERB cblr-1720 546 27 nothing nothing PRON cblr-1720 546 28 about about ADP cblr-1720 546 29 it it PRON cblr-1720 546 30 , , PUNCT cblr-1720 546 31 70 70 NUM cblr-1720 546 32 wash wash NOUN cblr-1720 546 33 . . PUNCT cblr-1720 547 1 u. u. PROPN cblr-1720 547 2 l.q l.q PROPN cblr-1720 547 3 . . PROPN cblr-1720 547 4 523 523 NUM cblr-1720 547 5 ( ( PUNCT cblr-1720 547 6 1992 1992 NUM cblr-1720 547 7 ) ) PUNCT cblr-1720 547 8 ; ; PUNCT cblr-1720 547 9 robert robert PROPN cblr-1720 547 10 a. a. PROPN cblr-1720 547 11 prentice prentice PROPN cblr-1720 547 12 & & CCONJ cblr-1720 547 13 john john PROPN cblr-1720 547 14 h. h. PROPN cblr-1720 547 15 langmore langmore PROPN cblr-1720 547 16 , , PUNCT cblr-1720 547 17 hostile hostile ADJ cblr-1720 547 18 tender tender NOUN cblr-1720 547 19 offers offer NOUN cblr-1720 547 20 and and CCONJ cblr-1720 547 21 the the DET cblr-1720 547 22 “ " PUNCT cblr-1720 547 23 nancy nancy PROPN cblr-1720 547 24 reagan reagan PROPN cblr-1720 547 25 defense defense PROPN cblr-1720 547 26 ” " PUNCT cblr-1720 547 27 : : PUNCT cblr-1720 547 28 may may AUX cblr-1720 547 29 target target VERB cblr-1720 547 30 boards board NOUN cblr-1720 547 31 “ " PUNCT cblr-1720 547 32 just just ADV cblr-1720 547 33 say say VERB cblr-1720 547 34 no no INTJ cblr-1720 547 35 ” " PUNCT cblr-1720 547 36 ? ? PUNCT cblr-1720 548 1 should should AUX cblr-1720 548 2 they they PRON cblr-1720 548 3 be be AUX cblr-1720 548 4 allowed allow VERB cblr-1720 548 5 to to PART cblr-1720 548 6 ? ? PUNCT cblr-1720 548 7 , , PUNCT cblr-1720 548 8 15 15 NUM cblr-1720 548 9 del del PROPN cblr-1720 548 10 . . PROPN cblr-1720 548 11 j. j. PROPN cblr-1720 548 12 corp corp PROPN cblr-1720 548 13 . . PROPN cblr-1720 548 14 l. l. PROPN cblr-1720 548 15 377 377 NUM cblr-1720 548 16 ( ( PUNCT cblr-1720 548 17 1990 1990 NUM cblr-1720 548 18 ) ) PUNCT cblr-1720 548 19 . . PUNCT cblr-1720 549 1 110 110 NUM cblr-1720 549 2 see see VERB cblr-1720 549 3 bebchuk bebchuk NOUN cblr-1720 549 4 & & CCONJ cblr-1720 549 5 kahan kahan PROPN cblr-1720 549 6 , , PUNCT cblr-1720 549 7 supra supra PROPN cblr-1720 549 8 note note PROPN cblr-1720 549 9 109 109 NUM cblr-1720 549 10 , , PUNCT cblr-1720 549 11 at at ADP cblr-1720 549 12 29 29 NUM cblr-1720 549 13 , , PUNCT cblr-1720 549 14 37–46 37–46 NUM cblr-1720 549 15 . . NOUN cblr-1720 549 16 111 111 NUM cblr-1720 550 1 i i PROPN cblr-1720 550 2 d. d. PROPN cblr-1720 550 3 112 112 NUM cblr-1720 550 4 see see VERB cblr-1720 550 5 black black PROPN cblr-1720 550 6 & & CCONJ cblr-1720 550 7 kraakman kraakman PROPN cblr-1720 550 8 , , PUNCT cblr-1720 550 9 supra supra PROPN cblr-1720 550 10 note note PROPN cblr-1720 550 11 19 19 NUM cblr-1720 550 12 , , PUNCT cblr-1720 550 13 at at ADP cblr-1720 550 14 556 556 NUM cblr-1720 550 15 . . NOUN cblr-1720 550 16 113 113 NUM cblr-1720 550 17 see see VERB cblr-1720 550 18 airgas airgas PROPN cblr-1720 550 19 , , PUNCT cblr-1720 550 20 16 16 NUM cblr-1720 550 21 a.3d a.3d X cblr-1720 550 22 at at ADP cblr-1720 550 23 62 62 NUM cblr-1720 550 24 . . PUNCT cblr-1720 551 1 shilon shilon NOUN cblr-1720 551 2 – – PUNCT cblr-1720 551 3 final final ADJ cblr-1720 551 4 550 550 NUM cblr-1720 551 5 columbia columbia PROPN cblr-1720 551 6 business business NOUN cblr-1720 551 7 law law PROPN cblr-1720 551 8 review review NOUN cblr-1720 552 1 [ [ X cblr-1720 552 2 vol vol NOUN cblr-1720 552 3 . . NOUN cblr-1720 552 4 2017 2017 NUM cblr-1720 552 5 several several ADJ cblr-1720 552 6 widely widely ADV cblr-1720 552 7 disparate disparate ADJ cblr-1720 552 8 and and CCONJ cblr-1720 552 9 justifiable justifiable ADJ cblr-1720 552 10 estimates estimate NOUN cblr-1720 552 11 to to PART cblr-1720 552 12 support support VERB cblr-1720 552 13 their their PRON cblr-1720 552 14 conclusions.114 conclusions.114 NOUN cblr-1720 552 15 insignificant insignificant ADJ cblr-1720 552 16 changes change NOUN cblr-1720 552 17 in in ADP cblr-1720 552 18 the the DET cblr-1720 552 19 financial financial ADJ cblr-1720 552 20 assumptions assumption NOUN cblr-1720 552 21 can can AUX cblr-1720 552 22 have have VERB cblr-1720 552 23 a a DET cblr-1720 552 24 dramatic dramatic ADJ cblr-1720 552 25 impact impact NOUN cblr-1720 552 26 on on ADP cblr-1720 552 27 the the DET cblr-1720 552 28 prediction prediction NOUN cblr-1720 552 29 of of ADP cblr-1720 552 30 the the DET cblr-1720 552 31 intrinsic intrinsic ADJ cblr-1720 552 32 value value NOUN cblr-1720 552 33 of of ADP cblr-1720 552 34 the the DET cblr-1720 552 35 firm firm NOUN cblr-1720 552 36 . . PUNCT cblr-1720 553 1 for for ADP cblr-1720 553 2 example example NOUN cblr-1720 553 3 , , PUNCT cblr-1720 553 4 a a DET cblr-1720 553 5 minor minor ADJ cblr-1720 553 6 change change NOUN cblr-1720 553 7 in in ADP cblr-1720 553 8 assumption assumption NOUN cblr-1720 553 9 about about ADP cblr-1720 553 10 the the DET cblr-1720 553 11 future future ADJ cblr-1720 553 12 discount discount NOUN cblr-1720 553 13 rate rate NOUN cblr-1720 553 14 from from ADP cblr-1720 553 15 6 6 NUM cblr-1720 553 16 % % NOUN cblr-1720 553 17 to to PART cblr-1720 553 18 5 5 NUM cblr-1720 553 19 % % NOUN cblr-1720 553 20 increases increase VERB cblr-1720 553 21 the the DET cblr-1720 553 22 firm firm NOUN cblr-1720 553 23 ’s ’s PART cblr-1720 553 24 intrinsic intrinsic ADJ cblr-1720 553 25 value value NOUN cblr-1720 553 26 ( ( PUNCT cblr-1720 553 27 based base VERB cblr-1720 553 28 on on ADP cblr-1720 553 29 a a DET cblr-1720 553 30 standard standard ADJ cblr-1720 553 31 discounted discount VERB cblr-1720 553 32 cash cash NOUN cblr-1720 553 33 flow flow NOUN cblr-1720 553 34 constant constant ADJ cblr-1720 553 35 annuity annuity NOUN cblr-1720 553 36 model model NOUN cblr-1720 553 37 ) ) PUNCT cblr-1720 553 38 by by ADP cblr-1720 553 39 20 20 NUM cblr-1720 553 40 % % NOUN cblr-1720 553 41 . . PUNCT cblr-1720 554 1 financial financial ADJ cblr-1720 554 2 assumptions assumption NOUN cblr-1720 554 3 make make VERB cblr-1720 554 4 an an DET cblr-1720 554 5 even even ADV cblr-1720 554 6 greater great ADJ cblr-1720 554 7 impact impact NOUN cblr-1720 554 8 when when SCONJ cblr-1720 554 9 target target NOUN cblr-1720 554 10 boards board NOUN cblr-1720 554 11 contemplate contemplate VERB cblr-1720 554 12 a a DET cblr-1720 554 13 significant significant ADJ cblr-1720 554 14 merger merger NOUN cblr-1720 554 15 , , PUNCT cblr-1720 554 16 as as SCONJ cblr-1720 554 17 occurred occur VERB cblr-1720 554 18 in in ADP cblr-1720 554 19 time,115 time,115 PROPN cblr-1720 554 20 or or CCONJ cblr-1720 554 21 a a DET cblr-1720 554 22 defensive defensive ADJ cblr-1720 554 23 restructuring restructuring NOUN cblr-1720 554 24 , , PUNCT cblr-1720 554 25 as as SCONJ cblr-1720 554 26 occurred occur VERB cblr-1720 554 27 in in ADP cblr-1720 554 28 pillsbury116 pillsbury116 PROPN cblr-1720 554 29 and and CCONJ cblr-1720 554 30 interco.117 interco.117 ADV cblr-1720 554 31 then then ADV cblr-1720 554 32 , , PUNCT cblr-1720 554 33 more more ADV cblr-1720 554 34 nonverifiable nonverifiable ADJ cblr-1720 554 35 but but CCONJ cblr-1720 554 36 significant significant ADJ cblr-1720 554 37 assumptions assumption NOUN cblr-1720 554 38 , , PUNCT cblr-1720 554 39 such such ADJ cblr-1720 554 40 as as ADP cblr-1720 554 41 synergies synergy NOUN cblr-1720 554 42 , , PUNCT cblr-1720 554 43 organizational organizational ADJ cblr-1720 554 44 reform reform NOUN cblr-1720 554 45 value value NOUN cblr-1720 554 46 , , PUNCT cblr-1720 554 47 market market NOUN cblr-1720 554 48 response response NOUN cblr-1720 554 49 , , PUNCT cblr-1720 554 50 and and CCONJ cblr-1720 554 51 cultural cultural ADJ cblr-1720 554 52 integration integration NOUN cblr-1720 554 53 , , PUNCT cblr-1720 554 54 have have VERB cblr-1720 554 55 to to PART cblr-1720 554 56 be be AUX cblr-1720 554 57 added add VERB cblr-1720 554 58 to to ADP cblr-1720 554 59 the the DET cblr-1720 554 60 financial financial ADJ cblr-1720 554 61 models model NOUN cblr-1720 554 62 . . PUNCT cblr-1720 555 1 a a DET cblr-1720 555 2 third third ADJ cblr-1720 555 3 reason reason NOUN cblr-1720 555 4 why why SCONJ cblr-1720 555 5 investment investment NOUN cblr-1720 555 6 bankers banker NOUN cblr-1720 555 7 ’ ’ PART cblr-1720 555 8 opinions opinion NOUN cblr-1720 555 9 do do AUX cblr-1720 555 10 not not PART cblr-1720 555 11 provide provide VERB cblr-1720 555 12 a a DET cblr-1720 555 13 serious serious ADJ cblr-1720 555 14 check check NOUN cblr-1720 555 15 on on ADP cblr-1720 555 16 management management NOUN cblr-1720 555 17 claims claim NOUN cblr-1720 555 18 is be AUX cblr-1720 555 19 that that SCONJ cblr-1720 555 20 when when SCONJ cblr-1720 555 21 a a DET cblr-1720 555 22 takeover takeover NOUN cblr-1720 555 23 target target NOUN cblr-1720 555 24 wants want VERB cblr-1720 555 25 to to PART cblr-1720 555 26 oppose oppose VERB cblr-1720 555 27 a a DET cblr-1720 555 28 hostile hostile ADJ cblr-1720 555 29 bid bid NOUN cblr-1720 555 30 , , PUNCT cblr-1720 555 31 the the DET cblr-1720 555 32 bankers banker NOUN cblr-1720 555 33 will will AUX cblr-1720 555 34 suggest suggest VERB cblr-1720 555 35 that that SCONJ cblr-1720 555 36 the the DET cblr-1720 555 37 price price NOUN cblr-1720 555 38 offered offer VERB cblr-1720 555 39 is be AUX cblr-1720 555 40 “ " PUNCT cblr-1720 555 41 inadequate inadequate ADJ cblr-1720 555 42 ” " PUNCT cblr-1720 555 43 rather rather ADV cblr-1720 555 44 than than ADP cblr-1720 555 45 “ " PUNCT cblr-1720 555 46 unfair”118 unfair”118 X cblr-1720 555 47 — — PUNCT cblr-1720 555 48 something something PRON cblr-1720 555 49 they they PRON cblr-1720 555 50 can can AUX cblr-1720 555 51 almost almost ADV cblr-1720 555 52 blindly blindly ADV cblr-1720 555 53 assume assume VERB cblr-1720 555 54 since since SCONJ cblr-1720 555 55 hostile hostile ADJ cblr-1720 555 56 bidders bidder NOUN cblr-1720 555 57 never never ADV cblr-1720 555 58 start start VERB cblr-1720 555 59 with with ADP cblr-1720 555 60 their their PRON cblr-1720 555 61 best good ADJ cblr-1720 555 62 offer.119 offer.119 ADJ cblr-1720 555 63 114 114 NUM cblr-1720 555 64 see see VERB cblr-1720 555 65 bebchuk bebchuk NOUN cblr-1720 555 66 & & CCONJ cblr-1720 555 67 kahan kahan PROPN cblr-1720 555 68 , , PUNCT cblr-1720 555 69 supra supra PROPN cblr-1720 555 70 note note PROPN cblr-1720 555 71 109 109 NUM cblr-1720 555 72 , , PUNCT cblr-1720 555 73 at at ADP cblr-1720 555 74 34–37 34–37 NUM cblr-1720 555 75 . . PUNCT cblr-1720 556 1 for for ADP cblr-1720 556 2 example example NOUN cblr-1720 556 3 , , PUNCT cblr-1720 556 4 in in ADP cblr-1720 556 5 the the DET cblr-1720 556 6 airgas airgas PROPN cblr-1720 556 7 case case NOUN cblr-1720 556 8 , , PUNCT cblr-1720 556 9 the the DET cblr-1720 556 10 financial financial ADJ cblr-1720 556 11 experts expert NOUN cblr-1720 556 12 ’ ' PUNCT cblr-1720 556 13 wide wide ADJ cblr-1720 556 14 discretion discretion NOUN cblr-1720 556 15 was be AUX cblr-1720 556 16 attacked attack VERB cblr-1720 556 17 by by ADP cblr-1720 556 18 air air NOUN cblr-1720 556 19 products product NOUN cblr-1720 556 20 and and CCONJ cblr-1720 556 21 shareholder shareholder NOUN cblr-1720 556 22 plaintiffs plaintiff NOUN cblr-1720 556 23 critique critique NOUN cblr-1720 556 24 of of ADP cblr-1720 556 25 the the DET cblr-1720 556 26 experts expert NOUN cblr-1720 556 27 endorsement endorsement NOUN cblr-1720 556 28 of of ADP cblr-1720 556 29 two two NUM cblr-1720 556 30 main main ADJ cblr-1720 556 31 aspects aspect NOUN cblr-1720 556 32 of of ADP cblr-1720 556 33 airgas airgas PROPN cblr-1720 556 34 ’s ’s PART cblr-1720 556 35 five five NUM cblr-1720 556 36 - - PUNCT cblr-1720 556 37 year year NOUN cblr-1720 556 38 plan plan NOUN cblr-1720 556 39 : : PUNCT cblr-1720 556 40 “ " PUNCT cblr-1720 556 41 ( ( PUNCT cblr-1720 556 42 1 1 X cblr-1720 556 43 ) ) PUNCT cblr-1720 556 44 the the DET cblr-1720 556 45 macroeconomic macroeconomic ADJ cblr-1720 556 46 assumptions assumption NOUN cblr-1720 556 47 relied rely VERB cblr-1720 556 48 upon upon SCONJ cblr-1720 556 49 by by ADP cblr-1720 556 50 management management NOUN cblr-1720 556 51 , , PUNCT cblr-1720 556 52 and and CCONJ cblr-1720 556 53 ( ( PUNCT cblr-1720 556 54 2 2 X cblr-1720 556 55 ) ) PUNCT cblr-1720 556 56 the the DET cblr-1720 556 57 fact fact NOUN cblr-1720 556 58 that that SCONJ cblr-1720 556 59 airgas airgas PROPN cblr-1720 556 60 did do AUX cblr-1720 556 61 not not PART cblr-1720 556 62 consider consider VERB cblr-1720 556 63 what what PRON cblr-1720 556 64 would would AUX cblr-1720 556 65 happen happen VERB cblr-1720 556 66 if if SCONJ cblr-1720 556 67 the the DET cblr-1720 556 68 economy economy NOUN cblr-1720 556 69 had have VERB cblr-1720 556 70 a a DET cblr-1720 556 71 ‘ ' PUNCT cblr-1720 556 72 double double ADJ cblr-1720 556 73 - - PUNCT cblr-1720 556 74 dip dip NOUN cblr-1720 556 75 ’ ' PUNCT cblr-1720 556 76 recession recession NOUN cblr-1720 556 77 . . PUNCT cblr-1720 556 78 ” " PUNCT cblr-1720 557 1 airgas airgas PROPN cblr-1720 557 2 , , PUNCT cblr-1720 557 3 16 16 NUM cblr-1720 557 4 a.3d a.3d X cblr-1720 557 5 at at ADP cblr-1720 557 6 110 110 NUM cblr-1720 557 7 . . PUNCT cblr-1720 557 8 115 115 NUM cblr-1720 557 9 see see VERB cblr-1720 557 10 paramount paramount PROPN cblr-1720 557 11 commc’ns commc’ns PROPN cblr-1720 557 12 , , PUNCT cblr-1720 557 13 inc inc PROPN cblr-1720 557 14 . . PROPN cblr-1720 557 15 v. v. PROPN cblr-1720 557 16 time time PROPN cblr-1720 557 17 inc inc PROPN cblr-1720 557 18 . . PROPN cblr-1720 557 19 , , PUNCT cblr-1720 557 20 571 571 NUM cblr-1720 557 21 a.2d a.2d SYM cblr-1720 557 22 1140 1140 NUM cblr-1720 557 23 , , PUNCT cblr-1720 557 24 1153 1153 NUM cblr-1720 557 25 ( ( PUNCT cblr-1720 557 26 del del PROPN cblr-1720 557 27 . . PROPN cblr-1720 557 28 1989 1989 NUM cblr-1720 557 29 ) ) PUNCT cblr-1720 557 30 . . PUNCT cblr-1720 558 1 116 116 NUM cblr-1720 558 2 see see VERB cblr-1720 558 3 grand grand ADJ cblr-1720 558 4 metro metro PROPN cblr-1720 558 5 . . PUNCT cblr-1720 559 1 pub pub NOUN cblr-1720 559 2 . . PUNCT cblr-1720 560 1 ltd ltd PROPN cblr-1720 560 2 . . PROPN cblr-1720 561 1 v. v. PROPN cblr-1720 561 2 pillsbury pillsbury PROPN cblr-1720 561 3 co. co. PROPN cblr-1720 561 4 , , PUNCT cblr-1720 561 5 558 558 NUM cblr-1720 561 6 a.2d a.2d SYM cblr-1720 561 7 1049 1049 NUM cblr-1720 561 8 ( ( PUNCT cblr-1720 561 9 del del PROPN cblr-1720 561 10 . . PROPN cblr-1720 561 11 ch ch PROPN cblr-1720 561 12 . . PROPN cblr-1720 561 13 1988 1988 NUM cblr-1720 561 14 ) ) PUNCT cblr-1720 561 15 . . PUNCT cblr-1720 562 1 117 117 NUM cblr-1720 562 2 see see VERB cblr-1720 562 3 city city PROPN cblr-1720 562 4 capital capital PROPN cblr-1720 562 5 assocs assocs PROPN cblr-1720 562 6 . . PROPN cblr-1720 562 7 ltd ltd PROPN cblr-1720 562 8 . . PROPN cblr-1720 562 9 p’ship p’ship PROPN cblr-1720 562 10 v. v. ADP cblr-1720 562 11 interco interco PROPN cblr-1720 562 12 inc inc PROPN cblr-1720 562 13 . . PROPN cblr-1720 562 14 , , PUNCT cblr-1720 562 15 551 551 NUM cblr-1720 562 16 a.2d a.2d SYM cblr-1720 562 17 787 787 NUM cblr-1720 562 18 ( ( PUNCT cblr-1720 562 19 del del PROPN cblr-1720 562 20 . . PROPN cblr-1720 562 21 ch ch PROPN cblr-1720 562 22 . . PROPN cblr-1720 562 23 1988 1988 NUM cblr-1720 562 24 ) ) PUNCT cblr-1720 562 25 . . PUNCT cblr-1720 563 1 118 118 NUM cblr-1720 564 1 i i PRON cblr-1720 564 2 d. d. PROPN cblr-1720 564 3 at at ADP cblr-1720 564 4 792 792 NUM cblr-1720 564 5 . . PUNCT cblr-1720 565 1 119 119 NUM cblr-1720 565 2 fair fair ADJ cblr-1720 565 3 price price NOUN cblr-1720 565 4 means mean VERB cblr-1720 565 5 that that SCONJ cblr-1720 565 6 the the DET cblr-1720 565 7 bid bid NOUN cblr-1720 565 8 price price NOUN cblr-1720 565 9 falls fall VERB cblr-1720 565 10 within within ADP cblr-1720 565 11 a a DET cblr-1720 565 12 range range NOUN cblr-1720 565 13 of of ADP cblr-1720 565 14 reasonably reasonably ADV cblr-1720 565 15 fair fair ADJ cblr-1720 565 16 prices price NOUN cblr-1720 565 17 for for ADP cblr-1720 565 18 the the DET cblr-1720 565 19 selling sell VERB cblr-1720 565 20 shareholders shareholder NOUN cblr-1720 565 21 . . PUNCT cblr-1720 566 1 conversely conversely ADV cblr-1720 566 2 , , PUNCT cblr-1720 566 3 inadequate inadequate ADJ cblr-1720 566 4 price price NOUN cblr-1720 566 5 means mean VERB cblr-1720 566 6 that that SCONJ cblr-1720 566 7 the the DET cblr-1720 566 8 bidder bidder NOUN cblr-1720 566 9 should should AUX cblr-1720 566 10 have have AUX cblr-1720 566 11 been be AUX cblr-1720 566 12 expected expect VERB cblr-1720 566 13 to to PART cblr-1720 566 14 bid bid VERB cblr-1720 566 15 higher higher ADV cblr-1720 566 16 even even ADV cblr-1720 566 17 if if SCONJ cblr-1720 566 18 the the DET cblr-1720 566 19 bid bid NOUN cblr-1720 566 20 price price NOUN cblr-1720 566 21 is be AUX cblr-1720 566 22 fair fair ADJ cblr-1720 566 23 . . PUNCT cblr-1720 567 1 when when SCONJ cblr-1720 567 2 the the DET cblr-1720 567 3 delaware delaware PROPN cblr-1720 567 4 courts court NOUN cblr-1720 567 5 do do AUX cblr-1720 567 6 not not PART cblr-1720 567 7 distinguish distinguish VERB cblr-1720 567 8 the the DET cblr-1720 567 9 two two NUM cblr-1720 567 10 and and CCONJ cblr-1720 567 11 allow allow VERB cblr-1720 567 12 boards board NOUN cblr-1720 567 13 to to PART cblr-1720 567 14 reject reject VERB cblr-1720 567 15 bids bid NOUN cblr-1720 567 16 based base VERB cblr-1720 567 17 on on ADP cblr-1720 567 18 their their PRON cblr-1720 567 19 “ " PUNCT cblr-1720 567 20 inadequacy inadequacy NOUN cblr-1720 567 21 , , PUNCT cblr-1720 567 22 ” " PUNCT cblr-1720 567 23 they they PRON cblr-1720 567 24 open open VERB cblr-1720 567 25 shilon shilon NOUN cblr-1720 567 26 – – PUNCT cblr-1720 567 27 final final ADJ cblr-1720 567 28 no no NOUN cblr-1720 567 29 . . PUNCT cblr-1720 568 1 2:511 2:511 NOUN cblr-1720 568 2 ] ] X cblr-1720 568 3 improving improve VERB cblr-1720 568 4 corporate corporate ADJ cblr-1720 568 5 takeover takeover NOUN cblr-1720 568 6 dynamics dynamic NOUN cblr-1720 568 7 551 551 NUM cblr-1720 568 8 importantly importantly ADV cblr-1720 568 9 , , PUNCT cblr-1720 568 10 the the DET cblr-1720 568 11 delaware delaware PROPN cblr-1720 568 12 courts court NOUN cblr-1720 568 13 have have AUX cblr-1720 568 14 never never ADV cblr-1720 568 15 focused focus VERB cblr-1720 568 16 on on ADP cblr-1720 568 17 this this DET cblr-1720 568 18 difference difference NOUN cblr-1720 568 19 between between ADP cblr-1720 568 20 a a DET cblr-1720 568 21 fairness fairness NOUN cblr-1720 568 22 opinion opinion NOUN cblr-1720 568 23 and and CCONJ cblr-1720 568 24 an an DET cblr-1720 568 25 inadequacy inadequacy NOUN cblr-1720 568 26 opinion.120 opinion.120 ADV cblr-1720 568 27 moreover moreover ADV cblr-1720 568 28 , , PUNCT cblr-1720 568 29 after after SCONJ cblr-1720 568 30 the the DET cblr-1720 568 31 banker banker NOUN cblr-1720 568 32 solemnly solemnly ADV cblr-1720 568 33 blesses bless VERB cblr-1720 568 34 the the DET cblr-1720 568 35 target target NOUN cblr-1720 568 36 ’s ’s PART cblr-1720 568 37 alternative alternative ADJ cblr-1720 568 38 deal deal NOUN cblr-1720 568 39 as as ADV cblr-1720 568 40 fair fair ADJ cblr-1720 568 41 and and CCONJ cblr-1720 568 42 the the DET cblr-1720 568 43 bidder bidder NOUN cblr-1720 568 44 tops top VERB cblr-1720 568 45 the the DET cblr-1720 568 46 target target NOUN cblr-1720 568 47 alternative alternative NOUN cblr-1720 568 48 with with ADP cblr-1720 568 49 a a DET cblr-1720 568 50 higher high ADJ cblr-1720 568 51 bid bid NOUN cblr-1720 568 52 price price NOUN cblr-1720 568 53 , , PUNCT cblr-1720 568 54 the the DET cblr-1720 568 55 banker banker NOUN cblr-1720 568 56 will will AUX cblr-1720 568 57 simply simply ADV cblr-1720 568 58 raise raise VERB cblr-1720 568 59 the the DET cblr-1720 568 60 fairness fairness NOUN cblr-1720 568 61 range range NOUN cblr-1720 568 62 and and CCONJ cblr-1720 568 63 proclaim proclaim VERB cblr-1720 568 64 the the DET cblr-1720 568 65 higher high ADJ cblr-1720 568 66 hostile hostile ADJ cblr-1720 568 67 bid bid NOUN cblr-1720 568 68 price price NOUN cblr-1720 568 69 unfair.121 unfair.121 ADJ cblr-1720 568 70 sometimes sometimes ADV cblr-1720 568 71 the the DET cblr-1720 568 72 cycle cycle NOUN cblr-1720 568 73 is be AUX cblr-1720 568 74 repeated repeat VERB cblr-1720 568 75 , , PUNCT cblr-1720 568 76 as as SCONJ cblr-1720 568 77 the the DET cblr-1720 568 78 hostile hostile ADJ cblr-1720 568 79 bidder bidder NOUN cblr-1720 568 80 raises raise VERB cblr-1720 568 81 its its PRON cblr-1720 568 82 bid bid NOUN cblr-1720 568 83 and and CCONJ cblr-1720 568 84 the the DET cblr-1720 568 85 banker banker NOUN cblr-1720 568 86 again again ADV cblr-1720 568 87 raises raise VERB cblr-1720 568 88 its its PRON cblr-1720 568 89 fairness fairness NOUN cblr-1720 568 90 range.122 range.122 PROPN cblr-1720 568 91 b. b. NOUN cblr-1720 569 1 the the DET cblr-1720 569 2 resulting result VERB cblr-1720 569 3 “ " PUNCT cblr-1720 569 4 just just ADV cblr-1720 569 5 say say VERB cblr-1720 569 6 no no DET cblr-1720 569 7 ” " PUNCT cblr-1720 569 8 response response NOUN cblr-1720 569 9 the the DET cblr-1720 569 10 inability inability NOUN cblr-1720 569 11 of of ADP cblr-1720 569 12 courts court NOUN cblr-1720 569 13 to to PART cblr-1720 569 14 effectively effectively ADV cblr-1720 569 15 review review VERB cblr-1720 569 16 target target NOUN cblr-1720 569 17 boards board NOUN cblr-1720 569 18 ’ ' PUNCT cblr-1720 569 19 allegations allegation NOUN cblr-1720 569 20 of of ADP cblr-1720 569 21 substantive substantive ADJ cblr-1720 569 22 coercion coercion NOUN cblr-1720 569 23 resulted result VERB cblr-1720 569 24 in in ADP cblr-1720 569 25 their their PRON cblr-1720 569 26 practical practical ADJ cblr-1720 569 27 ability ability NOUN cblr-1720 569 28 to to PART cblr-1720 569 29 “ " PUNCT cblr-1720 569 30 just just ADV cblr-1720 569 31 say say VERB cblr-1720 569 32 no no INTJ cblr-1720 569 33 ” " PUNCT cblr-1720 569 34 to to ADP cblr-1720 569 35 unsolicited unsolicited ADJ cblr-1720 569 36 acquisition acquisition NOUN cblr-1720 569 37 offers offer NOUN cblr-1720 569 38 . . PUNCT cblr-1720 570 1 in in ADP cblr-1720 570 2 a a DET cblr-1720 570 3 series series NOUN cblr-1720 570 4 of of ADP cblr-1720 570 5 court court NOUN cblr-1720 570 6 decisions decision NOUN cblr-1720 570 7 throughout throughout ADP cblr-1720 570 8 the the DET cblr-1720 570 9 years year NOUN cblr-1720 570 10 , , PUNCT cblr-1720 570 11 the the DET cblr-1720 570 12 delaware delaware PROPN cblr-1720 570 13 supreme supreme PROPN cblr-1720 570 14 court court PROPN cblr-1720 570 15 expanded expand VERB cblr-1720 570 16 board board NOUN cblr-1720 570 17 authority authority NOUN cblr-1720 570 18 to to PART cblr-1720 570 19 block block VERB cblr-1720 570 20 unsolicited unsolicited ADJ cblr-1720 570 21 bids bid NOUN cblr-1720 570 22 . . PUNCT cblr-1720 571 1 first first ADV cblr-1720 571 2 , , PUNCT cblr-1720 571 3 in in ADP cblr-1720 571 4 paramount paramount ADJ cblr-1720 571 5 communications communication NOUN cblr-1720 571 6 v. v. ADP cblr-1720 571 7 time time NOUN cblr-1720 571 8 in in ADP cblr-1720 571 9 1990 1990 NUM cblr-1720 571 10 , , PUNCT cblr-1720 571 11 it it PRON cblr-1720 571 12 emphasized emphasize VERB cblr-1720 571 13 that that SCONJ cblr-1720 571 14 courts court NOUN cblr-1720 571 15 are be AUX cblr-1720 571 16 not not PART cblr-1720 571 17 supposed suppose VERB cblr-1720 571 18 to to PART cblr-1720 571 19 make make VERB cblr-1720 571 20 a a DET cblr-1720 571 21 substantive substantive ADJ cblr-1720 571 22 judicial judicial ADJ cblr-1720 571 23 review review NOUN cblr-1720 571 24 of of ADP cblr-1720 571 25 boards board NOUN cblr-1720 571 26 ’ ’ PART cblr-1720 571 27 justifications justification NOUN cblr-1720 571 28 for for ADP cblr-1720 571 29 placing place VERB cblr-1720 571 30 defensive defensive ADJ cblr-1720 571 31 tactics tactic NOUN cblr-1720 571 32 : : PUNCT cblr-1720 571 33 to to ADP cblr-1720 571 34 the the DET cblr-1720 571 35 extent extent NOUN cblr-1720 571 36 that that SCONJ cblr-1720 571 37 the the DET cblr-1720 571 38 court court NOUN cblr-1720 571 39 of of ADP cblr-1720 571 40 chancery chancery NOUN cblr-1720 571 41 has have AUX cblr-1720 571 42 recently recently ADV cblr-1720 571 43 [ [ AUX cblr-1720 571 44 substituted substitute VERB cblr-1720 571 45 its its PRON cblr-1720 571 46 judgment judgment NOUN cblr-1720 571 47 as as ADP cblr-1720 571 48 to to ADP cblr-1720 571 49 what what PRON cblr-1720 571 50 is be AUX cblr-1720 571 51 a a DET cblr-1720 571 52 “ " PUNCT cblr-1720 571 53 better well ADJ cblr-1720 571 54 ” " PUNCT cblr-1720 571 55 deal deal NOUN cblr-1720 571 56 for for ADP cblr-1720 571 57 that that PRON cblr-1720 571 58 of of ADP cblr-1720 571 59 a a DET cblr-1720 571 60 corporation corporation NOUN cblr-1720 571 61 ’s ’s PART cblr-1720 571 62 board board NOUN cblr-1720 571 63 of of ADP cblr-1720 571 64 directors director NOUN cblr-1720 571 65 ] ] PUNCT cblr-1720 571 66 in in ADP cblr-1720 571 67 certain certain ADJ cblr-1720 571 68 of of ADP cblr-1720 571 69 its its PRON cblr-1720 571 70 opinions opinion NOUN cblr-1720 571 71 , , PUNCT cblr-1720 571 72 we we PRON cblr-1720 571 73 hereby hereby ADV cblr-1720 571 74 reject reject VERB cblr-1720 571 75 such such ADJ cblr-1720 571 76 approach approach NOUN cblr-1720 571 77 as as ADP cblr-1720 571 78 not not PART cblr-1720 571 79 in in ADP cblr-1720 571 80 keeping keep VERB cblr-1720 571 81 with with ADP cblr-1720 571 82 a a DET cblr-1720 571 83 proper proper ADJ cblr-1720 571 84 unocal unocal PROPN cblr-1720 571 85 analysis analysis NOUN cblr-1720 571 86 . . PUNCT cblr-1720 572 1 see see VERB cblr-1720 572 2 , , PUNCT cblr-1720 572 3 e.g. e.g. ADV cblr-1720 572 4 , , PUNCT cblr-1720 572 5 interco interco NOUN cblr-1720 572 6 . . PUNCT cblr-1720 572 7 . . PUNCT cblr-1720 573 1 . . PUNCT cblr-1720 574 1 and and CCONJ cblr-1720 574 2 its its PRON cblr-1720 574 3 progeny progeny NOUN cblr-1720 574 4 . . PUNCT cblr-1720 574 5 . . PUNCT cblr-1720 575 1 . . PUNCT cblr-1720 576 1 .123 .123 VERB cblr-1720 576 2 the the DET cblr-1720 576 3 door door NOUN cblr-1720 576 4 to to ADP cblr-1720 576 5 defensive defensive ADJ cblr-1720 576 6 tactics tactic NOUN cblr-1720 576 7 whenever whenever SCONJ cblr-1720 576 8 the the DET cblr-1720 576 9 bidder bidder NOUN cblr-1720 576 10 does do AUX cblr-1720 576 11 not not PART cblr-1720 576 12 offer offer VERB cblr-1720 576 13 his his PRON cblr-1720 576 14 reservation reservation NOUN cblr-1720 576 15 price price NOUN cblr-1720 576 16 . . PUNCT cblr-1720 577 1 120 120 NUM cblr-1720 578 1 i i PRON cblr-1720 578 2 d. d. PROPN cblr-1720 578 3 at at ADP cblr-1720 578 4 797 797 NUM cblr-1720 578 5 . . PUNCT cblr-1720 579 1 121 121 NUM cblr-1720 580 1 i i PRON cblr-1720 580 2 d. d. PROPN cblr-1720 580 3 at at ADP cblr-1720 580 4 792 792 NUM cblr-1720 580 5 . . NOUN cblr-1720 580 6 122 122 NUM cblr-1720 580 7 for for ADP cblr-1720 580 8 a a DET cblr-1720 580 9 nice nice ADJ cblr-1720 580 10 illustration illustration NOUN cblr-1720 580 11 of of ADP cblr-1720 580 12 the the DET cblr-1720 580 13 distinction distinction NOUN cblr-1720 580 14 between between ADP cblr-1720 580 15 a a DET cblr-1720 580 16 fairness fairness NOUN cblr-1720 580 17 opinion opinion NOUN cblr-1720 580 18 and and CCONJ cblr-1720 580 19 an an DET cblr-1720 580 20 inadequacy inadequacy NOUN cblr-1720 580 21 opinion opinion NOUN cblr-1720 580 22 , , PUNCT cblr-1720 580 23 and and CCONJ cblr-1720 580 24 the the DET cblr-1720 580 25 plasticity plasticity NOUN cblr-1720 580 26 of of ADP cblr-1720 580 27 both both PRON cblr-1720 580 28 , , PUNCT cblr-1720 580 29 see see VERB cblr-1720 580 30 mills mills PROPN cblr-1720 580 31 acquisition acquisition PROPN cblr-1720 580 32 co. co. PROPN cblr-1720 580 33 v. v. ADP cblr-1720 580 34 macmillan macmillan PROPN cblr-1720 580 35 , , PUNCT cblr-1720 580 36 inc inc PROPN cblr-1720 580 37 . . PROPN cblr-1720 580 38 559 559 NUM cblr-1720 580 39 a.2d a.2d NUM cblr-1720 580 40 1261 1261 NUM cblr-1720 580 41 , , PUNCT cblr-1720 580 42 1271 1271 NUM cblr-1720 580 43 ( ( PUNCT cblr-1720 580 44 del del PROPN cblr-1720 580 45 . . PROPN cblr-1720 580 46 1989 1989 NUM cblr-1720 580 47 ) ) PUNCT cblr-1720 580 48 . . PUNCT cblr-1720 581 1 123 123 NUM cblr-1720 581 2 paramount paramount ADJ cblr-1720 581 3 commc’ns commc’ns PROPN cblr-1720 581 4 , , PUNCT cblr-1720 581 5 inc inc PROPN cblr-1720 581 6 . . PROPN cblr-1720 581 7 v. v. PROPN cblr-1720 581 8 time time PROPN cblr-1720 581 9 inc inc PROPN cblr-1720 581 10 . . PROPN cblr-1720 581 11 , , PUNCT cblr-1720 581 12 571 571 NUM cblr-1720 581 13 a.2d a.2d SYM cblr-1720 581 14 1140 1140 NUM cblr-1720 581 15 , , PUNCT cblr-1720 581 16 1153 1153 NUM cblr-1720 581 17 ( ( PUNCT cblr-1720 581 18 del del PROPN cblr-1720 581 19 . . PROPN cblr-1720 581 20 1989 1989 NUM cblr-1720 581 21 ) ) PUNCT cblr-1720 581 22 . . PUNCT cblr-1720 582 1 shilon shilon NOUN cblr-1720 582 2 – – PUNCT cblr-1720 582 3 final final ADJ cblr-1720 582 4 552 552 NUM cblr-1720 582 5 columbia columbia PROPN cblr-1720 582 6 business business NOUN cblr-1720 582 7 law law PROPN cblr-1720 582 8 review review NOUN cblr-1720 582 9 [ [ X cblr-1720 582 10 vol vol NOUN cblr-1720 582 11 . . NOUN cblr-1720 582 12 2017 2017 NUM cblr-1720 582 13 five five NUM cblr-1720 582 14 years year NOUN cblr-1720 582 15 later later ADV cblr-1720 582 16 , , PUNCT cblr-1720 582 17 in in ADP cblr-1720 582 18 unitrin unitrin PROPN cblr-1720 582 19 , , PUNCT cblr-1720 582 20 inc inc PROPN cblr-1720 582 21 . . PROPN cblr-1720 583 1 v. v. CCONJ cblr-1720 583 2 american american PROPN cblr-1720 583 3 general general PROPN cblr-1720 583 4 corp,124 corp,124 PUNCT cblr-1720 583 5 it it PRON cblr-1720 583 6 went go VERB cblr-1720 583 7 even even ADV cblr-1720 583 8 further far ADV cblr-1720 583 9 and and CCONJ cblr-1720 583 10 restated restate VERB cblr-1720 583 11 unocal unocal PROPN cblr-1720 583 12 ’s ’s PART cblr-1720 583 13 proportionality proportionality NOUN cblr-1720 583 14 test test NOUN cblr-1720 583 15 , , PUNCT cblr-1720 583 16 making make VERB cblr-1720 583 17 it it PRON cblr-1720 583 18 operate operate VERB cblr-1720 583 19 similarly similarly ADV cblr-1720 583 20 to to ADP cblr-1720 583 21 the the DET cblr-1720 583 22 lenient lenient ADJ cblr-1720 583 23 business business NOUN cblr-1720 583 24 judgment judgment NOUN cblr-1720 583 25 rule rule NOUN cblr-1720 583 26 : : PUNCT cblr-1720 583 27 it it PRON cblr-1720 583 28 stated state VERB cblr-1720 583 29 that that SCONJ cblr-1720 583 30 a a DET cblr-1720 583 31 board board NOUN cblr-1720 583 32 ’s ’s PART cblr-1720 583 33 defense defense NOUN cblr-1720 583 34 may may AUX cblr-1720 583 35 now now ADV cblr-1720 583 36 “ " PUNCT cblr-1720 583 37 be be AUX cblr-1720 583 38 sustained sustain VERB cblr-1720 583 39 if if SCONJ cblr-1720 583 40 it it PRON cblr-1720 583 41 is be AUX cblr-1720 583 42 attributable attributable ADJ cblr-1720 583 43 to to ADP cblr-1720 583 44 any any DET cblr-1720 583 45 reasonable reasonable ADJ cblr-1720 583 46 judgment judgment NOUN cblr-1720 583 47 . . PUNCT cblr-1720 584 1 ”125 ”125 NOUN cblr-1720 584 2 reflecting reflect VERB cblr-1720 584 3 on on ADP cblr-1720 584 4 this this DET cblr-1720 584 5 decision decision NOUN cblr-1720 585 1 , , PUNCT cblr-1720 585 2 chancellor chancellor PROPN cblr-1720 585 3 william william PROPN cblr-1720 585 4 allen allen PROPN cblr-1720 585 5 noted note VERB cblr-1720 585 6 that that SCONJ cblr-1720 585 7 a a DET cblr-1720 585 8 prominent prominent ADJ cblr-1720 585 9 new new PROPN cblr-1720 585 10 york york PROPN cblr-1720 585 11 city city PROPN cblr-1720 585 12 practitioner practitioner NOUN cblr-1720 585 13 had have AUX cblr-1720 585 14 remarked remark VERB cblr-1720 585 15 to to ADP cblr-1720 585 16 him he PRON cblr-1720 585 17 after after ADP cblr-1720 585 18 unitrin unitrin NOUN cblr-1720 585 19 , , PUNCT cblr-1720 585 20 “ " PUNCT cblr-1720 585 21 so so CCONJ cblr-1720 585 22 it it PRON cblr-1720 585 23 looks look VERB cblr-1720 585 24 like like SCONJ cblr-1720 585 25 we we PRON cblr-1720 585 26 ’re ’re VERB cblr-1720 585 27 back back ADV cblr-1720 585 28 to to ADP cblr-1720 585 29 business business NOUN cblr-1720 585 30 judgment judgment NOUN cblr-1720 585 31 review review NOUN cblr-1720 585 32 , , PUNCT cblr-1720 585 33 are be AUX cblr-1720 585 34 n’t n’t PROPN cblr-1720 585 35 we?”126 we?”126 NOUN cblr-1720 585 36 however however ADV cblr-1720 585 37 , , PUNCT cblr-1720 585 38 the the DET cblr-1720 585 39 most most ADV cblr-1720 585 40 serious serious ADJ cblr-1720 585 41 expansion expansion NOUN cblr-1720 585 42 of of ADP cblr-1720 585 43 defensive defensive ADJ cblr-1720 585 44 tactics tactic NOUN cblr-1720 585 45 in in ADP cblr-1720 585 46 response response NOUN cblr-1720 585 47 to to ADP cblr-1720 585 48 substantive substantive ADJ cblr-1720 585 49 coercion coercion NOUN cblr-1720 585 50 was be AUX cblr-1720 585 51 made make VERB cblr-1720 585 52 in in ADP cblr-1720 585 53 the the DET cblr-1720 585 54 2011 2011 NUM cblr-1720 585 55 seminal seminal ADJ cblr-1720 585 56 holding holding NOUN cblr-1720 585 57 of of ADP cblr-1720 585 58 the the DET cblr-1720 585 59 delaware delaware PROPN cblr-1720 585 60 chancery chancery PROPN cblr-1720 585 61 court court PROPN cblr-1720 585 62 in in ADP cblr-1720 585 63 airgas.127 airgas.127 NOUN cblr-1720 585 64 there there ADV cblr-1720 585 65 , , PUNCT cblr-1720 585 66 chancellor chancellor PROPN cblr-1720 585 67 william william PROPN cblr-1720 585 68 b. b. PROPN cblr-1720 585 69 chandler chandler PROPN cblr-1720 585 70 iii iii PROPN cblr-1720 585 71 concluded conclude VERB cblr-1720 585 72 that that SCONJ cblr-1720 585 73 in in ADP cblr-1720 585 74 adjudicating adjudicate VERB cblr-1720 585 75 substantive substantive ADJ cblr-1720 585 76 coercion coercion NOUN cblr-1720 585 77 , , PUNCT cblr-1720 585 78 courts court NOUN cblr-1720 585 79 should should AUX cblr-1720 585 80 not not PART cblr-1720 585 81 focus focus VERB cblr-1720 585 82 on on ADP cblr-1720 585 83 whether whether SCONJ cblr-1720 585 84 the the DET cblr-1720 585 85 target target NOUN cblr-1720 585 86 firm firm NOUN cblr-1720 585 87 ’s ’s PART cblr-1720 585 88 shareholders shareholder NOUN cblr-1720 585 89 are be AUX cblr-1720 585 90 actually actually ADV cblr-1720 585 91 likely likely ADJ cblr-1720 585 92 to to PART cblr-1720 585 93 mistakenly mistakenly ADV cblr-1720 585 94 tender tender VERB cblr-1720 585 95 their their PRON cblr-1720 585 96 shares share NOUN cblr-1720 585 97 to to ADP cblr-1720 585 98 an an DET cblr-1720 585 99 inadequately inadequately ADV cblr-1720 585 100 priced price VERB cblr-1720 585 101 bid bid NOUN cblr-1720 585 102 , , PUNCT cblr-1720 585 103 nor nor CCONJ cblr-1720 585 104 should should AUX cblr-1720 585 105 they they PRON cblr-1720 585 106 examine examine VERB cblr-1720 585 107 whether whether SCONJ cblr-1720 585 108 those those DET cblr-1720 585 109 shareholders shareholder NOUN cblr-1720 585 110 are be AUX cblr-1720 585 111 well well ADV cblr-1720 585 112 - - PUNCT cblr-1720 585 113 informed inform VERB cblr-1720 585 114 or or CCONJ cblr-1720 585 115 sophisticated sophisticated ADJ cblr-1720 585 116 enough enough ADV cblr-1720 585 117 not not PART cblr-1720 585 118 to to PART cblr-1720 585 119 be be AUX cblr-1720 585 120 fooled fool VERB cblr-1720 585 121 into into ADP cblr-1720 585 122 accepting accept VERB cblr-1720 585 123 an an DET cblr-1720 585 124 inadequate inadequate ADJ cblr-1720 585 125 bid bid NOUN cblr-1720 585 126 . . PUNCT cblr-1720 586 1 rather rather ADV cblr-1720 586 2 , , PUNCT cblr-1720 586 3 courts court NOUN cblr-1720 586 4 should should AUX cblr-1720 586 5 focus focus VERB cblr-1720 586 6 on on ADP cblr-1720 586 7 ensuring ensure VERB cblr-1720 586 8 that that SCONJ cblr-1720 586 9 the the DET cblr-1720 586 10 target target NOUN cblr-1720 586 11 board board NOUN cblr-1720 586 12 acted act VERB cblr-1720 586 13 in in ADP cblr-1720 586 14 good good ADJ cblr-1720 586 15 faith faith NOUN cblr-1720 586 16 and and CCONJ cblr-1720 586 17 articulated articulate VERB cblr-1720 586 18 a a DET cblr-1720 586 19 reasonable reasonable ADJ cblr-1720 586 20 basis basis NOUN cblr-1720 586 21 for for ADP cblr-1720 586 22 its its PRON cblr-1720 586 23 belief belief NOUN cblr-1720 586 24 that that SCONJ cblr-1720 586 25 the the DET cblr-1720 586 26 bid bid NOUN cblr-1720 586 27 price price NOUN cblr-1720 586 28 was be AUX cblr-1720 586 29 inadequate inadequate ADJ cblr-1720 586 30 . . PUNCT cblr-1720 587 1 in in ADP cblr-1720 587 2 so so ADV cblr-1720 587 3 ruling ruling NOUN cblr-1720 587 4 , , PUNCT cblr-1720 587 5 the the DET cblr-1720 587 6 court court NOUN cblr-1720 587 7 admitted admit VERB cblr-1720 587 8 that that SCONJ cblr-1720 587 9 , , PUNCT cblr-1720 587 10 while while SCONJ cblr-1720 587 11 it it PRON cblr-1720 587 12 did do AUX cblr-1720 587 13 not not PART cblr-1720 587 14 allow allow VERB cblr-1720 587 15 target target NOUN cblr-1720 587 16 boards board NOUN cblr-1720 587 17 to to PART cblr-1720 587 18 “ " PUNCT cblr-1720 587 19 just just ADV cblr-1720 587 20 say say VERB cblr-1720 587 21 never never ADV cblr-1720 587 22 ” " PUNCT cblr-1720 587 23 in in ADP cblr-1720 587 24 all all DET cblr-1720 587 25 circumstances circumstance NOUN cblr-1720 587 26 , , PUNCT cblr-1720 587 27 it it PRON cblr-1720 587 28 did do AUX cblr-1720 587 29 “ " PUNCT cblr-1720 587 30 bring bring VERB cblr-1720 587 31 us we PRON cblr-1720 587 32 one one NUM cblr-1720 587 33 step step NOUN cblr-1720 587 34 closer close ADV cblr-1720 587 35 to to ADP cblr-1720 587 36 that that DET cblr-1720 587 37 result result NOUN cblr-1720 587 38 . . PUNCT cblr-1720 587 39 ”128 ”128 PUNCT cblr-1720 588 1 this this PRON cblr-1720 588 2 means mean VERB cblr-1720 588 3 that that SCONJ cblr-1720 588 4 target target NOUN cblr-1720 588 5 boards board NOUN cblr-1720 588 6 can can AUX cblr-1720 588 7 certainly certainly ADV cblr-1720 588 8 rely rely VERB cblr-1720 588 9 on on ADP cblr-1720 588 10 their their PRON cblr-1720 588 11 power power NOUN cblr-1720 588 12 to to PART cblr-1720 588 13 “ " PUNCT cblr-1720 588 14 just just ADV cblr-1720 588 15 say say VERB cblr-1720 588 16 no no INTJ cblr-1720 588 17 . . PUNCT cblr-1720 588 18 ” " PUNCT cblr-1720 589 1 124 124 NUM cblr-1720 589 2 see see VERB cblr-1720 589 3 unitrin unitrin PROPN cblr-1720 589 4 , , PUNCT cblr-1720 589 5 inc inc PROPN cblr-1720 589 6 . . PROPN cblr-1720 590 1 v. v. PROPN cblr-1720 590 2 am be AUX cblr-1720 590 3 . . PUNCT cblr-1720 591 1 gen gen PROPN cblr-1720 591 2 . . PROPN cblr-1720 591 3 corp corp PROPN cblr-1720 591 4 . . PROPN cblr-1720 591 5 , , PUNCT cblr-1720 591 6 651 651 NUM cblr-1720 591 7 a.2d a.2d SYM cblr-1720 591 8 1361 1361 NUM cblr-1720 591 9 ( ( PUNCT cblr-1720 591 10 del del PROPN cblr-1720 591 11 . . PROPN cblr-1720 591 12 1995 1995 NUM cblr-1720 591 13 ) ) PUNCT cblr-1720 591 14 . . PUNCT cblr-1720 592 1 125 125 NUM cblr-1720 592 2 see see VERB cblr-1720 592 3 william william PROPN cblr-1720 592 4 t. t. PROPN cblr-1720 592 5 allen allen PROPN cblr-1720 592 6 & & CCONJ cblr-1720 592 7 reinier reinier PROPN cblr-1720 592 8 kraakman kraakman PROPN cblr-1720 592 9 , , PUNCT cblr-1720 592 10 commentaries commentary NOUN cblr-1720 592 11 and and CCONJ cblr-1720 592 12 cases case NOUN cblr-1720 592 13 on on ADP cblr-1720 592 14 the the DET cblr-1720 592 15 law law NOUN cblr-1720 592 16 of of ADP cblr-1720 592 17 business business NOUN cblr-1720 592 18 organization organization NOUN cblr-1720 592 19 570 570 NUM cblr-1720 592 20 ( ( PUNCT cblr-1720 592 21 2003 2003 NUM cblr-1720 592 22 ) ) PUNCT cblr-1720 592 23 . . PUNCT cblr-1720 593 1 126 126 NUM cblr-1720 593 2 see see VERB cblr-1720 593 3 guhan guhan PROPN cblr-1720 593 4 subramanian subramanian PROPN cblr-1720 593 5 , , PUNCT cblr-1720 593 6 bargaining bargaining NOUN cblr-1720 593 7 in in ADP cblr-1720 593 8 the the DET cblr-1720 593 9 shadow shadow NOUN cblr-1720 593 10 of of ADP cblr-1720 593 11 takeover takeover NOUN cblr-1720 593 12 defenses defense NOUN cblr-1720 593 13 , , PUNCT cblr-1720 593 14 113 113 NUM cblr-1720 593 15 yale yale PROPN cblr-1720 593 16 l.j l.j PROPN cblr-1720 593 17 . . PROPN cblr-1720 593 18 621 621 NUM cblr-1720 593 19 , , PUNCT cblr-1720 593 20 626–27 626–27 PROPN cblr-1720 593 21 ( ( PUNCT cblr-1720 593 22 2003 2003 NUM cblr-1720 593 23 ) ) PUNCT cblr-1720 593 24 . . PUNCT cblr-1720 594 1 127 127 NUM cblr-1720 594 2 see see VERB cblr-1720 594 3 air air NOUN cblr-1720 594 4 prods prod NOUN cblr-1720 594 5 . . PUNCT cblr-1720 595 1 & & CCONJ cblr-1720 596 1 chems chem NOUN cblr-1720 596 2 . . PUNCT cblr-1720 596 3 , , PUNCT cblr-1720 596 4 inc inc PROPN cblr-1720 596 5 . . PROPN cblr-1720 597 1 v. v. PROPN cblr-1720 597 2 airgas airgas PROPN cblr-1720 597 3 , , PUNCT cblr-1720 597 4 inc inc PROPN cblr-1720 597 5 . . PROPN cblr-1720 597 6 , , PUNCT cblr-1720 597 7 16 16 NUM cblr-1720 597 8 a.3d a.3d SYM cblr-1720 597 9 48 48 NUM cblr-1720 597 10 ( ( PUNCT cblr-1720 597 11 del del PROPN cblr-1720 597 12 . . PROPN cblr-1720 597 13 ch ch PROPN cblr-1720 597 14 . . PROPN cblr-1720 597 15 2011 2011 NUM cblr-1720 597 16 ) ) PUNCT cblr-1720 597 17 . . PUNCT cblr-1720 598 1 128 128 NUM cblr-1720 599 1 i i PRON cblr-1720 599 2 d. d. PROPN cblr-1720 599 3 at at ADP cblr-1720 599 4 129 129 NUM cblr-1720 599 5 . . PUNCT cblr-1720 600 1 shilon shilon NOUN cblr-1720 600 2 – – PUNCT cblr-1720 600 3 final final ADJ cblr-1720 600 4 no no NOUN cblr-1720 600 5 . . PUNCT cblr-1720 600 6 2:511 2:511 NOUN cblr-1720 600 7 ] ] X cblr-1720 600 8 improving improve VERB cblr-1720 600 9 corporate corporate ADJ cblr-1720 600 10 takeover takeover NOUN cblr-1720 600 11 dynamics dynamic NOUN cblr-1720 600 12 553 553 NUM cblr-1720 600 13 c. c. NOUN cblr-1720 600 14 problems problem NOUN cblr-1720 600 15 with with ADP cblr-1720 600 16 the the DET cblr-1720 600 17 resulting result VERB cblr-1720 600 18 “ " PUNCT cblr-1720 600 19 just just ADV cblr-1720 600 20 say say VERB cblr-1720 600 21 no no DET cblr-1720 600 22 ” " PUNCT cblr-1720 600 23 response response NOUN cblr-1720 600 24 the the DET cblr-1720 600 25 delaware delaware PROPN cblr-1720 600 26 supreme supreme PROPN cblr-1720 600 27 court court PROPN cblr-1720 600 28 ’s ’s PART cblr-1720 600 29 expansion expansion NOUN cblr-1720 600 30 of of ADP cblr-1720 600 31 a a DET cblr-1720 600 32 target target NOUN cblr-1720 600 33 board board NOUN cblr-1720 600 34 ’s ’s PART cblr-1720 600 35 authority authority NOUN cblr-1720 600 36 to to PART cblr-1720 600 37 respond respond VERB cblr-1720 600 38 to to ADP cblr-1720 600 39 an an DET cblr-1720 600 40 allegedly allegedly ADV cblr-1720 600 41 substantive substantive ADJ cblr-1720 600 42 coercion coercion NOUN cblr-1720 600 43 threat threat NOUN cblr-1720 600 44 by by ADP cblr-1720 600 45 just just ADV cblr-1720 600 46 saying say VERB cblr-1720 600 47 no no PRON cblr-1720 600 48 is be AUX cblr-1720 600 49 troubling troubling ADJ cblr-1720 600 50 . . PUNCT cblr-1720 601 1 because because SCONJ cblr-1720 601 2 of of ADP cblr-1720 601 3 the the DET cblr-1720 601 4 challenges challenge NOUN cblr-1720 601 5 that that PRON cblr-1720 601 6 courts court NOUN cblr-1720 601 7 face face VERB cblr-1720 601 8 in in ADP cblr-1720 601 9 evaluating evaluate VERB cblr-1720 601 10 a a DET cblr-1720 601 11 target target NOUN cblr-1720 601 12 board board NOUN cblr-1720 601 13 ’s ’s PART cblr-1720 601 14 process process NOUN cblr-1720 601 15 , , PUNCT cblr-1720 601 16 the the DET cblr-1720 601 17 legal legal ADJ cblr-1720 601 18 and and CCONJ cblr-1720 601 19 financial financial ADJ cblr-1720 601 20 opinions opinion NOUN cblr-1720 601 21 the the DET cblr-1720 601 22 courts court NOUN cblr-1720 601 23 rely rely VERB cblr-1720 601 24 on on ADP cblr-1720 601 25 , , PUNCT cblr-1720 601 26 and and CCONJ cblr-1720 601 27 the the DET cblr-1720 601 28 directors director NOUN cblr-1720 601 29 ’ ' PUNCT cblr-1720 601 30 bias bias NOUN cblr-1720 601 31 to to PART cblr-1720 601 32 favor favor VERB cblr-1720 601 33 management management NOUN cblr-1720 601 34 , , PUNCT cblr-1720 601 35 there there PRON cblr-1720 601 36 is be VERB cblr-1720 601 37 a a DET cblr-1720 601 38 risk risk NOUN cblr-1720 601 39 that that SCONJ cblr-1720 601 40 substantive substantive ADJ cblr-1720 601 41 coercion coercion NOUN cblr-1720 601 42 will will AUX cblr-1720 601 43 become become VERB cblr-1720 601 44 a a DET cblr-1720 601 45 platform platform NOUN cblr-1720 601 46 for for ADP cblr-1720 601 47 rubberstamping rubberstamping NOUN cblr-1720 601 48 management management NOUN cblr-1720 601 49 ’s ’s PART cblr-1720 601 50 entrenchment entrenchment NOUN cblr-1720 601 51 . . PUNCT cblr-1720 602 1 this this DET cblr-1720 602 2 concern concern NOUN cblr-1720 602 3 , , PUNCT cblr-1720 602 4 according accord VERB cblr-1720 602 5 to to ADP cblr-1720 602 6 which which DET cblr-1720 602 7 boards board NOUN cblr-1720 602 8 might might AUX cblr-1720 602 9 block block VERB cblr-1720 602 10 hostile hostile ADJ cblr-1720 602 11 bids bid NOUN cblr-1720 602 12 that that PRON cblr-1720 602 13 are be AUX cblr-1720 602 14 likely likely ADJ cblr-1720 602 15 to to PART cblr-1720 602 16 increase increase VERB cblr-1720 602 17 shareholder shareholder NOUN cblr-1720 602 18 value value NOUN cblr-1720 602 19 , , PUNCT cblr-1720 602 20 is be AUX cblr-1720 602 21 supported support VERB cblr-1720 602 22 by by ADP cblr-1720 602 23 a a DET cblr-1720 602 24 series series NOUN cblr-1720 602 25 of of ADP cblr-1720 602 26 empirical empirical ADJ cblr-1720 602 27 studies study NOUN cblr-1720 602 28 . . PUNCT cblr-1720 603 1 such such ADJ cblr-1720 603 2 studies study NOUN cblr-1720 603 3 indicate indicate VERB cblr-1720 603 4 that that SCONJ cblr-1720 603 5 board board NOUN cblr-1720 603 6 resistance resistance NOUN cblr-1720 603 7 to to ADP cblr-1720 603 8 unsolicited unsolicited ADJ cblr-1720 603 9 bids bid NOUN cblr-1720 603 10 results result NOUN cblr-1720 603 11 in in ADP cblr-1720 603 12 both both CCONJ cblr-1720 603 13 short short ADJ cblr-1720 603 14 - - PUNCT cblr-1720 603 15 term term NOUN cblr-1720 603 16 and and CCONJ cblr-1720 603 17 long long ADJ cblr-1720 603 18 - - PUNCT cblr-1720 603 19 term term NOUN cblr-1720 603 20 shareholder shareholder NOUN cblr-1720 603 21 value value NOUN cblr-1720 603 22 destruction.129 destruction.129 PROPN cblr-1720 603 23 in in ADP cblr-1720 603 24 the the DET cblr-1720 603 25 short short ADJ cblr-1720 603 26 term term NOUN cblr-1720 603 27 , , PUNCT cblr-1720 603 28 when when SCONJ cblr-1720 603 29 management management NOUN cblr-1720 603 30 resistance resistance NOUN cblr-1720 603 31 succeeds succeed VERB cblr-1720 603 32 to to PART cblr-1720 603 33 fail fail VERB cblr-1720 603 34 the the DET cblr-1720 603 35 bid bid NOUN cblr-1720 603 36 , , PUNCT cblr-1720 603 37 shareholders shareholder NOUN cblr-1720 603 38 lose lose VERB cblr-1720 603 39 , , PUNCT cblr-1720 603 40 on on ADP cblr-1720 603 41 average average ADJ cblr-1720 603 42 , , PUNCT cblr-1720 603 43 21 21 NUM cblr-1720 603 44 % % NOUN cblr-1720 603 45 of of ADP cblr-1720 603 46 their their PRON cblr-1720 603 47 share share NOUN cblr-1720 603 48 value,130 value,130 ADJ cblr-1720 603 49 while while SCONJ cblr-1720 603 50 , , PUNCT cblr-1720 603 51 when when SCONJ cblr-1720 603 52 such such ADJ cblr-1720 603 53 resistance resistance NOUN cblr-1720 603 54 is be AUX cblr-1720 603 55 unsuccessful unsuccessful ADJ cblr-1720 603 56 in in ADP cblr-1720 603 57 rejecting reject VERB cblr-1720 603 58 the the DET cblr-1720 603 59 bid bid NOUN cblr-1720 603 60 , , PUNCT cblr-1720 603 61 it it PRON cblr-1720 603 62 does do AUX cblr-1720 603 63 not not PART cblr-1720 603 64 increase increase VERB cblr-1720 603 65 the the DET cblr-1720 603 66 bid bid NOUN cblr-1720 603 67 premium premium NOUN cblr-1720 603 68 significantly.131 significantly.131 PROPN cblr-1720 603 69 in in ADP cblr-1720 603 70 the the DET cblr-1720 603 71 long long ADJ cblr-1720 603 72 term term NOUN cblr-1720 603 73 , , PUNCT cblr-1720 603 74 during during ADP cblr-1720 603 75 the the DET cblr-1720 603 76 thirty thirty NUM cblr-1720 603 77 months month NOUN cblr-1720 603 78 following follow VERB cblr-1720 603 79 the the DET cblr-1720 603 80 unsolicited unsolicited ADJ cblr-1720 603 81 offer offer NOUN cblr-1720 603 82 , , PUNCT cblr-1720 603 83 target target NOUN cblr-1720 603 84 shareholders shareholder NOUN cblr-1720 603 85 ’ ' PUNCT cblr-1720 603 86 stock stock NOUN cblr-1720 603 87 return return NOUN cblr-1720 603 88 is be AUX cblr-1720 603 89 , , PUNCT cblr-1720 603 90 on on ADP cblr-1720 603 91 average average ADJ cblr-1720 603 92 , , PUNCT cblr-1720 603 93 54 54 NUM cblr-1720 603 94 % % NOUN cblr-1720 603 95 lower low ADJ cblr-1720 603 96 for for ADP cblr-1720 603 97 targets target NOUN cblr-1720 603 98 that that PRON cblr-1720 603 99 stayed stay VERB cblr-1720 603 100 independent independent ADJ cblr-1720 603 101 than than ADP cblr-1720 603 102 for for ADP cblr-1720 603 103 targets target NOUN cblr-1720 603 104 that that PRON cblr-1720 603 105 were be AUX cblr-1720 603 106 acquired.132 acquired.132 PROPN cblr-1720 603 107 vi vi NOUN cblr-1720 603 108 . . PUNCT cblr-1720 604 1 a a DET cblr-1720 604 2 proposed propose VERB cblr-1720 604 3 remedy remedy NOUN cblr-1720 604 4 while while SCONJ cblr-1720 604 5 giving give VERB cblr-1720 604 6 target target NOUN cblr-1720 604 7 boards board NOUN cblr-1720 604 8 the the DET cblr-1720 604 9 ability ability NOUN cblr-1720 604 10 to to PART cblr-1720 604 11 “ " PUNCT cblr-1720 604 12 just just ADV cblr-1720 604 13 say say VERB cblr-1720 604 14 no no INTJ cblr-1720 604 15 ” " PUNCT cblr-1720 604 16 is be AUX cblr-1720 604 17 undesirable undesirable ADJ cblr-1720 604 18 , , PUNCT cblr-1720 604 19 the the DET cblr-1720 604 20 concept concept NOUN cblr-1720 604 21 of of ADP cblr-1720 604 22 substantive substantive ADJ cblr-1720 604 23 coercion coercion NOUN cblr-1720 604 24 is be AUX cblr-1720 604 25 important important ADJ cblr-1720 604 26 . . PUNCT cblr-1720 605 1 as as SCONJ cblr-1720 605 2 shown show VERB cblr-1720 605 3 in in ADP cblr-1720 605 4 the the DET cblr-1720 605 5 previous previous ADJ cblr-1720 605 6 parts part NOUN cblr-1720 605 7 , , PUNCT cblr-1720 605 8 shareholders shareholder NOUN cblr-1720 605 9 need need VERB cblr-1720 605 10 to to PART cblr-1720 605 11 be be AUX cblr-1720 605 12 protected protect VERB cblr-1720 605 13 from from ADP cblr-1720 605 14 erroneously erroneously ADV cblr-1720 605 15 accepting accept VERB cblr-1720 605 16 underpriced underpriced ADJ cblr-1720 605 17 bids bid NOUN cblr-1720 605 18 . . PUNCT cblr-1720 606 1 yet yet ADV cblr-1720 606 2 , , PUNCT cblr-1720 606 3 129 129 NUM cblr-1720 606 4 see see VERB cblr-1720 606 5 jensen jensen PROPN cblr-1720 606 6 & & CCONJ cblr-1720 606 7 ruback ruback PROPN cblr-1720 606 8 , , PUNCT cblr-1720 606 9 supra supra PROPN cblr-1720 606 10 note note NOUN cblr-1720 606 11 4 4 NUM cblr-1720 606 12 ( ( PUNCT cblr-1720 606 13 reporting report VERB cblr-1720 606 14 that that SCONJ cblr-1720 606 15 corporate corporate ADJ cblr-1720 606 16 takeovers takeover NOUN cblr-1720 606 17 generate generate VERB cblr-1720 606 18 overall overall ADJ cblr-1720 606 19 positive positive ADJ cblr-1720 606 20 gains gain NOUN cblr-1720 606 21 , , PUNCT cblr-1720 606 22 while while SCONJ cblr-1720 606 23 shareholders shareholder NOUN cblr-1720 606 24 of of ADP cblr-1720 606 25 target target NOUN cblr-1720 606 26 firms firm NOUN cblr-1720 606 27 benefit benefit VERB cblr-1720 606 28 and and CCONJ cblr-1720 606 29 bidding bidding NOUN cblr-1720 606 30 firms firm NOUN cblr-1720 606 31 do do AUX cblr-1720 606 32 not not PART cblr-1720 606 33 lose lose VERB cblr-1720 606 34 ) ) PUNCT cblr-1720 606 35 . . PUNCT cblr-1720 607 1 130 130 NUM cblr-1720 607 2 see see VERB cblr-1720 607 3 cotter cotter PROPN cblr-1720 607 4 & & CCONJ cblr-1720 607 5 zenner zenner PROPN cblr-1720 607 6 , , PUNCT cblr-1720 607 7 supra supra PROPN cblr-1720 607 8 note note NOUN cblr-1720 607 9 4 4 NUM cblr-1720 607 10 , , PUNCT cblr-1720 607 11 at at ADP cblr-1720 607 12 86 86 NUM cblr-1720 607 13 . . PUNCT cblr-1720 608 1 131 131 NUM cblr-1720 609 1 i i PRON cblr-1720 609 2 d. d. PROPN cblr-1720 609 3 at at ADP cblr-1720 609 4 66 66 NUM cblr-1720 609 5 . . PUNCT cblr-1720 610 1 132 132 NUM cblr-1720 610 2 see see VERB cblr-1720 610 3 bebchuk bebchuk PROPN cblr-1720 610 4 et et PROPN cblr-1720 610 5 al al PROPN cblr-1720 610 6 . . PROPN cblr-1720 610 7 , , PUNCT cblr-1720 610 8 supra supra PROPN cblr-1720 610 9 note note NOUN cblr-1720 610 10 4 4 NUM cblr-1720 610 11 , , PUNCT cblr-1720 610 12 at at ADP cblr-1720 610 13 935 935 NUM cblr-1720 610 14 . . PUNCT cblr-1720 611 1 shilon shilon NOUN cblr-1720 611 2 – – PUNCT cblr-1720 611 3 final final ADJ cblr-1720 611 4 554 554 NUM cblr-1720 611 5 columbia columbia PROPN cblr-1720 611 6 business business NOUN cblr-1720 611 7 law law PROPN cblr-1720 611 8 review review NOUN cblr-1720 612 1 [ [ X cblr-1720 612 2 vol vol NOUN cblr-1720 612 3 . . NOUN cblr-1720 612 4 2017 2017 NUM cblr-1720 612 5 because because SCONJ cblr-1720 612 6 target target NOUN cblr-1720 612 7 directors director NOUN cblr-1720 612 8 are be AUX cblr-1720 612 9 in in ADP cblr-1720 612 10 a a DET cblr-1720 612 11 unique unique ADJ cblr-1720 612 12 conflict conflict NOUN cblr-1720 612 13 of of ADP cblr-1720 612 14 interest interest NOUN cblr-1720 612 15 with with ADP cblr-1720 612 16 their their PRON cblr-1720 612 17 shareholders shareholder NOUN cblr-1720 612 18 in in ADP cblr-1720 612 19 takeover takeover NOUN cblr-1720 612 20 situations situation NOUN cblr-1720 612 21 and and CCONJ cblr-1720 612 22 because because SCONJ cblr-1720 612 23 of of ADP cblr-1720 612 24 the the DET cblr-1720 612 25 inherent inherent ADJ cblr-1720 612 26 challenges challenge NOUN cblr-1720 612 27 in in ADP cblr-1720 612 28 adjudicating adjudicate VERB cblr-1720 612 29 substantive substantive ADJ cblr-1720 612 30 coercion coercion NOUN cblr-1720 612 31 effectively effectively ADV cblr-1720 612 32 , , PUNCT cblr-1720 612 33 there there PRON cblr-1720 612 34 is be VERB cblr-1720 612 35 a a DET cblr-1720 612 36 need need NOUN cblr-1720 612 37 to to PART cblr-1720 612 38 improve improve VERB cblr-1720 612 39 the the DET cblr-1720 612 40 doctrine doctrine NOUN cblr-1720 612 41 . . PUNCT cblr-1720 613 1 this this DET cblr-1720 613 2 part part NOUN cblr-1720 613 3 proposes propose VERB cblr-1720 613 4 a a DET cblr-1720 613 5 novel novel ADJ cblr-1720 613 6 arrangement arrangement NOUN cblr-1720 613 7 aimed aim VERB cblr-1720 613 8 at at ADP cblr-1720 613 9 achieving achieve VERB cblr-1720 613 10 a a DET cblr-1720 613 11 better well ADJ cblr-1720 613 12 resolution resolution NOUN cblr-1720 613 13 in in ADP cblr-1720 613 14 two two NUM cblr-1720 613 15 major major ADJ cblr-1720 613 16 ways way NOUN cblr-1720 613 17 : : PUNCT cblr-1720 613 18 ( ( PUNCT cblr-1720 613 19 1 1 X cblr-1720 613 20 ) ) PUNCT cblr-1720 613 21 by by ADP cblr-1720 613 22 improving improve VERB cblr-1720 613 23 the the DET cblr-1720 613 24 credibility credibility NOUN cblr-1720 613 25 of of ADP cblr-1720 613 26 substantive substantive ADJ cblr-1720 613 27 coercion coercion NOUN cblr-1720 613 28 adjudication adjudication NOUN cblr-1720 613 29 , , PUNCT cblr-1720 613 30 and and CCONJ cblr-1720 613 31 ( ( PUNCT cblr-1720 613 32 2 2 X cblr-1720 613 33 ) ) PUNCT cblr-1720 613 34 by by ADP cblr-1720 613 35 alleviating alleviate VERB cblr-1720 613 36 the the DET cblr-1720 613 37 conflict conflict NOUN cblr-1720 613 38 of of ADP cblr-1720 613 39 interest interest NOUN cblr-1720 613 40 in in ADP cblr-1720 613 41 takeover takeover NOUN cblr-1720 613 42 situations situation NOUN cblr-1720 613 43 so so SCONJ cblr-1720 613 44 that that SCONJ cblr-1720 613 45 boards board NOUN cblr-1720 613 46 would would AUX cblr-1720 613 47 be be AUX cblr-1720 613 48 encouraged encourage VERB cblr-1720 613 49 to to PART cblr-1720 613 50 reject reject VERB cblr-1720 613 51 a a DET cblr-1720 613 52 takeover takeover NOUN cblr-1720 613 53 only only ADV cblr-1720 613 54 when when SCONJ cblr-1720 613 55 it it PRON cblr-1720 613 56 stands stand VERB cblr-1720 613 57 to to PART cblr-1720 613 58 destroy destroy VERB cblr-1720 613 59 long long ADJ cblr-1720 613 60 - - PUNCT cblr-1720 613 61 term term NOUN cblr-1720 613 62 shareholder shareholder NOUN cblr-1720 613 63 value value NOUN cblr-1720 613 64 . . PUNCT cblr-1720 614 1 and and CCONJ cblr-1720 614 2 the the DET cblr-1720 614 3 main main ADJ cblr-1720 614 4 way way NOUN cblr-1720 614 5 to to PART cblr-1720 614 6 achieve achieve VERB cblr-1720 614 7 these these DET cblr-1720 614 8 goals goal NOUN cblr-1720 614 9 is be AUX cblr-1720 614 10 by by ADP cblr-1720 614 11 enabling enable VERB cblr-1720 614 12 outside outside ADJ cblr-1720 614 13 directors director NOUN cblr-1720 614 14 of of ADP cblr-1720 614 15 target target NOUN cblr-1720 614 16 firms firm NOUN cblr-1720 614 17 to to PART cblr-1720 614 18 express express VERB cblr-1720 614 19 their their PRON cblr-1720 614 20 genuine genuine ADJ cblr-1720 614 21 opposition opposition NOUN cblr-1720 614 22 to to ADP cblr-1720 614 23 an an DET cblr-1720 614 24 unsolicited unsolicited ADJ cblr-1720 614 25 bid bid NOUN cblr-1720 614 26 , , PUNCT cblr-1720 614 27 which which PRON cblr-1720 614 28 they they PRON cblr-1720 614 29 can can AUX cblr-1720 614 30 do do VERB cblr-1720 614 31 by by ADP cblr-1720 614 32 committing commit VERB cblr-1720 614 33 to to PART cblr-1720 614 34 buy buy VERB cblr-1720 614 35 from from ADP cblr-1720 614 36 the the DET cblr-1720 614 37 target target NOUN cblr-1720 614 38 , , PUNCT cblr-1720 614 39 if if SCONJ cblr-1720 614 40 the the DET cblr-1720 614 41 bid bid NOUN cblr-1720 614 42 fails fail VERB cblr-1720 614 43 , , PUNCT cblr-1720 614 44 a a DET cblr-1720 614 45 certain certain ADJ cblr-1720 614 46 amount amount NOUN cblr-1720 614 47 of of ADP cblr-1720 614 48 target target NOUN cblr-1720 614 49 stock stock NOUN cblr-1720 614 50 at at ADP cblr-1720 614 51 the the DET cblr-1720 614 52 bid bid NOUN cblr-1720 614 53 price133 price133 PROPN cblr-1720 614 54 and and CCONJ cblr-1720 614 55 holding hold VERB cblr-1720 614 56 it it PRON cblr-1720 614 57 for for ADP cblr-1720 614 58 a a DET cblr-1720 614 59 specified specify VERB cblr-1720 614 60 time time NOUN cblr-1720 614 61 . . PUNCT cblr-1720 615 1 as as SCONJ cblr-1720 615 2 explained explain VERB cblr-1720 615 3 below below ADV cblr-1720 615 4 , , PUNCT cblr-1720 615 5 this this DET cblr-1720 615 6 arrangement arrangement NOUN cblr-1720 615 7 should should AUX cblr-1720 615 8 be be AUX cblr-1720 615 9 adopted adopt VERB cblr-1720 615 10 through through ADP cblr-1720 615 11 adjustments adjustment NOUN cblr-1720 615 12 to to ADP cblr-1720 615 13 the the DET cblr-1720 615 14 delaware delaware PROPN cblr-1720 615 15 supreme supreme PROPN cblr-1720 615 16 court court PROPN cblr-1720 615 17 ’s ’s PART cblr-1720 615 18 substantive substantive ADJ cblr-1720 615 19 coercion coercion NOUN cblr-1720 615 20 takeover takeover NOUN cblr-1720 615 21 doctrine doctrine NOUN cblr-1720 615 22 . . PUNCT cblr-1720 616 1 a. a. NOUN cblr-1720 616 2 prerequisite prerequisite PROPN cblr-1720 616 3 : : PUNCT cblr-1720 616 4 allowing allow VERB cblr-1720 616 5 outside outside ADP cblr-1720 616 6 directors director NOUN cblr-1720 616 7 to to PART cblr-1720 616 8 purchase purchase VERB cblr-1720 616 9 stock stock NOUN cblr-1720 616 10 in in ADP cblr-1720 616 11 takeovers takeover NOUN cblr-1720 616 12 unfortunately unfortunately ADV cblr-1720 616 13 , , PUNCT cblr-1720 616 14 this this DET cblr-1720 616 15 arrangement arrangement NOUN cblr-1720 616 16 can can AUX cblr-1720 616 17 be be AUX cblr-1720 616 18 implemented implement VERB cblr-1720 616 19 only only ADV cblr-1720 616 20 after after SCONJ cblr-1720 616 21 certain certain ADJ cblr-1720 616 22 impediments impediment NOUN cblr-1720 616 23 in in ADP cblr-1720 616 24 federal federal ADJ cblr-1720 616 25 securities security NOUN cblr-1720 616 26 laws law NOUN cblr-1720 616 27 are be AUX cblr-1720 616 28 removed remove VERB cblr-1720 616 29 . . PUNCT cblr-1720 617 1 first first ADV cblr-1720 617 2 , , PUNCT cblr-1720 617 3 rule rule NOUN cblr-1720 617 4 14e-3134 14e-3134 NUM cblr-1720 617 5 currently currently ADV cblr-1720 617 6 prohibits prohibit VERB cblr-1720 617 7 directors director NOUN cblr-1720 617 8 who who PRON cblr-1720 617 9 possess possess VERB cblr-1720 617 10 nonpublic nonpublic ADJ cblr-1720 617 11 material material NOUN cblr-1720 617 12 information information NOUN cblr-1720 617 13 about about ADP cblr-1720 617 14 a a DET cblr-1720 617 15 tender tender NOUN cblr-1720 617 16 offer135 offer135 NOUN cblr-1720 617 17 to to PART cblr-1720 617 18 purchase purchase VERB cblr-1720 617 19 or or CCONJ cblr-1720 617 20 have have VERB cblr-1720 617 21 “ " PUNCT cblr-1720 617 22 the the DET cblr-1720 617 23 right right NOUN cblr-1720 617 24 to to PART cblr-1720 617 25 obtain obtain VERB cblr-1720 617 26 ” " PUNCT cblr-1720 617 27 target target NOUN cblr-1720 617 28 stock.136 stock.136 ADJ cblr-1720 618 1 no no DET cblr-1720 618 2 showing showing NOUN cblr-1720 618 3 of of ADP cblr-1720 618 4 personal personal ADJ cblr-1720 618 5 benefit benefit NOUN cblr-1720 618 6 or or CCONJ cblr-1720 618 7 misappropriation misappropriation NOUN cblr-1720 618 8 133 133 NUM cblr-1720 618 9 in in ADP cblr-1720 618 10 principle principle NOUN cblr-1720 618 11 , , PUNCT cblr-1720 618 12 directors director NOUN cblr-1720 618 13 who who PRON cblr-1720 618 14 commit commit VERB cblr-1720 618 15 to to PART cblr-1720 618 16 buy buy VERB cblr-1720 618 17 such such ADJ cblr-1720 618 18 shares share NOUN cblr-1720 618 19 at at ADP cblr-1720 618 20 a a DET cblr-1720 618 21 price price NOUN cblr-1720 618 22 higher high ADJ cblr-1720 618 23 than than ADP cblr-1720 618 24 the the DET cblr-1720 618 25 bid bid NOUN cblr-1720 618 26 price price NOUN cblr-1720 618 27 will will AUX cblr-1720 618 28 deliver deliver VERB cblr-1720 618 29 an an DET cblr-1720 618 30 even even ADV cblr-1720 618 31 stronger strong ADJ cblr-1720 618 32 message message NOUN cblr-1720 618 33 about about ADP cblr-1720 618 34 their their PRON cblr-1720 618 35 opposition opposition NOUN cblr-1720 618 36 to to ADP cblr-1720 618 37 the the DET cblr-1720 618 38 bid bid NOUN cblr-1720 618 39 . . PUNCT cblr-1720 619 1 alternatively alternatively ADV cblr-1720 619 2 , , PUNCT cblr-1720 619 3 they they PRON cblr-1720 619 4 could could AUX cblr-1720 619 5 commit commit VERB cblr-1720 619 6 to to PART cblr-1720 619 7 buy buy VERB cblr-1720 619 8 less less ADJ cblr-1720 619 9 stock stock NOUN cblr-1720 619 10 at at ADP cblr-1720 619 11 a a DET cblr-1720 619 12 higher high ADJ cblr-1720 619 13 price price NOUN cblr-1720 619 14 to to PART cblr-1720 619 15 show show VERB cblr-1720 619 16 the the DET cblr-1720 619 17 same same ADJ cblr-1720 619 18 opposition opposition NOUN cblr-1720 619 19 level level NOUN cblr-1720 619 20 . . PUNCT cblr-1720 620 1 134 134 NUM cblr-1720 620 2 17 17 NUM cblr-1720 620 3 c.f.r c.f.r NOUN cblr-1720 620 4 . . PUNCT cblr-1720 621 1 § § PROPN cblr-1720 621 2 240.14e-3 240.14e-3 NUM cblr-1720 621 3 ( ( PUNCT cblr-1720 621 4 2016 2016 NUM cblr-1720 621 5 ) ) PUNCT cblr-1720 621 6 . . PUNCT cblr-1720 621 7 135 135 NUM cblr-1720 621 8 because because SCONJ cblr-1720 621 9 the the DET cblr-1720 621 10 williams williams PROPN cblr-1720 621 11 act act PROPN cblr-1720 621 12 requires require VERB cblr-1720 621 13 hostile hostile ADJ cblr-1720 621 14 bidders bidder NOUN cblr-1720 621 15 to to PART cblr-1720 621 16 launch launch VERB cblr-1720 621 17 a a DET cblr-1720 621 18 tender tender NOUN cblr-1720 621 19 offer offer NOUN cblr-1720 621 20 once once SCONJ cblr-1720 621 21 they they PRON cblr-1720 621 22 wish wish VERB cblr-1720 621 23 to to PART cblr-1720 621 24 purchase purchase VERB cblr-1720 621 25 more more ADJ cblr-1720 621 26 than than ADP cblr-1720 621 27 5 5 NUM cblr-1720 621 28 % % NOUN cblr-1720 621 29 of of ADP cblr-1720 621 30 the the DET cblr-1720 621 31 target target NOUN cblr-1720 621 32 ’s ’s PART cblr-1720 621 33 stock stock NOUN cblr-1720 621 34 , , PUNCT cblr-1720 621 35 all all DET cblr-1720 621 36 hostile hostile ADJ cblr-1720 621 37 bids bid NOUN cblr-1720 621 38 must must AUX cblr-1720 621 39 be be AUX cblr-1720 621 40 conducted conduct VERB cblr-1720 621 41 via via ADP cblr-1720 621 42 a a DET cblr-1720 621 43 tender tender NOUN cblr-1720 621 44 offer offer NOUN cblr-1720 621 45 . . PUNCT cblr-1720 622 1 see see VERB cblr-1720 622 2 15 15 NUM cblr-1720 622 3 u.s.c u.s.c ADJ cblr-1720 622 4 . . PUNCT cblr-1720 623 1 § § PROPN cblr-1720 623 2 78n(d)(1 78n(d)(1 NUM cblr-1720 623 3 ) ) PUNCT cblr-1720 623 4 ( ( PUNCT cblr-1720 623 5 1982 1982 NUM cblr-1720 623 6 ) ) PUNCT cblr-1720 623 7 . . PUNCT cblr-1720 624 1 136 136 NUM cblr-1720 624 2 17 17 NUM cblr-1720 624 3 c.f.r c.f.r NOUN cblr-1720 624 4 . . PUNCT cblr-1720 625 1 § § PROPN cblr-1720 625 2 240.14e-3(a)(3 240.14e-3(a)(3 NUM cblr-1720 625 3 ) ) PUNCT cblr-1720 625 4 ( ( PUNCT cblr-1720 625 5 2016 2016 NUM cblr-1720 625 6 ) ) PUNCT cblr-1720 625 7 . . PUNCT cblr-1720 626 1 shilon shilon NOUN cblr-1720 626 2 – – PUNCT cblr-1720 626 3 final final ADJ cblr-1720 626 4 no no NOUN cblr-1720 626 5 . . PUNCT cblr-1720 626 6 2:511 2:511 NOUN cblr-1720 626 7 ] ] X cblr-1720 626 8 improving improve VERB cblr-1720 626 9 corporate corporate ADJ cblr-1720 626 10 takeover takeover NOUN cblr-1720 626 11 dynamics dynamic NOUN cblr-1720 626 12 555 555 NUM cblr-1720 626 13 is be AUX cblr-1720 626 14 required require VERB cblr-1720 626 15 . . PUNCT cblr-1720 627 1 because because SCONJ cblr-1720 627 2 , , PUNCT cblr-1720 627 3 as as SCONJ cblr-1720 627 4 this this DET cblr-1720 627 5 article article NOUN cblr-1720 627 6 showed show VERB cblr-1720 627 7 earlier,137 earlier,137 NOUN cblr-1720 627 8 the the DET cblr-1720 627 9 target target NOUN cblr-1720 627 10 firms firm NOUN cblr-1720 627 11 ’ ' PUNCT cblr-1720 627 12 directors director NOUN cblr-1720 627 13 often often ADV cblr-1720 627 14 have have VERB cblr-1720 627 15 such such ADJ cblr-1720 627 16 information information NOUN cblr-1720 627 17 , , PUNCT cblr-1720 627 18 and and CCONJ cblr-1720 627 19 because because SCONJ cblr-1720 627 20 the the DET cblr-1720 627 21 proposed propose VERB cblr-1720 627 22 arrangement arrangement NOUN cblr-1720 627 23 requires require VERB cblr-1720 627 24 that that SCONJ cblr-1720 627 25 the the DET cblr-1720 627 26 target target NOUN cblr-1720 627 27 commit commit VERB cblr-1720 627 28 to to PART cblr-1720 627 29 sell sell VERB cblr-1720 627 30 the the DET cblr-1720 627 31 stock stock NOUN cblr-1720 627 32 that that PRON cblr-1720 627 33 the the DET cblr-1720 627 34 directors director NOUN cblr-1720 627 35 commit commit VERB cblr-1720 627 36 to to ADP cblr-1720 627 37 buy,138 buy,138 PROPN cblr-1720 627 38 the the DET cblr-1720 627 39 arrangement arrangement NOUN cblr-1720 627 40 is be AUX cblr-1720 627 41 potentially potentially ADV cblr-1720 627 42 proscribed proscribe VERB cblr-1720 627 43 by by ADP cblr-1720 627 44 rule rule NOUN cblr-1720 627 45 14e-3 14e-3 NUM cblr-1720 627 46 . . PUNCT cblr-1720 628 1 however however ADV cblr-1720 628 2 , , PUNCT cblr-1720 628 3 one one PRON cblr-1720 628 4 might might AUX cblr-1720 628 5 argue argue VERB cblr-1720 628 6 that that SCONJ cblr-1720 628 7 rule rule NOUN cblr-1720 628 8 14e-3 14e-3 NUM cblr-1720 628 9 does do AUX cblr-1720 628 10 not not PART cblr-1720 628 11 prohibit prohibit VERB cblr-1720 628 12 the the DET cblr-1720 628 13 arrangement arrangement NOUN cblr-1720 628 14 because because SCONJ cblr-1720 628 15 it it PRON cblr-1720 628 16 ( ( PUNCT cblr-1720 628 17 1 1 X cblr-1720 628 18 ) ) PUNCT cblr-1720 628 19 does do AUX cblr-1720 628 20 not not PART cblr-1720 628 21 specifically specifically ADV cblr-1720 628 22 proscribe proscribe VERB cblr-1720 628 23 a a DET cblr-1720 628 24 conditional conditional ADJ cblr-1720 628 25 ( ( PUNCT cblr-1720 628 26 on on ADP cblr-1720 628 27 the the DET cblr-1720 628 28 failure failure NOUN cblr-1720 628 29 of of ADP cblr-1720 628 30 the the DET cblr-1720 628 31 bid bid NOUN cblr-1720 628 32 ) ) PUNCT cblr-1720 628 33 commitment commitment NOUN cblr-1720 628 34 to to PART cblr-1720 628 35 purchase purchase VERB cblr-1720 628 36 the the DET cblr-1720 628 37 target target NOUN cblr-1720 628 38 stock stock NOUN cblr-1720 628 39 , , PUNCT cblr-1720 628 40 and and CCONJ cblr-1720 628 41 ( ( PUNCT cblr-1720 628 42 2 2 X cblr-1720 628 43 ) ) PUNCT cblr-1720 628 44 exempts exempt VERB cblr-1720 628 45 transactions transaction NOUN cblr-1720 628 46 for for ADP cblr-1720 628 47 which which PRON cblr-1720 628 48 public public ADJ cblr-1720 628 49 information information NOUN cblr-1720 628 50 was be AUX cblr-1720 628 51 disclosed disclose VERB cblr-1720 628 52 within within ADP cblr-1720 628 53 a a DET cblr-1720 628 54 reasonable reasonable ADJ cblr-1720 628 55 time time NOUN cblr-1720 628 56 prior prior ADV cblr-1720 628 57 to to ADP cblr-1720 628 58 purchase purchase VERB cblr-1720 628 59 . . PUNCT cblr-1720 629 1 therefore therefore ADV cblr-1720 629 2 , , PUNCT cblr-1720 629 3 the the DET cblr-1720 629 4 argument argument NOUN cblr-1720 629 5 goes go VERB cblr-1720 629 6 , , PUNCT cblr-1720 629 7 the the DET cblr-1720 629 8 target target NOUN cblr-1720 629 9 directors director NOUN cblr-1720 629 10 are be AUX cblr-1720 629 11 allowed allow VERB cblr-1720 629 12 to to PART cblr-1720 629 13 use use VERB cblr-1720 629 14 the the DET cblr-1720 629 15 arrangement arrangement NOUN cblr-1720 629 16 , , PUNCT cblr-1720 629 17 especially especially ADV cblr-1720 629 18 if if SCONJ cblr-1720 629 19 they they PRON cblr-1720 629 20 do do VERB cblr-1720 629 21 so so ADV cblr-1720 629 22 during during ADP cblr-1720 629 23 a a DET cblr-1720 629 24 predetermined predetermine VERB cblr-1720 629 25 “ " PUNCT cblr-1720 629 26 trading trading NOUN cblr-1720 629 27 window window NOUN cblr-1720 629 28 ” " PUNCT cblr-1720 629 29 following follow VERB cblr-1720 629 30 release release NOUN cblr-1720 629 31 of of ADP cblr-1720 629 32 the the DET cblr-1720 629 33 target target NOUN cblr-1720 629 34 ’s ’s PART cblr-1720 629 35 quarterly quarterly ADJ cblr-1720 629 36 earnings.139 earnings.139 NOUN cblr-1720 629 37 unfortunately unfortunately ADV cblr-1720 629 38 there there PRON cblr-1720 629 39 is be VERB cblr-1720 629 40 no no DET cblr-1720 629 41 precedent precedent NOUN cblr-1720 629 42 indicating indicate VERB cblr-1720 629 43 that that SCONJ cblr-1720 629 44 making make VERB cblr-1720 629 45 the the DET cblr-1720 629 46 directors director NOUN cblr-1720 629 47 ’ ’ PART cblr-1720 629 48 commitment commitment NOUN cblr-1720 629 49 to to PART cblr-1720 629 50 buy buy VERB cblr-1720 629 51 such such ADJ cblr-1720 629 52 stock stock NOUN cblr-1720 629 53 conditionally conditionally ADV cblr-1720 629 54 renders render VERB cblr-1720 629 55 it it PRON cblr-1720 629 56 legal legal ADJ cblr-1720 629 57 . . PUNCT cblr-1720 630 1 also also ADV cblr-1720 630 2 , , PUNCT cblr-1720 630 3 committing commit VERB cblr-1720 630 4 to to PART cblr-1720 630 5 purchase purchase VERB cblr-1720 630 6 stock stock NOUN cblr-1720 630 7 only only ADV cblr-1720 630 8 during during ADP cblr-1720 630 9 a a DET cblr-1720 630 10 predetermined predetermine VERB cblr-1720 630 11 “ " PUNCT cblr-1720 630 12 trading trading NOUN cblr-1720 630 13 window window NOUN cblr-1720 630 14 ” " PUNCT cblr-1720 630 15 might might AUX cblr-1720 630 16 not not PART cblr-1720 630 17 succeed succeed VERB cblr-1720 630 18 because because SCONJ cblr-1720 630 19 the the DET cblr-1720 630 20 commitment commitment NOUN cblr-1720 630 21 to to PART cblr-1720 630 22 buy buy VERB cblr-1720 630 23 the the DET cblr-1720 630 24 stock stock NOUN cblr-1720 630 25 is be AUX cblr-1720 630 26 determined determine VERB cblr-1720 630 27 when when SCONJ cblr-1720 630 28 the the DET cblr-1720 630 29 inside inside ADJ cblr-1720 630 30 information information NOUN cblr-1720 630 31 is be AUX cblr-1720 630 32 still still ADV cblr-1720 630 33 not not PART cblr-1720 630 34 being be AUX cblr-1720 630 35 shared share VERB cblr-1720 630 36 publicly publicly ADV cblr-1720 630 37 and and CCONJ cblr-1720 630 38 the the DET cblr-1720 630 39 tender tender NOUN cblr-1720 630 40 offer offer NOUN cblr-1720 630 41 is be AUX cblr-1720 630 42 still still ADV cblr-1720 630 43 “ " PUNCT cblr-1720 630 44 live live ADJ cblr-1720 630 45 . . PUNCT cblr-1720 630 46 ” " PUNCT cblr-1720 631 1 as as SCONJ cblr-1720 631 2 this this PRON cblr-1720 631 3 means mean VERB cblr-1720 631 4 that that SCONJ cblr-1720 631 5 there there PRON cblr-1720 631 6 is be VERB cblr-1720 631 7 currently currently ADV cblr-1720 631 8 a a DET cblr-1720 631 9 legal legal ADJ cblr-1720 631 10 risk risk NOUN cblr-1720 631 11 in in ADP cblr-1720 631 12 using use VERB cblr-1720 631 13 the the DET cblr-1720 631 14 arrangement arrangement NOUN cblr-1720 631 15 , , PUNCT cblr-1720 631 16 this this DET cblr-1720 631 17 article article NOUN cblr-1720 631 18 recommends recommend VERB cblr-1720 631 19 creating create VERB cblr-1720 631 20 a a DET cblr-1720 631 21 specific specific ADJ cblr-1720 631 22 “ " PUNCT cblr-1720 631 23 safe safe ADJ cblr-1720 631 24 harbor harbor NOUN cblr-1720 631 25 ” " PUNCT cblr-1720 631 26 that that PRON cblr-1720 631 27 would would AUX cblr-1720 631 28 not not PART cblr-1720 631 29 change change VERB cblr-1720 631 30 any any PRON cblr-1720 631 31 of of ADP cblr-1720 631 32 the the DET cblr-1720 631 33 core core ADJ cblr-1720 631 34 prohibitions prohibition NOUN cblr-1720 631 35 of of ADP cblr-1720 631 36 rule rule NOUN cblr-1720 631 37 14e-3 14e-3 NUM cblr-1720 631 38 but but CCONJ cblr-1720 631 39 would would AUX cblr-1720 631 40 merely merely ADV cblr-1720 631 41 remove remove VERB cblr-1720 631 42 that that DET cblr-1720 631 43 legal legal ADJ cblr-1720 631 44 risk risk NOUN cblr-1720 631 45 . . PUNCT cblr-1720 632 1 second second ADJ cblr-1720 632 2 , , PUNCT cblr-1720 632 3 the the DET cblr-1720 632 4 insider insider NOUN cblr-1720 632 5 trading trading NOUN cblr-1720 632 6 “ " PUNCT cblr-1720 632 7 misappropriation misappropriation NOUN cblr-1720 632 8 theory”140 theory”140 NOUN cblr-1720 632 9 holds hold VERB cblr-1720 632 10 that that SCONJ cblr-1720 632 11 when when SCONJ cblr-1720 632 12 a a DET cblr-1720 632 13 person person NOUN cblr-1720 632 14 uses use VERB cblr-1720 632 15 confidential confidential ADJ cblr-1720 632 16 information information NOUN cblr-1720 632 17 for for ADP cblr-1720 632 18 securities security NOUN cblr-1720 632 19 trading trading NOUN cblr-1720 632 20 purposes purpose NOUN cblr-1720 632 21 in in ADP cblr-1720 632 22 breach breach NOUN cblr-1720 632 23 of of ADP cblr-1720 632 24 a a DET cblr-1720 632 25 duty duty NOUN cblr-1720 632 26 owed owe VERB cblr-1720 632 27 to to ADP cblr-1720 632 28 the the DET cblr-1720 632 29 source source NOUN cblr-1720 632 30 of of ADP cblr-1720 632 31 the the DET cblr-1720 632 32 information information NOUN cblr-1720 632 33 , , PUNCT cblr-1720 632 34 he he PRON cblr-1720 632 35 commits commit VERB cblr-1720 632 36 fraud fraud NOUN cblr-1720 632 37 in in ADP cblr-1720 632 38 connection connection NOUN cblr-1720 632 39 with with ADP cblr-1720 632 40 a a DET cblr-1720 632 41 securities security NOUN cblr-1720 632 42 transaction transaction NOUN cblr-1720 632 43 and and CCONJ cblr-1720 632 44 thereby thereby ADV cblr-1720 632 45 violates violate VERB cblr-1720 632 46 sec sec PROPN cblr-1720 632 47 rule rule NOUN cblr-1720 632 48 137 137 NUM cblr-1720 632 49 see see NOUN cblr-1720 632 50 discussion discussion NOUN cblr-1720 632 51 in in ADP cblr-1720 632 52 section section NOUN cblr-1720 632 53 ii.a ii.a PROPN cblr-1720 632 54 . . PUNCT cblr-1720 633 1 138 138 NUM cblr-1720 633 2 if if SCONJ cblr-1720 633 3 the the DET cblr-1720 633 4 arrangement arrangement NOUN cblr-1720 633 5 were be AUX cblr-1720 633 6 designed design VERB cblr-1720 633 7 so so SCONJ cblr-1720 633 8 that that SCONJ cblr-1720 633 9 the the DET cblr-1720 633 10 directors director NOUN cblr-1720 633 11 commit commit VERB cblr-1720 633 12 to to PART cblr-1720 633 13 buy buy VERB cblr-1720 633 14 the the DET cblr-1720 633 15 stock stock NOUN cblr-1720 633 16 but but CCONJ cblr-1720 633 17 the the DET cblr-1720 633 18 target target NOUN cblr-1720 633 19 does do AUX cblr-1720 633 20 not not PART cblr-1720 633 21 commit commit VERB cblr-1720 633 22 to to PART cblr-1720 633 23 sell sell VERB cblr-1720 633 24 it it PRON cblr-1720 633 25 , , PUNCT cblr-1720 633 26 the the DET cblr-1720 633 27 directors director NOUN cblr-1720 633 28 ’ ’ PART cblr-1720 633 29 commitment commitment NOUN cblr-1720 633 30 would would AUX cblr-1720 633 31 not not PART cblr-1720 633 32 be be AUX cblr-1720 633 33 binding bind VERB cblr-1720 633 34 . . PUNCT cblr-1720 634 1 139 139 NUM cblr-1720 634 2 see see VERB cblr-1720 634 3 jesse jesse PROPN cblr-1720 634 4 m. m. PROPN cblr-1720 634 5 fried fried PROPN cblr-1720 634 6 , , PUNCT cblr-1720 634 7 hands hand NOUN cblr-1720 634 8 - - PUNCT cblr-1720 634 9 off off ADP cblr-1720 634 10 options option NOUN cblr-1720 634 11 , , PUNCT cblr-1720 634 12 61 61 NUM cblr-1720 634 13 vand vand NOUN cblr-1720 634 14 . . PUNCT cblr-1720 635 1 l. l. PROPN cblr-1720 635 2 rev rev PROPN cblr-1720 635 3 . . PROPN cblr-1720 635 4 453 453 NUM cblr-1720 635 5 , , PUNCT cblr-1720 635 6 463 463 NUM cblr-1720 635 7 – – PUNCT cblr-1720 635 8 64 64 NUM cblr-1720 635 9 ( ( PUNCT cblr-1720 635 10 2008 2008 NUM cblr-1720 635 11 ) ) PUNCT cblr-1720 635 12 . . PUNCT cblr-1720 636 1 140 140 NUM cblr-1720 636 2 see see VERB cblr-1720 636 3 united united PROPN cblr-1720 636 4 states states PROPN cblr-1720 636 5 v. v. ADP cblr-1720 636 6 o’hagan o’hagan PROPN cblr-1720 636 7 , , PUNCT cblr-1720 636 8 521 521 NUM cblr-1720 636 9 u.s u.s PROPN cblr-1720 636 10 . . PROPN cblr-1720 636 11 642 642 NUM cblr-1720 636 12 , , PUNCT cblr-1720 636 13 643 643 NUM cblr-1720 636 14 ( ( PUNCT cblr-1720 636 15 1996 1996 NUM cblr-1720 636 16 ) ) PUNCT cblr-1720 636 17 . . PUNCT cblr-1720 637 1 shilon shilon NOUN cblr-1720 637 2 – – PUNCT cblr-1720 637 3 final final ADJ cblr-1720 637 4 556 556 NUM cblr-1720 637 5 columbia columbia PROPN cblr-1720 637 6 business business NOUN cblr-1720 637 7 law law PROPN cblr-1720 637 8 review review NOUN cblr-1720 637 9 [ [ X cblr-1720 637 10 vol vol NOUN cblr-1720 637 11 . . PUNCT cblr-1720 637 12 2017 2017 NUM cblr-1720 637 13 10b-5.141 10b-5.141 NUM cblr-1720 637 14 therefore therefore ADV cblr-1720 637 15 , , PUNCT cblr-1720 637 16 target target VERB cblr-1720 637 17 directors director NOUN cblr-1720 637 18 who who PRON cblr-1720 637 19 have have VERB cblr-1720 637 20 confidential confidential ADJ cblr-1720 637 21 information information NOUN cblr-1720 637 22 about about ADP cblr-1720 637 23 the the DET cblr-1720 637 24 target target NOUN cblr-1720 637 25 and and CCONJ cblr-1720 637 26 commit commit VERB cblr-1720 637 27 to to PART cblr-1720 637 28 buy buy VERB cblr-1720 637 29 the the DET cblr-1720 637 30 target target NOUN cblr-1720 637 31 ’s ’s PART cblr-1720 637 32 stock stock NOUN cblr-1720 637 33 might might AUX cblr-1720 637 34 be be AUX cblr-1720 637 35 conducting conduct VERB cblr-1720 637 36 a a DET cblr-1720 637 37 fraudulent fraudulent ADJ cblr-1720 637 38 transaction transaction NOUN cblr-1720 637 39 . . PUNCT cblr-1720 638 1 indeed indeed ADV cblr-1720 638 2 , , PUNCT cblr-1720 638 3 it it PRON cblr-1720 638 4 is be AUX cblr-1720 638 5 doubtful doubtful ADJ cblr-1720 638 6 that that SCONJ cblr-1720 638 7 such such DET cblr-1720 638 8 an an DET cblr-1720 638 9 act act NOUN cblr-1720 638 10 , , PUNCT cblr-1720 638 11 if if SCONJ cblr-1720 638 12 made make VERB cblr-1720 638 13 in in ADP cblr-1720 638 14 good good ADJ cblr-1720 638 15 faith faith NOUN cblr-1720 638 16 to to PART cblr-1720 638 17 protect protect VERB cblr-1720 638 18 the the DET cblr-1720 638 19 corporation corporation NOUN cblr-1720 638 20 from from ADP cblr-1720 638 21 an an DET cblr-1720 638 22 undesirable undesirable ADJ cblr-1720 638 23 takeover takeover NOUN cblr-1720 638 24 , , PUNCT cblr-1720 638 25 violates violate VERB cblr-1720 638 26 the the DET cblr-1720 638 27 directors director NOUN cblr-1720 638 28 ’ ’ PART cblr-1720 638 29 fiduciary fiduciary ADJ cblr-1720 638 30 duty duty NOUN cblr-1720 638 31 to to ADP cblr-1720 638 32 the the DET cblr-1720 638 33 source source NOUN cblr-1720 638 34 of of ADP cblr-1720 638 35 the the DET cblr-1720 638 36 information information NOUN cblr-1720 638 37 — — PUNCT cblr-1720 638 38 the the DET cblr-1720 638 39 target target NOUN cblr-1720 638 40 corporation corporation NOUN cblr-1720 638 41 . . PUNCT cblr-1720 639 1 still still ADV cblr-1720 639 2 , , PUNCT cblr-1720 639 3 to to PART cblr-1720 639 4 avoid avoid VERB cblr-1720 639 5 a a DET cblr-1720 639 6 legal legal ADJ cblr-1720 639 7 risk risk NOUN cblr-1720 639 8 for for ADP cblr-1720 639 9 bona bona ADJ cblr-1720 639 10 fide fide ADJ cblr-1720 639 11 directors director NOUN cblr-1720 639 12 , , PUNCT cblr-1720 639 13 this this DET cblr-1720 639 14 article article NOUN cblr-1720 639 15 recommends recommend VERB cblr-1720 639 16 that that SCONJ cblr-1720 639 17 the the DET cblr-1720 639 18 sec sec PROPN cblr-1720 639 19 issue issue NOUN cblr-1720 639 20 a a DET cblr-1720 639 21 guideline guideline NOUN cblr-1720 639 22 clarifying clarify VERB cblr-1720 639 23 that that SCONJ cblr-1720 639 24 use use NOUN cblr-1720 639 25 of of ADP cblr-1720 639 26 the the DET cblr-1720 639 27 arrangement arrangement NOUN cblr-1720 639 28 in in ADP cblr-1720 639 29 good good ADJ cblr-1720 639 30 faith faith NOUN cblr-1720 639 31 will will AUX cblr-1720 639 32 not not PART cblr-1720 639 33 expose expose VERB cblr-1720 639 34 the the DET cblr-1720 639 35 target target NOUN cblr-1720 639 36 ’s ’s PART cblr-1720 639 37 directors director NOUN cblr-1720 639 38 to to ADP cblr-1720 639 39 insider insider NOUN cblr-1720 639 40 trading trading NOUN cblr-1720 639 41 charges charge NOUN cblr-1720 639 42 . . PUNCT cblr-1720 640 1 finally finally ADV cblr-1720 640 2 , , PUNCT cblr-1720 640 3 new new PROPN cblr-1720 640 4 york york PROPN cblr-1720 640 5 stock stock PROPN cblr-1720 640 6 exchange exchange PROPN cblr-1720 640 7 ( ( PUNCT cblr-1720 640 8 “ " PUNCT cblr-1720 640 9 nyse nyse PROPN cblr-1720 640 10 ” " PUNCT cblr-1720 640 11 ) ) PUNCT cblr-1720 640 12 rules rule NOUN cblr-1720 640 13 might might AUX cblr-1720 640 14 complicate complicate VERB cblr-1720 640 15 the the DET cblr-1720 640 16 application application NOUN cblr-1720 640 17 of of ADP cblr-1720 640 18 the the DET cblr-1720 640 19 proposed propose VERB cblr-1720 640 20 arrangement arrangement NOUN cblr-1720 640 21 . . PUNCT cblr-1720 641 1 unlike unlike ADP cblr-1720 641 2 nasdaq nasdaq PROPN cblr-1720 641 3 and and CCONJ cblr-1720 641 4 the the DET cblr-1720 641 5 nyse nyse PROPN cblr-1720 641 6 mkt mkt PROPN cblr-1720 641 7 ( ( PUNCT cblr-1720 641 8 formerly formerly ADV cblr-1720 641 9 , , PUNCT cblr-1720 641 10 the the DET cblr-1720 641 11 american american ADJ cblr-1720 641 12 stock stock PROPN cblr-1720 641 13 exchange exchange PROPN cblr-1720 641 14 ) ) PUNCT cblr-1720 641 15 , , PUNCT cblr-1720 641 16 the the DET cblr-1720 641 17 nyse nyse PROPN cblr-1720 641 18 requires142 requires142 PROPN cblr-1720 641 19 shareholder shareholder NOUN cblr-1720 641 20 approval approval NOUN cblr-1720 641 21 before before SCONJ cblr-1720 641 22 directors director NOUN cblr-1720 641 23 are be AUX cblr-1720 641 24 issued issue VERB cblr-1720 641 25 1 1 NUM cblr-1720 641 26 % % NOUN cblr-1720 641 27 or or CCONJ cblr-1720 641 28 more more ADJ cblr-1720 641 29 of of ADP cblr-1720 641 30 either either CCONJ cblr-1720 641 31 the the DET cblr-1720 641 32 number number NOUN cblr-1720 641 33 of of ADP cblr-1720 641 34 shares share NOUN cblr-1720 641 35 of of ADP cblr-1720 641 36 common common ADJ cblr-1720 641 37 stock stock NOUN cblr-1720 641 38 or or CCONJ cblr-1720 641 39 the the DET cblr-1720 641 40 voting voting NOUN cblr-1720 641 41 power power NOUN cblr-1720 641 42 outstanding outstanding ADJ cblr-1720 641 43 . . PUNCT cblr-1720 642 1 because because SCONJ cblr-1720 642 2 the the DET cblr-1720 642 3 arrangement arrangement NOUN cblr-1720 642 4 provides provide VERB cblr-1720 642 5 that that SCONJ cblr-1720 642 6 the the DET cblr-1720 642 7 directors director NOUN cblr-1720 642 8 ’ ’ PART cblr-1720 642 9 commitment commitment NOUN cblr-1720 642 10 is be AUX cblr-1720 642 11 to to PART cblr-1720 642 12 buy buy VERB cblr-1720 642 13 newly newly ADV cblr-1720 642 14 issued issue VERB cblr-1720 642 15 target target NOUN cblr-1720 642 16 stock stock NOUN cblr-1720 642 17 , , PUNCT cblr-1720 642 18 the the DET cblr-1720 642 19 nyse nyse PROPN cblr-1720 642 20 rules rule NOUN cblr-1720 642 21 can can AUX cblr-1720 642 22 complicate complicate VERB cblr-1720 642 23 the the DET cblr-1720 642 24 arrangement arrangement NOUN cblr-1720 642 25 if if SCONJ cblr-1720 642 26 the the DET cblr-1720 642 27 directors director NOUN cblr-1720 642 28 commit commit VERB cblr-1720 642 29 to to ADP cblr-1720 642 30 buying buy VERB cblr-1720 642 31 more more ADJ cblr-1720 642 32 than than ADP cblr-1720 642 33 1 1 NUM cblr-1720 642 34 % % NOUN cblr-1720 642 35 of of ADP cblr-1720 642 36 the the DET cblr-1720 642 37 target target NOUN cblr-1720 642 38 ’s ’s PART cblr-1720 642 39 issued issue VERB cblr-1720 642 40 shares share NOUN cblr-1720 642 41 . . PUNCT cblr-1720 643 1 nonetheless nonetheless ADV cblr-1720 643 2 , , PUNCT cblr-1720 643 3 while while SCONJ cblr-1720 643 4 changing change VERB cblr-1720 643 5 the the DET cblr-1720 643 6 nyse nyse PROPN cblr-1720 643 7 rules rule NOUN cblr-1720 643 8 to to PART cblr-1720 643 9 allow allow VERB cblr-1720 643 10 the the DET cblr-1720 643 11 arrangement arrangement NOUN cblr-1720 643 12 to to PART cblr-1720 643 13 work work VERB cblr-1720 643 14 smoothly smoothly ADV cblr-1720 643 15 might might AUX cblr-1720 643 16 do do VERB cblr-1720 643 17 some some DET cblr-1720 643 18 good good NOUN cblr-1720 643 19 , , PUNCT cblr-1720 643 20 its its PRON cblr-1720 643 21 effect effect NOUN cblr-1720 643 22 is be AUX cblr-1720 643 23 unlikely unlikely ADJ cblr-1720 643 24 to to PART cblr-1720 643 25 be be AUX cblr-1720 643 26 material material ADJ cblr-1720 643 27 . . PUNCT cblr-1720 644 1 first first ADV cblr-1720 644 2 , , PUNCT cblr-1720 644 3 the the DET cblr-1720 644 4 arrangement arrangement NOUN cblr-1720 644 5 would would AUX cblr-1720 644 6 probably probably ADV cblr-1720 644 7 not not PART cblr-1720 644 8 trigger trigger VERB cblr-1720 644 9 the the DET cblr-1720 644 10 1 1 NUM cblr-1720 644 11 % % NOUN cblr-1720 644 12 threshold threshold NOUN cblr-1720 644 13 . . PUNCT cblr-1720 645 1 1 1 NUM cblr-1720 645 2 % % NOUN cblr-1720 645 3 of of ADP cblr-1720 645 4 the the DET cblr-1720 645 5 market market NOUN cblr-1720 645 6 capitalization capitalization NOUN cblr-1720 645 7 of of ADP cblr-1720 645 8 nyse nyse PROPN cblr-1720 645 9 - - PUNCT cblr-1720 645 10 listed list VERB cblr-1720 645 11 firms firm NOUN cblr-1720 645 12 is be AUX cblr-1720 645 13 significant significant ADJ cblr-1720 645 14 . . 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PROPN cblr-1720 649 17 11 11 NUM cblr-1720 649 18 , , PUNCT cblr-1720 649 19 2013 2013 NUM cblr-1720 649 20 ) ) PUNCT cblr-1720 649 21 , , PUNCT cblr-1720 649 22 http://nysemanual.nyse.com/lcmtools/ http://nysemanual.nyse.com/lcmtools/ NOUN cblr-1720 650 1 platformviewer.asp?selectednode=chp_1_4_12_3&manual=%2flcm%2fse platformviewer.asp?selectednode=chp_1_4_12_3&manual=%2flcm%2fse PROPN cblr-1720 650 2 ctions%2flcm ctions%2flcm NOUN cblr-1720 650 3 - - NOUN cblr-1720 650 4 sections%2f sections%2f NOUN cblr-1720 650 5 [ [ X cblr-1720 650 6 https://perma.cc/qjs4-ylgh https://perma.cc/qjs4-ylgh PROPN cblr-1720 650 7 ] ] PUNCT cblr-1720 650 8 . . 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PROPN cblr-1720 658 101 see see VERB cblr-1720 658 102 schedule schedule NOUN cblr-1720 658 103 13d 13d NOUN cblr-1720 658 104 , , PUNCT cblr-1720 658 105 sec sec PROPN cblr-1720 658 106 ( ( PUNCT cblr-1720 658 107 dec dec PROPN cblr-1720 658 108 . . PROPN cblr-1720 658 109 5 5 NUM cblr-1720 658 110 , , PUNCT cblr-1720 658 111 2012 2012 NUM cblr-1720 658 112 ) ) PUNCT cblr-1720 658 113 https://www.sec.gov/answers/sched13.htm https://www.sec.gov/answers/sched13.htm NOUN cblr-1720 659 1 [ [ X cblr-1720 659 2 https://perma.cc/lv4h-l2hd https://perma.cc/lv4h-l2hd X cblr-1720 659 3 ] ] X cblr-1720 659 4 . . PUNCT cblr-1720 660 1 however however ADV cblr-1720 660 2 , , PUNCT cblr-1720 660 3 the the DET cblr-1720 660 4 proposed propose VERB cblr-1720 660 5 arrangement arrangement NOUN cblr-1720 660 6 is be AUX cblr-1720 660 7 not not PART cblr-1720 660 8 expected expect VERB cblr-1720 660 9 to to PART cblr-1720 660 10 trigger trigger VERB cblr-1720 660 11 this this DET cblr-1720 660 12 threshold threshold NOUN cblr-1720 660 13 because because SCONJ cblr-1720 660 14 it it PRON cblr-1720 660 15 does do AUX cblr-1720 660 16 not not PART cblr-1720 660 17 aim aim VERB cblr-1720 660 18 to to PART cblr-1720 660 19 induce induce VERB cblr-1720 660 20 outside outside ADP cblr-1720 660 21 directors director NOUN cblr-1720 660 22 to to PART cblr-1720 660 23 gain gain VERB cblr-1720 660 24 a a DET cblr-1720 660 25 controlling control VERB cblr-1720 660 26 interest interest NOUN cblr-1720 660 27 in in ADP cblr-1720 660 28 the the DET cblr-1720 660 29 target target NOUN cblr-1720 660 30 firm firm NOUN cblr-1720 660 31 just just ADV cblr-1720 660 32 to to PART cblr-1720 660 33 show show VERB cblr-1720 660 34 their their PRON cblr-1720 660 35 genuine genuine ADJ cblr-1720 660 36 opposition opposition NOUN cblr-1720 660 37 to to ADP cblr-1720 660 38 the the DET cblr-1720 660 39 hostile hostile ADJ cblr-1720 660 40 bid bid NOUN cblr-1720 660 41 . . PUNCT cblr-1720 661 1 145 145 NUM cblr-1720 661 2 in in ADP cblr-1720 661 3 december december PROPN cblr-1720 661 4 2015 2015 NUM cblr-1720 661 5 , , PUNCT cblr-1720 661 6 the the DET cblr-1720 661 7 nyse nyse PROPN cblr-1720 661 8 amended amend VERB cblr-1720 661 9 section section NOUN cblr-1720 661 10 312.03(b 312.03(b NUM cblr-1720 661 11 ) ) PUNCT cblr-1720 661 12 of of ADP cblr-1720 661 13 its its PRON cblr-1720 661 14 listed list VERB cblr-1720 661 15 company company NOUN cblr-1720 661 16 manual manual NOUN cblr-1720 661 17 to to PART cblr-1720 661 18 permit permit VERB cblr-1720 661 19 “ " PUNCT cblr-1720 661 20 early early ADJ cblr-1720 661 21 stage stage NOUN cblr-1720 661 22 companies company NOUN cblr-1720 661 23 ” " PUNCT cblr-1720 661 24 to to PART cblr-1720 661 25 issue issue VERB cblr-1720 661 26 shares share NOUN cblr-1720 661 27 of of ADP cblr-1720 661 28 common common ADJ cblr-1720 661 29 stock stock NOUN cblr-1720 661 30 ( ( PUNCT cblr-1720 661 31 or or CCONJ cblr-1720 661 32 exchangeable exchangeable ADJ cblr-1720 661 33 or or CCONJ cblr-1720 661 34 convertible convertible ADJ cblr-1720 661 35 securities security NOUN cblr-1720 661 36 ) ) PUNCT cblr-1720 661 37 without without ADP cblr-1720 661 38 shareholder shareholder NOUN cblr-1720 661 39 approval approval NOUN cblr-1720 661 40 to to ADP cblr-1720 661 41 a a DET cblr-1720 661 42 related relate VERB cblr-1720 661 43 party party NOUN cblr-1720 661 44 , , PUNCT cblr-1720 661 45 subsidiary subsidiary NOUN cblr-1720 661 46 , , PUNCT cblr-1720 661 47 affiliate affiliate NOUN cblr-1720 661 48 , , PUNCT cblr-1720 661 49 or or CCONJ cblr-1720 661 50 other other ADJ cblr-1720 661 51 closely closely ADV cblr-1720 661 52 related relate VERB cblr-1720 661 53 person person NOUN cblr-1720 661 54 of of ADP cblr-1720 661 55 a a DET cblr-1720 661 56 related related ADJ cblr-1720 661 57 party party NOUN cblr-1720 661 58 or or CCONJ cblr-1720 661 59 any any DET cblr-1720 661 60 company company NOUN cblr-1720 661 61 or or CCONJ cblr-1720 661 62 entity entity NOUN cblr-1720 661 63 in in ADP cblr-1720 661 64 which which PRON cblr-1720 661 65 a a DET cblr-1720 661 66 related related ADJ cblr-1720 661 67 party party NOUN cblr-1720 661 68 has have VERB cblr-1720 661 69 a a DET cblr-1720 661 70 substantial substantial ADJ cblr-1720 661 71 direct direct ADJ cblr-1720 661 72 or or CCONJ cblr-1720 661 73 indirect indirect ADJ cblr-1720 661 74 interest interest NOUN cblr-1720 661 75 . . PUNCT cblr-1720 662 1 see see VERB cblr-1720 662 2 new new PROPN cblr-1720 662 3 york york PROPN cblr-1720 662 4 stock stock PROPN cblr-1720 662 5 exchange exchange PROPN cblr-1720 662 6 listed list VERB cblr-1720 662 7 company company NOUN cblr-1720 662 8 manual manual NOUN cblr-1720 662 9 , , PUNCT cblr-1720 662 10 § § PROPN cblr-1720 662 11 312.03(b 312.03(b NUM cblr-1720 662 12 ) ) PUNCT cblr-1720 662 13 , , PUNCT cblr-1720 662 14 supra supra PROPN cblr-1720 662 15 note note VERB cblr-1720 662 16 142 142 NUM cblr-1720 662 17 . . PUNCT cblr-1720 663 1 shilon shilon NOUN cblr-1720 663 2 – – PUNCT cblr-1720 663 3 final final ADJ cblr-1720 663 4 558 558 NUM cblr-1720 663 5 columbia columbia PROPN cblr-1720 663 6 business business NOUN cblr-1720 663 7 law law PROPN cblr-1720 663 8 review review NOUN cblr-1720 664 1 [ [ X cblr-1720 664 2 vol vol NOUN cblr-1720 664 3 . . NOUN cblr-1720 664 4 2017 2017 NUM cblr-1720 664 5 rare rare ADJ cblr-1720 664 6 cases case NOUN cblr-1720 664 7 where where SCONJ cblr-1720 664 8 the the DET cblr-1720 664 9 nyse nyse PROPN cblr-1720 664 10 rule rule NOUN cblr-1720 664 11 will will AUX cblr-1720 664 12 constrain constrain VERB cblr-1720 664 13 execution execution NOUN cblr-1720 664 14 of of ADP cblr-1720 664 15 the the DET cblr-1720 664 16 directors director NOUN cblr-1720 664 17 ’ ’ PART cblr-1720 664 18 commitment commitment NOUN cblr-1720 664 19 , , PUNCT cblr-1720 664 20 it it PRON cblr-1720 664 21 will will AUX cblr-1720 664 22 not not PART cblr-1720 664 23 harm harm VERB cblr-1720 664 24 the the DET cblr-1720 664 25 validity validity NOUN cblr-1720 664 26 of of ADP cblr-1720 664 27 that that DET cblr-1720 664 28 commitment commitment NOUN cblr-1720 664 29 and and CCONJ cblr-1720 664 30 thus thus ADV cblr-1720 664 31 will will AUX cblr-1720 664 32 not not PART cblr-1720 664 33 jeopardize jeopardize VERB cblr-1720 664 34 the the DET cblr-1720 664 35 benefits benefit NOUN cblr-1720 664 36 of of ADP cblr-1720 664 37 the the DET cblr-1720 664 38 arrangement arrangement NOUN cblr-1720 664 39 . . PUNCT cblr-1720 665 1 b. b. PROPN cblr-1720 666 1 the the DET cblr-1720 666 2 proposed propose VERB cblr-1720 666 3 arrangement arrangement NOUN cblr-1720 666 4 the the DET cblr-1720 666 5 proposed propose VERB cblr-1720 666 6 arrangement arrangement NOUN cblr-1720 666 7 , , PUNCT cblr-1720 666 8 which which PRON cblr-1720 666 9 focuses focus VERB cblr-1720 666 10 on on ADP cblr-1720 666 11 identifying identify VERB cblr-1720 666 12 the the DET cblr-1720 666 13 desirability desirability NOUN cblr-1720 666 14 of of ADP cblr-1720 666 15 the the DET cblr-1720 666 16 hostile hostile ADJ cblr-1720 666 17 bid bid NOUN cblr-1720 666 18 as as ADP cblr-1720 666 19 the the DET cblr-1720 666 20 target target NOUN cblr-1720 666 21 board board NOUN cblr-1720 666 22 genuinely genuinely ADV cblr-1720 666 23 perceives perceive VERB cblr-1720 666 24 it it PRON cblr-1720 666 25 , , PUNCT cblr-1720 666 26 is be AUX cblr-1720 666 27 borrowed borrow VERB cblr-1720 666 28 from from ADP cblr-1720 666 29 the the DET cblr-1720 666 30 approach approach NOUN cblr-1720 666 31 that that PRON cblr-1720 666 32 economists economist NOUN cblr-1720 666 33 take take VERB cblr-1720 666 34 in in ADP cblr-1720 666 35 signaling signal VERB cblr-1720 666 36 models.146 models.146 PROPN cblr-1720 666 37 throughout throughout ADP cblr-1720 666 38 this this DET cblr-1720 666 39 part part NOUN cblr-1720 666 40 , , PUNCT cblr-1720 666 41 the the DET cblr-1720 666 42 arrangement arrangement NOUN cblr-1720 666 43 is be AUX cblr-1720 666 44 analogized analogize VERB cblr-1720 666 45 to to ADP cblr-1720 666 46 the the DET cblr-1720 666 47 problem problem NOUN cblr-1720 666 48 of of ADP cblr-1720 666 49 insurance insurance NOUN cblr-1720 666 50 companies company NOUN cblr-1720 666 51 that that PRON cblr-1720 666 52 look look VERB cblr-1720 666 53 to to PART cblr-1720 666 54 determine determine VERB cblr-1720 666 55 drivers driver NOUN cblr-1720 666 56 ’ ’ PART cblr-1720 666 57 participation participation NOUN cblr-1720 666 58 fees fee NOUN cblr-1720 666 59 as as ADP cblr-1720 666 60 a a DET cblr-1720 666 61 means means NOUN cblr-1720 666 62 to to PART cblr-1720 666 63 gauge gauge VERB cblr-1720 666 64 the the DET cblr-1720 666 65 riskiness riskiness NOUN cblr-1720 666 66 of of ADP cblr-1720 666 67 drivers driver NOUN cblr-1720 666 68 as as SCONJ cblr-1720 666 69 they they PRON cblr-1720 666 70 genuinely genuinely ADV cblr-1720 666 71 perceive perceive VERB cblr-1720 666 72 themselves.147 themselves.147 NOUN cblr-1720 666 73 because because SCONJ cblr-1720 666 74 important important ADJ cblr-1720 666 75 information information NOUN cblr-1720 666 76 about about ADP cblr-1720 666 77 the the DET cblr-1720 666 78 riskiness riskiness NOUN cblr-1720 666 79 of of ADP cblr-1720 666 80 the the DET cblr-1720 666 81 driver driver NOUN cblr-1720 666 82 can can AUX cblr-1720 666 83 not not PART cblr-1720 666 84 be be AUX cblr-1720 666 85 credibly credibly ADV cblr-1720 666 86 communicated communicate VERB cblr-1720 666 87 , , PUNCT cblr-1720 666 88 and and CCONJ cblr-1720 666 89 because because SCONJ cblr-1720 666 90 the the DET cblr-1720 666 91 driver driver NOUN cblr-1720 666 92 is be AUX cblr-1720 666 93 in in ADP cblr-1720 666 94 a a DET cblr-1720 666 95 conflict conflict NOUN cblr-1720 666 96 of of ADP cblr-1720 666 97 interest interest NOUN cblr-1720 666 98 with with ADP cblr-1720 666 99 the the DET cblr-1720 666 100 insurance insurance NOUN cblr-1720 666 101 company company NOUN cblr-1720 666 102 , , PUNCT cblr-1720 666 103 the the DET cblr-1720 666 104 insurance insurance NOUN cblr-1720 666 105 company company NOUN cblr-1720 666 106 does do AUX cblr-1720 666 107 not not PART cblr-1720 666 108 try try VERB cblr-1720 666 109 to to PART cblr-1720 666 110 identify identify VERB cblr-1720 666 111 the the DET cblr-1720 666 112 riskiness riskiness NOUN cblr-1720 666 113 of of ADP cblr-1720 666 114 the the DET cblr-1720 666 115 driver driver NOUN cblr-1720 666 116 by by ADP cblr-1720 666 117 asking ask VERB cblr-1720 666 118 the the DET cblr-1720 666 119 driver driver NOUN cblr-1720 666 120 to to PART cblr-1720 666 121 fill fill VERB cblr-1720 666 122 out out ADP cblr-1720 666 123 long long ADJ cblr-1720 666 124 questionnaires questionnaire NOUN cblr-1720 666 125 . . PUNCT cblr-1720 667 1 instead instead ADV cblr-1720 667 2 , , PUNCT cblr-1720 667 3 it it PRON cblr-1720 667 4 offers offer VERB cblr-1720 667 5 the the DET cblr-1720 667 6 driver driver NOUN cblr-1720 667 7 two two NUM cblr-1720 667 8 types type NOUN cblr-1720 667 9 of of ADP cblr-1720 667 10 contracts contract NOUN cblr-1720 667 11 — — PUNCT cblr-1720 667 12 one one NUM cblr-1720 667 13 with with ADP cblr-1720 667 14 a a DET cblr-1720 667 15 high high ADJ cblr-1720 667 16 premium premium NOUN cblr-1720 667 17 and and CCONJ cblr-1720 667 18 low low ADJ cblr-1720 667 19 participation participation NOUN cblr-1720 667 20 fee fee NOUN cblr-1720 667 21 , , PUNCT cblr-1720 667 22 and and CCONJ cblr-1720 667 23 the the DET cblr-1720 667 24 other other ADJ cblr-1720 667 25 with with ADP cblr-1720 667 26 a a DET cblr-1720 667 27 low low ADJ cblr-1720 667 28 premium premium NOUN cblr-1720 667 29 and and CCONJ cblr-1720 667 30 high high ADJ cblr-1720 667 31 participation participation NOUN cblr-1720 667 32 fee fee NOUN cblr-1720 667 33 . . PUNCT cblr-1720 668 1 the the DET cblr-1720 668 2 driver driver NOUN cblr-1720 668 3 is be AUX cblr-1720 668 4 better well ADJ cblr-1720 668 5 off off ADP cblr-1720 668 6 choosing choose VERB cblr-1720 668 7 the the DET cblr-1720 668 8 second second ADJ cblr-1720 668 9 contract contract NOUN cblr-1720 668 10 only only ADV cblr-1720 668 11 if if SCONJ cblr-1720 668 12 , , PUNCT cblr-1720 668 13 after after ADP cblr-1720 668 14 considering consider VERB cblr-1720 668 15 all all DET cblr-1720 668 16 the the DET cblr-1720 668 17 public public ADJ cblr-1720 668 18 , , PUNCT cblr-1720 668 19 soft soft ADJ cblr-1720 668 20 , , PUNCT cblr-1720 668 21 and and CCONJ cblr-1720 668 22 secret secret ADJ cblr-1720 668 23 information information NOUN cblr-1720 668 24 she she PRON cblr-1720 668 25 has have VERB cblr-1720 668 26 , , PUNCT cblr-1720 668 27 she she PRON cblr-1720 668 28 genuinely genuinely ADV cblr-1720 668 29 believes believe VERB cblr-1720 668 30 that that SCONJ cblr-1720 668 31 she she PRON cblr-1720 668 32 is be AUX cblr-1720 668 33 a a DET cblr-1720 668 34 good good ADJ cblr-1720 668 35 driver driver NOUN cblr-1720 668 36 . . PUNCT cblr-1720 669 1 if if SCONJ cblr-1720 669 2 she she PRON cblr-1720 669 3 is be AUX cblr-1720 669 4 wrong wrong ADJ cblr-1720 669 5 about about ADP cblr-1720 669 6 her her PRON cblr-1720 669 7 estimate estimate NOUN cblr-1720 669 8 , , PUNCT cblr-1720 669 9 she she PRON cblr-1720 669 10 will will AUX cblr-1720 669 11 end end VERB cblr-1720 669 12 up up ADP cblr-1720 669 13 paying pay VERB cblr-1720 669 14 more more ADJ cblr-1720 669 15 in in ADP cblr-1720 669 16 total total NOUN cblr-1720 669 17 than than SCONJ cblr-1720 669 18 if if SCONJ cblr-1720 669 19 she she PRON cblr-1720 669 20 chose choose VERB cblr-1720 669 21 the the DET cblr-1720 669 22 first first ADJ cblr-1720 669 23 contract contract NOUN cblr-1720 669 24 . . PUNCT cblr-1720 670 1 146 146 NUM cblr-1720 670 2 see see VERB cblr-1720 670 3 , , PUNCT cblr-1720 670 4 e.g. e.g. ADV cblr-1720 670 5 , , PUNCT cblr-1720 670 6 akerlof akerlof ADJ cblr-1720 670 7 , , PUNCT cblr-1720 670 8 supra supra PROPN cblr-1720 670 9 note note PROPN cblr-1720 670 10 6 6 NUM cblr-1720 670 11 , , PUNCT cblr-1720 670 12 at at ADP cblr-1720 670 13 488 488 NUM cblr-1720 670 14 . . PUNCT cblr-1720 670 15 147 147 NUM cblr-1720 670 16 although although SCONJ cblr-1720 670 17 the the DET cblr-1720 670 18 insurance insurance NOUN cblr-1720 670 19 company company NOUN cblr-1720 670 20 paradigm paradigm NOUN cblr-1720 670 21 uses use VERB cblr-1720 670 22 solutions solution NOUN cblr-1720 670 23 offered offer VERB cblr-1720 670 24 by by ADP cblr-1720 670 25 screening screen VERB cblr-1720 670 26 ( ( PUNCT cblr-1720 670 27 and and CCONJ cblr-1720 670 28 not not PART cblr-1720 670 29 signaling signal VERB cblr-1720 670 30 ) ) PUNCT cblr-1720 670 31 models model NOUN cblr-1720 670 32 , , PUNCT cblr-1720 670 33 i i PRON cblr-1720 670 34 draw draw VERB cblr-1720 670 35 this this DET cblr-1720 670 36 analogy analogy NOUN cblr-1720 670 37 because because SCONJ cblr-1720 670 38 that that DET cblr-1720 670 39 paradigm paradigm NOUN cblr-1720 670 40 illustrates illustrate VERB cblr-1720 670 41 an an DET cblr-1720 670 42 arrangement arrangement NOUN cblr-1720 670 43 that that PRON cblr-1720 670 44 focuses focus VERB cblr-1720 670 45 purely purely ADV cblr-1720 670 46 on on ADP cblr-1720 670 47 eliciting elicit VERB cblr-1720 670 48 private private ADJ cblr-1720 670 49 information information NOUN cblr-1720 670 50 . . PUNCT cblr-1720 671 1 also also ADV cblr-1720 671 2 , , PUNCT cblr-1720 671 3 both both PRON cblr-1720 671 4 signaling signal VERB cblr-1720 671 5 and and CCONJ cblr-1720 671 6 screening screen VERB cblr-1720 671 7 aim aim VERB cblr-1720 671 8 to to PART cblr-1720 671 9 solve solve VERB cblr-1720 671 10 the the DET cblr-1720 671 11 same same ADJ cblr-1720 671 12 asymmetric asymmetric ADJ cblr-1720 671 13 information information NOUN cblr-1720 671 14 issues issue NOUN cblr-1720 671 15 , , PUNCT cblr-1720 671 16 the the DET cblr-1720 671 17 only only ADJ cblr-1720 671 18 difference difference NOUN cblr-1720 671 19 between between ADP cblr-1720 671 20 them they PRON cblr-1720 671 21 being be AUX cblr-1720 671 22 the the DET cblr-1720 671 23 identity identity NOUN cblr-1720 671 24 of of ADP cblr-1720 671 25 the the DET cblr-1720 671 26 party party NOUN cblr-1720 671 27 that that PRON cblr-1720 671 28 initiates initiate VERB cblr-1720 671 29 transmission transmission NOUN cblr-1720 671 30 of of ADP cblr-1720 671 31 the the DET cblr-1720 671 32 signal signal NOUN cblr-1720 671 33 . . PUNCT cblr-1720 672 1 while while SCONJ cblr-1720 672 2 in in ADP cblr-1720 672 3 signaling signal VERB cblr-1720 672 4 models model NOUN cblr-1720 672 5 the the DET cblr-1720 672 6 party party NOUN cblr-1720 672 7 who who PRON cblr-1720 672 8 holds hold VERB cblr-1720 672 9 the the DET cblr-1720 672 10 information information NOUN cblr-1720 672 11 signals signal VERB cblr-1720 672 12 her her PRON cblr-1720 672 13 information information NOUN cblr-1720 672 14 , , PUNCT cblr-1720 672 15 in in ADP cblr-1720 672 16 screening screening NOUN cblr-1720 672 17 models model NOUN cblr-1720 672 18 ( ( PUNCT cblr-1720 672 19 used use VERB cblr-1720 672 20 by by ADP cblr-1720 672 21 insurance insurance NOUN cblr-1720 672 22 companies company NOUN cblr-1720 672 23 ) ) PUNCT cblr-1720 672 24 the the DET cblr-1720 672 25 uninformed uninformed ADJ cblr-1720 672 26 party party NOUN cblr-1720 672 27 induces induce VERB cblr-1720 672 28 the the DET cblr-1720 672 29 informed informed ADJ cblr-1720 672 30 party party NOUN cblr-1720 672 31 to to PART cblr-1720 672 32 reveal reveal VERB cblr-1720 672 33 their their PRON cblr-1720 672 34 information information NOUN cblr-1720 672 35 . . PUNCT cblr-1720 673 1 shilon shilon NOUN cblr-1720 673 2 – – PUNCT cblr-1720 673 3 final final ADJ cblr-1720 673 4 no no NOUN cblr-1720 673 5 . . PUNCT cblr-1720 673 6 2:511 2:511 NOUN cblr-1720 673 7 ] ] X cblr-1720 673 8 improving improve VERB cblr-1720 673 9 corporate corporate ADJ cblr-1720 673 10 takeover takeover NOUN cblr-1720 673 11 dynamics dynamic NOUN cblr-1720 673 12 559 559 NUM cblr-1720 673 13 in in ADP cblr-1720 673 14 addition addition NOUN cblr-1720 673 15 to to ADP cblr-1720 673 16 the the DET cblr-1720 673 17 valuable valuable ADJ cblr-1720 673 18 information information NOUN cblr-1720 673 19 that that SCONJ cblr-1720 673 20 the the DET cblr-1720 673 21 driver driver NOUN cblr-1720 673 22 transmits transmit VERB cblr-1720 673 23 to to ADP cblr-1720 673 24 the the DET cblr-1720 673 25 insurance insurance NOUN cblr-1720 673 26 company company NOUN cblr-1720 673 27 when when SCONJ cblr-1720 673 28 picking pick VERB cblr-1720 673 29 the the DET cblr-1720 673 30 preferred preferred ADJ cblr-1720 673 31 contract contract NOUN cblr-1720 673 32 , , PUNCT cblr-1720 673 33 the the DET cblr-1720 673 34 insurance insurance NOUN cblr-1720 673 35 company company NOUN cblr-1720 673 36 benefits benefit VERB cblr-1720 673 37 from from ADP cblr-1720 673 38 improved improved ADJ cblr-1720 673 39 incentives incentive NOUN cblr-1720 673 40 for for ADP cblr-1720 673 41 the the DET cblr-1720 673 42 driver driver NOUN cblr-1720 673 43 who who PRON cblr-1720 673 44 wishes wish VERB cblr-1720 673 45 to to PART cblr-1720 673 46 take take VERB cblr-1720 673 47 the the DET cblr-1720 673 48 high high ADJ cblr-1720 673 49 participation participation NOUN cblr-1720 673 50 fee fee NOUN cblr-1720 673 51 contract contract NOUN cblr-1720 673 52 . . PUNCT cblr-1720 674 1 for for ADP cblr-1720 674 2 such such ADJ cblr-1720 674 3 driver driver NOUN cblr-1720 674 4 , , PUNCT cblr-1720 674 5 it it PRON cblr-1720 674 6 is be AUX cblr-1720 674 7 now now ADV cblr-1720 674 8 more more ADV cblr-1720 674 9 profitable profitable ADJ cblr-1720 674 10 to to PART cblr-1720 674 11 take take VERB cblr-1720 674 12 extra extra ADJ cblr-1720 674 13 care care NOUN cblr-1720 674 14 while while SCONJ cblr-1720 674 15 driving drive VERB cblr-1720 674 16 because because SCONJ cblr-1720 674 17 the the DET cblr-1720 674 18 consequences consequence NOUN cblr-1720 674 19 of of ADP cblr-1720 674 20 an an DET cblr-1720 674 21 accident accident NOUN cblr-1720 674 22 will will AUX cblr-1720 674 23 be be AUX cblr-1720 674 24 more more ADV cblr-1720 674 25 costly costly ADJ cblr-1720 674 26 , , PUNCT cblr-1720 674 27 whereas whereas SCONJ cblr-1720 674 28 the the DET cblr-1720 674 29 opposite opposite NOUN cblr-1720 674 30 is be AUX cblr-1720 674 31 true true ADJ cblr-1720 674 32 for for ADP cblr-1720 674 33 the the DET cblr-1720 674 34 driver driver NOUN cblr-1720 674 35 who who PRON cblr-1720 674 36 picks pick VERB cblr-1720 674 37 the the DET cblr-1720 674 38 low low ADJ cblr-1720 674 39 participation participation NOUN cblr-1720 674 40 fee fee NOUN cblr-1720 674 41 contract contract NOUN cblr-1720 674 42 . . PUNCT cblr-1720 675 1 the the DET cblr-1720 675 2 case case NOUN cblr-1720 675 3 of of ADP cblr-1720 675 4 target target NOUN cblr-1720 675 5 boards board NOUN cblr-1720 675 6 and and CCONJ cblr-1720 675 7 shareholders shareholder NOUN cblr-1720 675 8 is be AUX cblr-1720 675 9 , , PUNCT cblr-1720 675 10 in in ADP cblr-1720 675 11 principle principle NOUN cblr-1720 675 12 , , PUNCT cblr-1720 675 13 comparable comparable ADJ cblr-1720 675 14 to to ADP cblr-1720 675 15 that that PRON cblr-1720 675 16 of of ADP cblr-1720 675 17 drivers driver NOUN cblr-1720 675 18 and and CCONJ cblr-1720 675 19 insurance insurance NOUN cblr-1720 675 20 companies company NOUN cblr-1720 675 21 . . PUNCT cblr-1720 676 1 because because SCONJ cblr-1720 676 2 important important ADJ cblr-1720 676 3 information information NOUN cblr-1720 676 4 about about ADP cblr-1720 676 5 the the DET cblr-1720 676 6 quality quality NOUN cblr-1720 676 7 of of ADP cblr-1720 676 8 the the DET cblr-1720 676 9 target target NOUN cblr-1720 676 10 board board NOUN cblr-1720 676 11 can can AUX cblr-1720 676 12 not not PART cblr-1720 676 13 be be AUX cblr-1720 676 14 credibly credibly ADV cblr-1720 676 15 communicated communicate VERB cblr-1720 676 16 , , PUNCT cblr-1720 676 17 verified verify VERB cblr-1720 676 18 , , PUNCT cblr-1720 676 19 or or CCONJ cblr-1720 676 20 evaluated,148 evaluated,148 PROPN cblr-1720 676 21 and and CCONJ cblr-1720 676 22 because because SCONJ cblr-1720 676 23 the the DET cblr-1720 676 24 target target NOUN cblr-1720 676 25 board board NOUN cblr-1720 676 26 , , PUNCT cblr-1720 676 27 due due ADP cblr-1720 676 28 to to ADP cblr-1720 676 29 it it PRON cblr-1720 676 30 conflict conflict NOUN cblr-1720 676 31 of of ADP cblr-1720 676 32 interest interest NOUN cblr-1720 676 33 with with ADP cblr-1720 676 34 its its PRON cblr-1720 676 35 shareholders shareholder NOUN cblr-1720 676 36 , , PUNCT cblr-1720 676 37 is be AUX cblr-1720 676 38 uninterested uninterested ADJ cblr-1720 676 39 to to PART cblr-1720 676 40 communicate communicate VERB cblr-1720 676 41 such such ADJ cblr-1720 676 42 information information NOUN cblr-1720 676 43 to to ADP cblr-1720 676 44 them they PRON cblr-1720 676 45 , , PUNCT cblr-1720 676 46 shareholders shareholder NOUN cblr-1720 676 47 would would AUX cblr-1720 676 48 not not PART cblr-1720 676 49 benefit benefit VERB cblr-1720 676 50 from from ADP cblr-1720 676 51 asking ask VERB cblr-1720 676 52 the the DET cblr-1720 676 53 board board NOUN cblr-1720 676 54 to to PART cblr-1720 676 55 disclose disclose VERB cblr-1720 676 56 each each DET cblr-1720 676 57 piece piece NOUN cblr-1720 676 58 of of ADP cblr-1720 676 59 such such ADJ cblr-1720 676 60 non non ADJ cblr-1720 676 61 - - ADJ cblr-1720 676 62 verifiable verifiable ADJ cblr-1720 676 63 information information NOUN cblr-1720 676 64 they they PRON cblr-1720 676 65 need need VERB cblr-1720 676 66 in in ADP cblr-1720 676 67 order order NOUN cblr-1720 676 68 to to PART cblr-1720 676 69 evaluate evaluate VERB cblr-1720 676 70 the the DET cblr-1720 676 71 intrinsic intrinsic ADJ cblr-1720 676 72 value value NOUN cblr-1720 676 73 of of ADP cblr-1720 676 74 the the DET cblr-1720 676 75 firm firm NOUN cblr-1720 676 76 or or CCONJ cblr-1720 676 77 its its PRON cblr-1720 676 78 strategic strategic ADJ cblr-1720 676 79 alternatives alternative NOUN cblr-1720 676 80 . . PUNCT cblr-1720 677 1 instead instead ADV cblr-1720 677 2 , , PUNCT cblr-1720 677 3 just just ADV cblr-1720 677 4 like like ADP cblr-1720 677 5 drivers driver NOUN cblr-1720 677 6 , , PUNCT cblr-1720 677 7 target target NOUN cblr-1720 677 8 boards board NOUN cblr-1720 677 9 should should AUX cblr-1720 677 10 transmit transmit VERB cblr-1720 677 11 their their PRON cblr-1720 677 12 bottom bottom ADJ cblr-1720 677 13 - - PUNCT cblr-1720 677 14 line line NOUN cblr-1720 677 15 understanding understanding NOUN cblr-1720 677 16 about about ADP cblr-1720 677 17 the the DET cblr-1720 677 18 desirability desirability NOUN cblr-1720 677 19 of of ADP cblr-1720 677 20 the the DET cblr-1720 677 21 bid bid NOUN cblr-1720 677 22 based base VERB cblr-1720 677 23 on on ADP cblr-1720 677 24 the the DET cblr-1720 677 25 new new ADJ cblr-1720 677 26 set set NOUN cblr-1720 677 27 of of ADP cblr-1720 677 28 incentives incentive NOUN cblr-1720 677 29 that that SCONJ cblr-1720 677 30 the the DET cblr-1720 677 31 proposed propose VERB cblr-1720 677 32 arrangement arrangement NOUN cblr-1720 677 33 provides provide VERB cblr-1720 677 34 them they PRON cblr-1720 677 35 , , PUNCT cblr-1720 677 36 and and CCONJ cblr-1720 677 37 without without ADP cblr-1720 677 38 trying try VERB cblr-1720 677 39 to to PART cblr-1720 677 40 convey convey VERB cblr-1720 677 41 each each DET cblr-1720 677 42 piece piece NOUN cblr-1720 677 43 of of ADP cblr-1720 677 44 non non ADJ cblr-1720 677 45 - - ADJ cblr-1720 677 46 verifiable verifiable ADJ cblr-1720 677 47 information information NOUN cblr-1720 677 48 separately separately ADV cblr-1720 677 49 . . PUNCT cblr-1720 678 1 specifically specifically ADV cblr-1720 678 2 , , PUNCT cblr-1720 678 3 target target NOUN cblr-1720 678 4 boards board NOUN cblr-1720 678 5 should should AUX cblr-1720 678 6 choose choose VERB cblr-1720 678 7 between between ADP cblr-1720 678 8 two two NUM cblr-1720 678 9 contracts contract NOUN cblr-1720 678 10 : : PUNCT cblr-1720 678 11 one one NOUN cblr-1720 678 12 that that PRON cblr-1720 678 13 involves involve VERB cblr-1720 678 14 the the DET cblr-1720 678 15 dismantling dismantling NOUN cblr-1720 678 16 of of ADP cblr-1720 678 17 their their PRON cblr-1720 678 18 antitakeover antitakeover ADJ cblr-1720 678 19 defenses defense NOUN cblr-1720 678 20 without without ADP cblr-1720 678 21 incurring incur VERB cblr-1720 678 22 any any DET cblr-1720 678 23 cost cost NOUN cblr-1720 678 24 , , PUNCT cblr-1720 678 25 and and CCONJ cblr-1720 678 26 one one NUM cblr-1720 678 27 that that PRON cblr-1720 678 28 enables enable VERB cblr-1720 678 29 them they PRON cblr-1720 678 30 to to PART cblr-1720 678 31 maintain maintain VERB cblr-1720 678 32 and and CCONJ cblr-1720 678 33 erect erect NOUN cblr-1720 678 34 defenses defense NOUN cblr-1720 678 35 but but CCONJ cblr-1720 678 36 potentially potentially ADV cblr-1720 678 37 imposes impose VERB cblr-1720 678 38 on on ADP cblr-1720 678 39 them they PRON cblr-1720 678 40 a a DET cblr-1720 678 41 unique unique ADJ cblr-1720 678 42 cost cost NOUN cblr-1720 678 43 . . PUNCT cblr-1720 679 1 if if SCONJ cblr-1720 679 2 the the DET cblr-1720 679 3 directors director NOUN cblr-1720 679 4 choose choose VERB cblr-1720 679 5 the the DET cblr-1720 679 6 second second ADJ cblr-1720 679 7 contract contract NOUN cblr-1720 679 8 , , PUNCT cblr-1720 679 9 the the DET cblr-1720 679 10 arrangement arrangement NOUN cblr-1720 679 11 will will AUX cblr-1720 679 12 require require VERB cblr-1720 679 13 them they PRON cblr-1720 679 14 to to PART cblr-1720 679 15 commit commit VERB cblr-1720 679 16 to to PART cblr-1720 679 17 buy buy VERB cblr-1720 679 18 , , PUNCT cblr-1720 679 19 if if SCONJ cblr-1720 679 20 the the DET cblr-1720 679 21 bid bid NOUN cblr-1720 679 22 fails fail VERB cblr-1720 679 23 , , PUNCT cblr-1720 679 24 a a DET cblr-1720 679 25 specified specify VERB cblr-1720 679 26 amount amount NOUN cblr-1720 679 27 of of ADP cblr-1720 679 28 target target NOUN cblr-1720 679 29 stock stock NOUN cblr-1720 679 30 at at ADP cblr-1720 679 31 the the DET cblr-1720 679 32 bid bid NOUN cblr-1720 679 33 price price NOUN cblr-1720 679 34 and and CCONJ cblr-1720 679 35 hold hold VERB cblr-1720 679 36 it it PRON cblr-1720 679 37 for for ADP cblr-1720 679 38 the the DET cblr-1720 679 39 long long ADJ cblr-1720 679 40 term.149 term.149 PRON cblr-1720 679 41 the the DET cblr-1720 679 42 directors director NOUN cblr-1720 679 43 will will AUX cblr-1720 679 44 be be AUX cblr-1720 679 45 better well ADJ cblr-1720 679 46 off off ADP cblr-1720 679 47 choosing choose VERB cblr-1720 679 48 the the DET cblr-1720 679 49 second second ADJ cblr-1720 679 50 contract contract NOUN cblr-1720 679 51 148 148 NUM cblr-1720 679 52 see see VERB cblr-1720 679 53 discussion discussion NOUN cblr-1720 679 54 in in ADP cblr-1720 679 55 supra supra PROPN cblr-1720 679 56 section section PROPN cblr-1720 679 57 ii.a ii.a PROPN cblr-1720 679 58 . . PROPN cblr-1720 679 59 149 149 NUM cblr-1720 679 60 for for ADP cblr-1720 679 61 ease ease NOUN cblr-1720 679 62 of of ADP cblr-1720 679 63 exposition exposition NOUN cblr-1720 679 64 , , PUNCT cblr-1720 679 65 this this DET cblr-1720 679 66 article article NOUN cblr-1720 679 67 hereinafter hereinafter NOUN cblr-1720 679 68 refers refer VERB cblr-1720 679 69 to to ADP cblr-1720 679 70 such such ADJ cblr-1720 679 71 commitment commitment NOUN cblr-1720 679 72 of of ADP cblr-1720 679 73 outside outside ADJ cblr-1720 679 74 directors director NOUN cblr-1720 679 75 per per ADP cblr-1720 679 76 the the DET cblr-1720 679 77 proposed propose VERB cblr-1720 679 78 remedy remedy NOUN cblr-1720 679 79 as as ADP cblr-1720 679 80 the the DET cblr-1720 679 81 “ " PUNCT cblr-1720 679 82 directors director NOUN cblr-1720 679 83 ’ ' PUNCT cblr-1720 679 84 stock stock NOUN cblr-1720 679 85 commitment commitment NOUN cblr-1720 679 86 ” " PUNCT cblr-1720 679 87 or or CCONJ cblr-1720 679 88 “ " PUNCT cblr-1720 679 89 the the DET cblr-1720 679 90 stock stock NOUN cblr-1720 679 91 commitment commitment NOUN cblr-1720 679 92 . . PUNCT cblr-1720 679 93 ” " PUNCT cblr-1720 680 1 shilon shilon NOUN cblr-1720 680 2 – – PUNCT cblr-1720 680 3 final final ADJ cblr-1720 680 4 560 560 NUM cblr-1720 680 5 columbia columbia PROPN cblr-1720 680 6 business business NOUN cblr-1720 680 7 law law PROPN cblr-1720 680 8 review review NOUN cblr-1720 680 9 [ [ X cblr-1720 680 10 vol vol NOUN cblr-1720 680 11 . . NOUN cblr-1720 680 12 2017 2017 NUM cblr-1720 680 13 only only ADV cblr-1720 680 14 if if SCONJ cblr-1720 680 15 they they PRON cblr-1720 680 16 genuinely genuinely ADV cblr-1720 680 17 believe believe VERB cblr-1720 680 18 , , PUNCT cblr-1720 680 19 after after ADP cblr-1720 680 20 considering consider VERB cblr-1720 680 21 all all DET cblr-1720 680 22 the the DET cblr-1720 680 23 public public ADJ cblr-1720 680 24 , , PUNCT cblr-1720 680 25 soft soft ADJ cblr-1720 680 26 , , PUNCT cblr-1720 680 27 and and CCONJ cblr-1720 680 28 secret secret ADJ cblr-1720 680 29 information information NOUN cblr-1720 680 30 they they PRON cblr-1720 680 31 have have VERB cblr-1720 680 32 , , PUNCT cblr-1720 680 33 that that SCONJ cblr-1720 680 34 the the DET cblr-1720 680 35 bid bid NOUN cblr-1720 680 36 should should AUX cblr-1720 680 37 be be AUX cblr-1720 680 38 rejected reject VERB cblr-1720 680 39 because because SCONJ cblr-1720 680 40 they they PRON cblr-1720 680 41 will will AUX cblr-1720 680 42 maximize maximize VERB cblr-1720 680 43 long long ADJ cblr-1720 680 44 - - PUNCT cblr-1720 680 45 term term NOUN cblr-1720 680 46 shareholder shareholder NOUN cblr-1720 680 47 value value NOUN cblr-1720 680 48 better well ADV cblr-1720 680 49 than than ADP cblr-1720 680 50 the the DET cblr-1720 680 51 bidder bidder NOUN cblr-1720 680 52 . . PUNCT cblr-1720 681 1 this this DET cblr-1720 681 2 result result NOUN cblr-1720 681 3 is be AUX cblr-1720 681 4 equivalent equivalent ADJ cblr-1720 681 5 to to ADP cblr-1720 681 6 drivers driver NOUN cblr-1720 681 7 who who PRON cblr-1720 681 8 will will AUX cblr-1720 681 9 choose choose VERB cblr-1720 681 10 the the DET cblr-1720 681 11 contract contract NOUN cblr-1720 681 12 with with ADP cblr-1720 681 13 the the DET cblr-1720 681 14 high high ADJ cblr-1720 681 15 participation participation NOUN cblr-1720 681 16 fee fee NOUN cblr-1720 681 17 only only ADV cblr-1720 681 18 if if SCONJ cblr-1720 681 19 they they PRON cblr-1720 681 20 genuinely genuinely ADV cblr-1720 681 21 believe believe VERB cblr-1720 681 22 that that SCONJ cblr-1720 681 23 they they PRON cblr-1720 681 24 are be AUX cblr-1720 681 25 careful careful ADJ cblr-1720 681 26 drivers driver NOUN cblr-1720 681 27 . . PUNCT cblr-1720 682 1 just just ADV cblr-1720 682 2 like like INTJ cblr-1720 682 3 with with ADP cblr-1720 682 4 insurance insurance NOUN cblr-1720 682 5 companies company NOUN cblr-1720 682 6 , , PUNCT cblr-1720 682 7 shareholders shareholder NOUN cblr-1720 682 8 will will AUX cblr-1720 682 9 benefit benefit VERB cblr-1720 682 10 not not PART cblr-1720 682 11 only only ADV cblr-1720 682 12 from from ADP cblr-1720 682 13 the the DET cblr-1720 682 14 transmission transmission NOUN cblr-1720 682 15 of of ADP cblr-1720 682 16 valuable valuable ADJ cblr-1720 682 17 information information NOUN cblr-1720 682 18 about about ADP cblr-1720 682 19 the the DET cblr-1720 682 20 quality quality NOUN cblr-1720 682 21 of of ADP cblr-1720 682 22 the the DET cblr-1720 682 23 target target NOUN cblr-1720 682 24 board board NOUN cblr-1720 682 25 compared compare VERB cblr-1720 682 26 to to ADP cblr-1720 682 27 the the DET cblr-1720 682 28 bidder bidder NOUN cblr-1720 682 29 but but CCONJ cblr-1720 682 30 also also ADV cblr-1720 682 31 from from ADP cblr-1720 682 32 the the DET cblr-1720 682 33 improved improve VERB cblr-1720 682 34 incentives incentive NOUN cblr-1720 682 35 that that SCONJ cblr-1720 682 36 the the DET cblr-1720 682 37 target target NOUN cblr-1720 682 38 board board NOUN cblr-1720 682 39 will will AUX cblr-1720 682 40 have have VERB cblr-1720 682 41 once once SCONJ cblr-1720 682 42 it it PRON cblr-1720 682 43 picks pick VERB cblr-1720 682 44 the the DET cblr-1720 682 45 contract contract NOUN cblr-1720 682 46 that that PRON cblr-1720 682 47 allows allow VERB cblr-1720 682 48 it it PRON cblr-1720 682 49 to to PART cblr-1720 682 50 use use VERB cblr-1720 682 51 antitakeover antitakeover ADJ cblr-1720 682 52 defenses defense NOUN cblr-1720 682 53 in in ADP cblr-1720 682 54 the the DET cblr-1720 682 55 face face NOUN cblr-1720 682 56 of of ADP cblr-1720 682 57 the the DET cblr-1720 682 58 hostile hostile ADJ cblr-1720 682 59 bid bid NOUN cblr-1720 682 60 . . PUNCT cblr-1720 683 1 specifically specifically ADV cblr-1720 683 2 , , PUNCT cblr-1720 683 3 it it PRON cblr-1720 683 4 will will AUX cblr-1720 683 5 become become VERB cblr-1720 683 6 costlier costly ADJ cblr-1720 683 7 for for SCONJ cblr-1720 683 8 the the DET cblr-1720 683 9 target target NOUN cblr-1720 683 10 directors director NOUN cblr-1720 683 11 not not PART cblr-1720 683 12 to to PART cblr-1720 683 13 try try VERB cblr-1720 683 14 to to PART cblr-1720 683 15 maximize maximize VERB cblr-1720 683 16 long long ADJ cblr-1720 683 17 - - PUNCT cblr-1720 683 18 term term NOUN cblr-1720 683 19 stock stock NOUN cblr-1720 683 20 value value NOUN cblr-1720 683 21 because because SCONJ cblr-1720 683 22 they they PRON cblr-1720 683 23 stand stand VERB cblr-1720 683 24 to to PART cblr-1720 683 25 lose lose VERB cblr-1720 683 26 on on ADP cblr-1720 683 27 their their PRON cblr-1720 683 28 commitment commitment NOUN cblr-1720 683 29 stock stock NOUN cblr-1720 683 30 as as ADV cblr-1720 683 31 long long ADV cblr-1720 683 32 as as SCONJ cblr-1720 683 33 they they PRON cblr-1720 683 34 do do AUX cblr-1720 683 35 not not PART cblr-1720 683 36 do do VERB cblr-1720 683 37 better well ADJ cblr-1720 683 38 than than ADP cblr-1720 683 39 the the DET cblr-1720 683 40 bidder bidder NOUN cblr-1720 683 41 in in ADP cblr-1720 683 42 the the DET cblr-1720 683 43 long long ADJ cblr-1720 683 44 term term NOUN cblr-1720 683 45 . . PUNCT cblr-1720 684 1 unlike unlike ADP cblr-1720 684 2 with with ADP cblr-1720 684 3 insurance insurance NOUN cblr-1720 684 4 companies company NOUN cblr-1720 684 5 , , PUNCT cblr-1720 684 6 however however ADV cblr-1720 684 7 , , PUNCT cblr-1720 684 8 shareholders shareholder NOUN cblr-1720 684 9 should should AUX cblr-1720 684 10 not not PART cblr-1720 684 11 be be AUX cblr-1720 684 12 concerned concern VERB cblr-1720 684 13 with with ADP cblr-1720 684 14 the the DET cblr-1720 684 15 incentives incentive NOUN cblr-1720 684 16 of of ADP cblr-1720 684 17 the the DET cblr-1720 684 18 board board NOUN cblr-1720 684 19 that that PRON cblr-1720 684 20 picks pick VERB cblr-1720 684 21 the the DET cblr-1720 684 22 noantitakeover noantitakeover ADJ cblr-1720 684 23 defense defense NOUN cblr-1720 684 24 contract contract NOUN cblr-1720 684 25 , , PUNCT cblr-1720 684 26 because because SCONJ cblr-1720 684 27 that that DET cblr-1720 684 28 board board NOUN cblr-1720 684 29 is be AUX cblr-1720 684 30 soon soon ADV cblr-1720 684 31 likely likely ADJ cblr-1720 684 32 to to PART cblr-1720 684 33 be be AUX cblr-1720 684 34 removed remove VERB cblr-1720 684 35 by by ADP cblr-1720 684 36 the the DET cblr-1720 684 37 hostile hostile ADJ cblr-1720 684 38 bidder bidder NOUN cblr-1720 684 39 . . PUNCT cblr-1720 685 1 despite despite SCONJ cblr-1720 685 2 the the DET cblr-1720 685 3 seemingly seemingly ADV cblr-1720 685 4 analogous analogous ADJ cblr-1720 685 5 situation situation NOUN cblr-1720 685 6 between between ADP cblr-1720 685 7 shareholders shareholder NOUN cblr-1720 685 8 and and CCONJ cblr-1720 685 9 insurance insurance NOUN cblr-1720 685 10 companies company NOUN cblr-1720 685 11 , , PUNCT cblr-1720 685 12 there there PRON cblr-1720 685 13 are be VERB cblr-1720 685 14 important important ADJ cblr-1720 685 15 differences difference NOUN cblr-1720 685 16 . . PUNCT cblr-1720 686 1 unlike unlike ADP cblr-1720 686 2 insurance insurance NOUN cblr-1720 686 3 companies company NOUN cblr-1720 686 4 , , PUNCT cblr-1720 686 5 which which PRON cblr-1720 686 6 do do AUX cblr-1720 686 7 not not PART cblr-1720 686 8 suffer suffer VERB cblr-1720 686 9 from from ADP cblr-1720 686 10 collective collective ADJ cblr-1720 686 11 action action NOUN cblr-1720 686 12 problems problem NOUN cblr-1720 686 13 and and CCONJ cblr-1720 686 14 which which PRON cblr-1720 686 15 focus focus VERB cblr-1720 686 16 on on ADP cblr-1720 686 17 maximizing maximize VERB cblr-1720 686 18 profits profit NOUN cblr-1720 686 19 , , PUNCT cblr-1720 686 20 shareholders shareholder NOUN cblr-1720 686 21 , , PUNCT cblr-1720 686 22 as as SCONJ cblr-1720 686 23 explained explain VERB cblr-1720 686 24 in in ADP cblr-1720 686 25 section section NOUN cblr-1720 686 26 ii.b ii.b PROPN cblr-1720 686 27 , , PUNCT cblr-1720 686 28 might might AUX cblr-1720 686 29 not not PART cblr-1720 686 30 choose choose VERB cblr-1720 686 31 to to PART cblr-1720 686 32 maximize maximize VERB cblr-1720 686 33 long long ADJ cblr-1720 686 34 - - PUNCT cblr-1720 686 35 term term NOUN cblr-1720 686 36 firm firm ADJ cblr-1720 686 37 value value NOUN cblr-1720 686 38 , , PUNCT cblr-1720 686 39 and and CCONJ cblr-1720 686 40 even even ADV cblr-1720 686 41 when when SCONJ cblr-1720 686 42 they they PRON cblr-1720 686 43 are be AUX cblr-1720 686 44 motivated motivated ADJ cblr-1720 686 45 to to PART cblr-1720 686 46 do do VERB cblr-1720 686 47 so so ADV cblr-1720 686 48 , , PUNCT cblr-1720 686 49 their their PRON cblr-1720 686 50 collective collective ADJ cblr-1720 686 51 action action NOUN cblr-1720 686 52 problems problem NOUN cblr-1720 686 53 might might AUX cblr-1720 686 54 prevent prevent VERB cblr-1720 686 55 them they PRON cblr-1720 686 56 from from ADP cblr-1720 686 57 making make VERB cblr-1720 686 58 the the DET cblr-1720 686 59 right right ADJ cblr-1720 686 60 decision decision NOUN cblr-1720 686 61 . . PUNCT cblr-1720 687 1 thus thus ADV cblr-1720 687 2 , , PUNCT cblr-1720 687 3 unlike unlike ADP cblr-1720 687 4 insurance insurance NOUN cblr-1720 687 5 companies company NOUN cblr-1720 687 6 , , PUNCT cblr-1720 687 7 which which PRON cblr-1720 687 8 set set VERB cblr-1720 687 9 up up ADP cblr-1720 687 10 the the DET cblr-1720 687 11 rate rate NOUN cblr-1720 687 12 of of ADP cblr-1720 687 13 participation participation NOUN cblr-1720 687 14 fees fee NOUN cblr-1720 687 15 , , PUNCT cblr-1720 687 16 the the DET cblr-1720 687 17 proposed propose VERB cblr-1720 687 18 arrangement arrangement NOUN cblr-1720 687 19 suggests suggest VERB cblr-1720 687 20 that that SCONJ cblr-1720 687 21 shareholders shareholder NOUN cblr-1720 687 22 ( ( PUNCT cblr-1720 687 23 the the DET cblr-1720 687 24 equivalent equivalent NOUN cblr-1720 687 25 of of ADP cblr-1720 687 26 insurance insurance NOUN cblr-1720 687 27 companies company NOUN cblr-1720 687 28 ) ) PUNCT cblr-1720 687 29 , , PUNCT cblr-1720 687 30 who who PRON cblr-1720 687 31 are be AUX cblr-1720 687 32 typically typically ADV cblr-1720 687 33 dispersed disperse VERB cblr-1720 687 34 , , PUNCT cblr-1720 687 35 should should AUX cblr-1720 687 36 not not PART cblr-1720 687 37 determine determine VERB cblr-1720 687 38 the the DET cblr-1720 687 39 directors director NOUN cblr-1720 687 40 ’ ’ PART cblr-1720 687 41 stock stock NOUN cblr-1720 687 42 commitment commitment NOUN cblr-1720 687 43 ; ; PUNCT cblr-1720 687 44 rather rather ADV cblr-1720 687 45 , , PUNCT cblr-1720 687 46 target target NOUN cblr-1720 687 47 boards board NOUN cblr-1720 687 48 ( ( PUNCT cblr-1720 687 49 the the DET cblr-1720 687 50 equivalent equivalent NOUN cblr-1720 687 51 of of ADP cblr-1720 687 52 drivers driver NOUN cblr-1720 687 53 ) ) PUNCT cblr-1720 687 54 should should AUX cblr-1720 687 55 determine determine VERB cblr-1720 687 56 that that DET cblr-1720 687 57 commitment.150 commitment.150 NOUN cblr-1720 687 58 150 150 NUM cblr-1720 687 59 see see NOUN cblr-1720 687 60 supra supra PROPN cblr-1720 687 61 note note PROPN cblr-1720 687 62 147 147 NUM cblr-1720 687 63 . . PUNCT cblr-1720 688 1 shilon shilon NOUN cblr-1720 688 2 – – PUNCT cblr-1720 688 3 final final ADJ cblr-1720 688 4 no no NOUN cblr-1720 688 5 . . PUNCT cblr-1720 689 1 2:511 2:511 NOUN cblr-1720 689 2 ] ] X cblr-1720 689 3 improving improve VERB cblr-1720 689 4 corporate corporate ADJ cblr-1720 689 5 takeover takeover NOUN cblr-1720 689 6 dynamics dynamic NOUN cblr-1720 689 7 561 561 NUM cblr-1720 689 8 also also ADV cblr-1720 689 9 , , PUNCT cblr-1720 689 10 because because SCONJ cblr-1720 689 11 target target NOUN cblr-1720 689 12 boards board NOUN cblr-1720 689 13 are be AUX cblr-1720 689 14 in in ADP cblr-1720 689 15 a a DET cblr-1720 689 16 conflict conflict NOUN cblr-1720 689 17 of of ADP cblr-1720 689 18 interest interest NOUN cblr-1720 689 19 with with ADP cblr-1720 689 20 their their PRON cblr-1720 689 21 shareholders shareholder NOUN cblr-1720 689 22 , , PUNCT cblr-1720 689 23 empowering empower VERB cblr-1720 689 24 the the DET cblr-1720 689 25 boards board NOUN cblr-1720 689 26 to to PART cblr-1720 689 27 decide decide VERB cblr-1720 689 28 their their PRON cblr-1720 689 29 own own ADJ cblr-1720 689 30 stock stock NOUN cblr-1720 689 31 commitment commitment NOUN cblr-1720 689 32 amounts amount NOUN cblr-1720 689 33 is be AUX cblr-1720 689 34 problematic problematic ADJ cblr-1720 689 35 . . PUNCT cblr-1720 690 1 thus thus ADV cblr-1720 690 2 , , PUNCT cblr-1720 690 3 as as SCONJ cblr-1720 690 4 this this DET cblr-1720 690 5 article article NOUN cblr-1720 690 6 explains explain VERB cblr-1720 690 7 below below ADV cblr-1720 690 8 , , PUNCT cblr-1720 690 9 their their PRON cblr-1720 690 10 commitment commitment NOUN cblr-1720 690 11 decision decision NOUN cblr-1720 690 12 should should AUX cblr-1720 690 13 be be AUX cblr-1720 690 14 monitored monitor VERB cblr-1720 690 15 twice twice ADV cblr-1720 690 16 — — PUNCT cblr-1720 690 17 first first ADJ cblr-1720 690 18 , , PUNCT cblr-1720 690 19 in in ADP cblr-1720 690 20 a a DET cblr-1720 690 21 nonbinding nonbinding NOUN cblr-1720 690 22 manner manner NOUN cblr-1720 690 23 , , PUNCT cblr-1720 690 24 by by ADP cblr-1720 690 25 engaging engage VERB cblr-1720 690 26 the the DET cblr-1720 690 27 target target NOUN cblr-1720 690 28 ’s ’s PART cblr-1720 690 29 major major ADJ cblr-1720 690 30 long long ADJ cblr-1720 690 31 - - PUNCT cblr-1720 690 32 term term NOUN cblr-1720 690 33 investors investor NOUN cblr-1720 690 34 , , PUNCT cblr-1720 690 35 who who PRON cblr-1720 690 36 may may AUX cblr-1720 690 37 be be AUX cblr-1720 690 38 assisted assist VERB cblr-1720 690 39 by by ADP cblr-1720 690 40 their their PRON cblr-1720 690 41 proxy proxy ADJ cblr-1720 690 42 advisory advisory ADJ cblr-1720 690 43 firms firm NOUN cblr-1720 690 44 , , PUNCT cblr-1720 690 45 and and CCONJ cblr-1720 690 46 second second ADJ cblr-1720 690 47 , , PUNCT cblr-1720 690 48 by by ADP cblr-1720 690 49 courts court NOUN cblr-1720 690 50 that that PRON cblr-1720 690 51 adjudicate adjudicate VERB cblr-1720 690 52 substantive substantive ADJ cblr-1720 690 53 coercion coercion NOUN cblr-1720 690 54 . . PUNCT cblr-1720 691 1 specifically specifically ADV cblr-1720 691 2 , , PUNCT cblr-1720 691 3 a a DET cblr-1720 691 4 board board NOUN cblr-1720 691 5 that that PRON cblr-1720 691 6 wishes wish VERB cblr-1720 691 7 to to PART cblr-1720 691 8 fend fend VERB cblr-1720 691 9 off off ADP cblr-1720 691 10 a a DET cblr-1720 691 11 hostile hostile ADJ cblr-1720 691 12 bid bid NOUN cblr-1720 691 13 may may AUX cblr-1720 691 14 apply apply VERB cblr-1720 691 15 the the DET cblr-1720 691 16 following follow VERB cblr-1720 691 17 proposed propose VERB cblr-1720 691 18 arrangement arrangement NOUN cblr-1720 691 19 by by ADP cblr-1720 691 20 having have VERB cblr-1720 691 21 its its PRON cblr-1720 691 22 outside outside ADJ cblr-1720 691 23 directors director NOUN cblr-1720 691 24 hold hold VERB cblr-1720 691 25 an an DET cblr-1720 691 26 executive executive ADJ cblr-1720 691 27 session session NOUN cblr-1720 691 28 and and CCONJ cblr-1720 691 29 pass pass VERB cblr-1720 691 30 the the DET cblr-1720 691 31 following follow VERB cblr-1720 691 32 resolution resolution NOUN cblr-1720 691 33 : : PUNCT cblr-1720 691 34 after after ADP cblr-1720 691 35 thoroughly thoroughly ADV cblr-1720 691 36 discussing discuss VERB cblr-1720 691 37 the the DET cblr-1720 691 38 recommendations recommendation NOUN cblr-1720 691 39 of of ADP cblr-1720 691 40 the the DET cblr-1720 691 41 special special ADJ cblr-1720 691 42 committee committee NOUN cblr-1720 691 43 that that PRON cblr-1720 691 44 was be AUX cblr-1720 691 45 commissioned commission VERB cblr-1720 691 46 to to PART cblr-1720 691 47 evaluate evaluate VERB cblr-1720 691 48 the the DET cblr-1720 691 49 desirability desirability NOUN cblr-1720 691 50 of of ADP cblr-1720 691 51 the the DET cblr-1720 691 52 unsolicited unsolicited ADJ cblr-1720 691 53 bid bid NOUN cblr-1720 691 54 , , PUNCT cblr-1720 691 55 and and CCONJ cblr-1720 691 56 after after ADP cblr-1720 691 57 receiving receive VERB cblr-1720 691 58 the the DET cblr-1720 691 59 endorsements endorsement NOUN cblr-1720 691 60 of of ADP cblr-1720 691 61 the the DET cblr-1720 691 62 corporation corporation NOUN cblr-1720 691 63 ’s ’s PART cblr-1720 691 64 ten ten NUM cblr-1720 691 65 major major ADJ cblr-1720 691 66 long long ADJ cblr-1720 691 67 - - PUNCT cblr-1720 691 68 term term NOUN cblr-1720 691 69 institutional institutional ADJ cblr-1720 691 70 investors investor NOUN cblr-1720 691 71 and and CCONJ cblr-1720 691 72 iss iss PROPN cblr-1720 692 1 [ [ X cblr-1720 692 2 institutional institutional ADJ cblr-1720 692 3 shareholder shareholder NOUN cblr-1720 692 4 services service NOUN cblr-1720 692 5 ] ] PUNCT cblr-1720 692 6 to to ADP cblr-1720 692 7 the the DET cblr-1720 692 8 resolutions resolution NOUN cblr-1720 692 9 herein herein NOUN cblr-1720 692 10 , , PUNCT cblr-1720 692 11 we we PRON cblr-1720 692 12 hereby hereby ADV cblr-1720 692 13 resolve resolve VERB cblr-1720 692 14 as as SCONJ cblr-1720 692 15 follows follow VERB cblr-1720 692 16 : : PUNCT cblr-1720 692 17 the the DET cblr-1720 692 18 unsolicited unsolicited ADJ cblr-1720 692 19 bid bid NOUN cblr-1720 692 20 price price NOUN cblr-1720 692 21 is be AUX cblr-1720 692 22 clearly clearly ADV cblr-1720 692 23 lower low ADJ cblr-1720 692 24 than than ADP cblr-1720 692 25 the the DET cblr-1720 692 26 intrinsic intrinsic ADJ cblr-1720 692 27 value value NOUN cblr-1720 692 28 of of ADP cblr-1720 692 29 the the DET cblr-1720 692 30 corporation corporation NOUN cblr-1720 692 31 and and CCONJ cblr-1720 692 32 its its PRON cblr-1720 692 33 strategic strategic ADJ cblr-1720 692 34 alternatives alternative NOUN cblr-1720 692 35 and and CCONJ cblr-1720 692 36 hence hence ADV cblr-1720 692 37 poses pose VERB cblr-1720 692 38 a a DET cblr-1720 692 39 serious serious ADJ cblr-1720 692 40 threat threat NOUN cblr-1720 692 41 to to ADP cblr-1720 692 42 the the DET cblr-1720 692 43 corporation corporation NOUN cblr-1720 692 44 ’s ’s PART cblr-1720 692 45 shareholders shareholder NOUN cblr-1720 692 46 , , PUNCT cblr-1720 692 47 policies policy NOUN cblr-1720 692 48 , , PUNCT cblr-1720 692 49 and and CCONJ cblr-1720 692 50 effectiveness effectiveness NOUN cblr-1720 692 51 . . PUNCT cblr-1720 693 1 therefore therefore ADV cblr-1720 693 2 , , PUNCT cblr-1720 693 3 we we PRON cblr-1720 693 4 support support VERB cblr-1720 693 5 the the DET cblr-1720 693 6 board board NOUN cblr-1720 693 7 resolution resolution NOUN cblr-1720 693 8 to to PART cblr-1720 693 9 place place VERB cblr-1720 693 10 certain certain ADJ cblr-1720 693 11 defensive defensive ADJ cblr-1720 693 12 tactics tactic NOUN cblr-1720 693 13 , , PUNCT cblr-1720 693 14 specified specify VERB cblr-1720 693 15 in in ADP cblr-1720 693 16 exhibit exhibit NOUN cblr-1720 693 17 a a DET cblr-1720 693 18 herein herein NOUN cblr-1720 693 19 . . PUNCT cblr-1720 694 1 because because SCONJ cblr-1720 694 2 the the DET cblr-1720 694 3 bid bid NOUN cblr-1720 694 4 price price NOUN cblr-1720 694 5 is be AUX cblr-1720 694 6 inadequately inadequately ADV cblr-1720 694 7 low low ADJ cblr-1720 694 8 , , PUNCT cblr-1720 694 9 we we PRON cblr-1720 694 10 encourage encourage VERB cblr-1720 694 11 each each DET cblr-1720 694 12 outside outside ADJ cblr-1720 694 13 director director NOUN cblr-1720 694 14 , , PUNCT cblr-1720 694 15 in in ADP cblr-1720 694 16 order order NOUN cblr-1720 694 17 to to PART cblr-1720 694 18 demonstrate demonstrate VERB cblr-1720 694 19 his his PRON cblr-1720 694 20 or or CCONJ cblr-1720 694 21 her her PRON cblr-1720 694 22 personal personal ADJ cblr-1720 694 23 belief belief NOUN cblr-1720 694 24 in in ADP cblr-1720 694 25 rejecting reject VERB cblr-1720 694 26 the the DET cblr-1720 694 27 bid bid NOUN cblr-1720 694 28 , , PUNCT cblr-1720 694 29 to to PART cblr-1720 694 30 commit commit VERB cblr-1720 694 31 to to PART cblr-1720 694 32 buy buy VERB cblr-1720 694 33 from from ADP cblr-1720 694 34 the the DET cblr-1720 694 35 corporation corporation NOUN cblr-1720 694 36 , , PUNCT cblr-1720 694 37 and and CCONJ cblr-1720 694 38 if if SCONJ cblr-1720 694 39 the the DET cblr-1720 694 40 bid bid NOUN cblr-1720 694 41 fails fail VERB cblr-1720 694 42 , , PUNCT cblr-1720 694 43 some some DET cblr-1720 694 44 corporation corporation NOUN cblr-1720 694 45 stock stock NOUN cblr-1720 694 46 at at ADP cblr-1720 694 47 the the DET cblr-1720 694 48 bid bid NOUN cblr-1720 694 49 price price NOUN cblr-1720 694 50 and and CCONJ cblr-1720 694 51 hold hold VERB cblr-1720 694 52 it it PRON cblr-1720 694 53 for for ADP cblr-1720 694 54 a a DET cblr-1720 694 55 specified specify VERB cblr-1720 694 56 time time NOUN cblr-1720 694 57 . . PUNCT cblr-1720 695 1 specifically specifically ADV cblr-1720 695 2 , , PUNCT cblr-1720 695 3 we we PRON cblr-1720 695 4 recommend recommend VERB cblr-1720 695 5 that that SCONJ cblr-1720 695 6 each each DET cblr-1720 695 7 outside outside ADJ cblr-1720 695 8 director director NOUN cblr-1720 695 9 commit commit VERB cblr-1720 695 10 to to PART cblr-1720 695 11 use use VERB cblr-1720 695 12 one one NUM cblr-1720 695 13 third third NOUN cblr-1720 695 14 of of ADP cblr-1720 695 15 his his PRON cblr-1720 695 16 or or CCONJ cblr-1720 695 17 her her PRON cblr-1720 695 18 cash cash NOUN cblr-1720 695 19 compensation compensation NOUN cblr-1720 695 20 during during ADP cblr-1720 695 21 a a DET cblr-1720 695 22 single single ADJ cblr-1720 695 23 calendar calendar NOUN cblr-1720 695 24 year year NOUN cblr-1720 695 25 following follow VERB cblr-1720 695 26 the the DET cblr-1720 695 27 failure failure NOUN cblr-1720 695 28 of of ADP cblr-1720 695 29 the the DET cblr-1720 695 30 bid bid NOUN cblr-1720 695 31 to to PART cblr-1720 695 32 purchase purchase VERB cblr-1720 695 33 stock stock NOUN cblr-1720 695 34 from from ADP cblr-1720 695 35 the the DET cblr-1720 695 36 corporation corporation NOUN cblr-1720 695 37 at at ADP cblr-1720 695 38 the the DET cblr-1720 695 39 bid bid NOUN cblr-1720 695 40 price price NOUN cblr-1720 695 41 and and CCONJ cblr-1720 695 42 to to PART cblr-1720 695 43 hold hold VERB cblr-1720 695 44 such such ADJ cblr-1720 695 45 stock stock NOUN cblr-1720 695 46 for for ADP cblr-1720 695 47 at at ADV cblr-1720 695 48 least least ADV cblr-1720 695 49 three three NUM cblr-1720 695 50 years year NOUN cblr-1720 695 51 . . PUNCT cblr-1720 696 1 we we PRON cblr-1720 696 2 also also ADV cblr-1720 696 3 recommend recommend VERB cblr-1720 696 4 that that SCONJ cblr-1720 696 5 the the DET cblr-1720 696 6 outside outside ADJ cblr-1720 696 7 directors director NOUN cblr-1720 696 8 ’ ’ PART cblr-1720 696 9 stock stock NOUN cblr-1720 696 10 ownership ownership NOUN cblr-1720 696 11 policy policy NOUN cblr-1720 696 12 will will AUX cblr-1720 696 13 apply apply VERB cblr-1720 696 14 to to ADP cblr-1720 696 15 their their PRON cblr-1720 696 16 holding holding NOUN cblr-1720 696 17 of of ADP cblr-1720 696 18 such such ADJ cblr-1720 696 19 stock stock NOUN cblr-1720 696 20 in in ADP cblr-1720 696 21 the the DET cblr-1720 696 22 event event NOUN cblr-1720 696 23 of of ADP cblr-1720 696 24 director director NOUN cblr-1720 696 25 retirement retirement PROPN cblr-1720 696 26 . . PUNCT cblr-1720 697 1 shilon shilon NOUN cblr-1720 697 2 – – PUNCT cblr-1720 697 3 final final ADJ cblr-1720 697 4 562 562 NUM cblr-1720 697 5 columbia columbia PROPN cblr-1720 697 6 business business NOUN cblr-1720 697 7 law law NOUN cblr-1720 697 8 review review NOUN cblr-1720 698 1 [ [ X cblr-1720 698 2 vol vol NOUN cblr-1720 698 3 . . NOUN cblr-1720 698 4 2017 2017 NUM cblr-1720 698 5 the the DET cblr-1720 698 6 final final ADJ cblr-1720 698 7 decision decision NOUN cblr-1720 698 8 to to PART cblr-1720 698 9 commit commit VERB cblr-1720 698 10 to to PART cblr-1720 698 11 buy buy VERB cblr-1720 698 12 and and CCONJ cblr-1720 698 13 hold hold VERB cblr-1720 698 14 such such ADJ cblr-1720 698 15 shares share NOUN cblr-1720 698 16 is be AUX cblr-1720 698 17 left leave VERB cblr-1720 698 18 for for ADP cblr-1720 698 19 each each DET cblr-1720 698 20 outside outside ADJ cblr-1720 698 21 director director NOUN cblr-1720 698 22 ’s ’s PART cblr-1720 698 23 consideration consideration NOUN cblr-1720 698 24 . . PUNCT cblr-1720 699 1 each each DET cblr-1720 699 2 director director NOUN cblr-1720 699 3 ’s ’s PART cblr-1720 699 4 commitment commitment NOUN cblr-1720 699 5 decision decision NOUN cblr-1720 699 6 is be AUX cblr-1720 699 7 attached attach VERB cblr-1720 699 8 in in ADP cblr-1720 699 9 exhibit exhibit NOUN cblr-1720 699 10 b b NOUN cblr-1720 699 11 herein herein NOUN cblr-1720 699 12 and and CCONJ cblr-1720 699 13 constitutes constitute VERB cblr-1720 699 14 an an DET cblr-1720 699 15 integral integral ADJ cblr-1720 699 16 part part NOUN cblr-1720 699 17 of of ADP cblr-1720 699 18 this this DET cblr-1720 699 19 resolution resolution NOUN cblr-1720 699 20 . . PUNCT cblr-1720 700 1 we we PRON cblr-1720 700 2 will will AUX cblr-1720 700 3 convene convene VERB cblr-1720 700 4 a a DET cblr-1720 700 5 full full ADJ cblr-1720 700 6 board board NOUN cblr-1720 700 7 meeting meeting NOUN cblr-1720 700 8 to to PART cblr-1720 700 9 resolve resolve VERB cblr-1720 700 10 that that SCONJ cblr-1720 700 11 the the DET cblr-1720 700 12 company company NOUN cblr-1720 700 13 will will AUX cblr-1720 700 14 issue issue VERB cblr-1720 700 15 new new ADJ cblr-1720 700 16 stock stock NOUN cblr-1720 700 17 , , PUNCT cblr-1720 700 18 after after SCONJ cblr-1720 700 19 the the DET cblr-1720 700 20 bid bid NOUN cblr-1720 700 21 fails fail VERB cblr-1720 700 22 , , PUNCT cblr-1720 700 23 and and CCONJ cblr-1720 700 24 will will AUX cblr-1720 700 25 sell sell VERB cblr-1720 700 26 it it PRON cblr-1720 700 27 to to ADP cblr-1720 700 28 each each PRON cblr-1720 700 29 of of ADP cblr-1720 700 30 the the DET cblr-1720 700 31 outside outside ADJ cblr-1720 700 32 directors director NOUN cblr-1720 700 33 pursuant pursuant VERB cblr-1720 700 34 to to ADP cblr-1720 700 35 his his PRON cblr-1720 700 36 or or CCONJ cblr-1720 700 37 her her PRON cblr-1720 700 38 said said ADJ cblr-1720 700 39 commitment commitment NOUN cblr-1720 700 40 . . PUNCT cblr-1720 701 1 the the DET cblr-1720 701 2 following follow VERB cblr-1720 701 3 sections section NOUN cblr-1720 701 4 discuss discuss VERB cblr-1720 701 5 the the DET cblr-1720 701 6 various various ADJ cblr-1720 701 7 elements element NOUN cblr-1720 701 8 of of ADP cblr-1720 701 9 the the DET cblr-1720 701 10 proposed propose VERB cblr-1720 701 11 arrangement arrangement NOUN cblr-1720 701 12 . . PUNCT cblr-1720 702 1 1 1 X cblr-1720 702 2 . . X cblr-1720 702 3 the the DET cblr-1720 702 4 stock stock NOUN cblr-1720 702 5 commitment commitment NOUN cblr-1720 702 6 should should AUX cblr-1720 702 7 be be AUX cblr-1720 702 8 made make VERB cblr-1720 702 9 by by ADP cblr-1720 702 10 outside outside ADJ cblr-1720 702 11 directors director NOUN cblr-1720 702 12 this this DET cblr-1720 702 13 article article NOUN cblr-1720 702 14 suggests suggest VERB cblr-1720 702 15 that that SCONJ cblr-1720 702 16 targets target NOUN cblr-1720 702 17 ’ ' PUNCT cblr-1720 702 18 outside outside ADP cblr-1720 702 19 directors director NOUN cblr-1720 702 20 exclusively exclusively ADV cblr-1720 702 21 make make VERB cblr-1720 702 22 the the DET cblr-1720 702 23 stock stock NOUN cblr-1720 702 24 commitment commitment NOUN cblr-1720 702 25 . . PUNCT cblr-1720 703 1 it it PRON cblr-1720 703 2 suggests suggest VERB cblr-1720 703 3 this this PRON cblr-1720 703 4 not not PART cblr-1720 703 5 only only ADV cblr-1720 703 6 because because SCONJ cblr-1720 703 7 outside outside ADJ cblr-1720 703 8 directors director NOUN cblr-1720 703 9 already already ADV cblr-1720 703 10 fill fill VERB cblr-1720 703 11 the the DET cblr-1720 703 12 vast vast ADJ cblr-1720 703 13 majority majority NOUN cblr-1720 703 14 of of ADP cblr-1720 703 15 board board NOUN cblr-1720 703 16 seats seat NOUN cblr-1720 703 17 , , PUNCT cblr-1720 703 18 occupying occupy VERB cblr-1720 703 19 85 85 NUM cblr-1720 703 20 % % NOUN cblr-1720 703 21 of of ADP cblr-1720 703 22 s&p s&p PROPN cblr-1720 703 23 500 500 NUM cblr-1720 703 24 firms firm NOUN cblr-1720 703 25 ’ ' PUNCT cblr-1720 703 26 directorships,151 directorships,151 NOUN cblr-1720 704 1 but but CCONJ cblr-1720 704 2 also also ADV cblr-1720 704 3 because because SCONJ cblr-1720 704 4 keeping keep VERB cblr-1720 704 5 inside inside ADJ cblr-1720 704 6 directors director NOUN cblr-1720 704 7 away away ADV cblr-1720 704 8 will will AUX cblr-1720 704 9 help help VERB cblr-1720 704 10 to to PART cblr-1720 704 11 effectively effectively ADV cblr-1720 704 12 achieve achieve VERB cblr-1720 704 13 the the DET cblr-1720 704 14 main main ADJ cblr-1720 704 15 goals goal NOUN cblr-1720 704 16 of of ADP cblr-1720 704 17 the the DET cblr-1720 704 18 proposed propose VERB cblr-1720 704 19 arrangement arrangement NOUN cblr-1720 704 20 . . PUNCT cblr-1720 705 1 first first ADV cblr-1720 705 2 , , PUNCT cblr-1720 705 3 because because SCONJ cblr-1720 705 4 outside outside ADJ cblr-1720 705 5 directors director NOUN cblr-1720 705 6 , , PUNCT cblr-1720 705 7 unlike unlike ADP cblr-1720 705 8 insiders insider NOUN cblr-1720 705 9 , , PUNCT cblr-1720 705 10 are be AUX cblr-1720 705 11 independent152 independent152 NUM cblr-1720 705 12 their their PRON cblr-1720 705 13 entrenchment entrenchment ADJ cblr-1720 705 14 bias bias NOUN cblr-1720 705 15 is be AUX cblr-1720 705 16 significantly significantly ADV cblr-1720 705 17 weaker weak ADJ cblr-1720 705 18 , , PUNCT cblr-1720 705 19 making make VERB cblr-1720 705 20 them they PRON cblr-1720 705 21 less less ADV cblr-1720 705 22 incentivized incentivize VERB cblr-1720 705 23 to to PART cblr-1720 705 24 withhold withhold VERB cblr-1720 705 25 their their PRON cblr-1720 705 26 genuine genuine ADJ cblr-1720 705 27 beliefs belief NOUN cblr-1720 705 28 from from ADP cblr-1720 705 29 courts court NOUN cblr-1720 705 30 . . PUNCT cblr-1720 706 1 moreover moreover ADV cblr-1720 706 2 , , PUNCT cblr-1720 706 3 the the DET cblr-1720 706 4 arrangement arrangement NOUN cblr-1720 706 5 will will AUX cblr-1720 706 6 increase increase VERB cblr-1720 706 7 their their PRON cblr-1720 706 8 independence independence NOUN cblr-1720 706 9 as as SCONJ cblr-1720 706 10 it it PRON cblr-1720 706 11 specifically specifically ADV cblr-1720 706 12 requires require VERB cblr-1720 706 13 them they PRON cblr-1720 706 14 to to PART cblr-1720 706 15 consider consider VERB cblr-1720 706 16 putting put VERB cblr-1720 706 17 their their PRON cblr-1720 706 18 own own ADJ cblr-1720 706 19 money money NOUN cblr-1720 706 20 on on ADP cblr-1720 706 21 the the DET cblr-1720 706 22 line line NOUN cblr-1720 706 23 to to PART cblr-1720 706 24 justify justify VERB cblr-1720 706 25 their their PRON cblr-1720 706 26 decision decision NOUN cblr-1720 706 27 to to PART cblr-1720 706 28 place place VERB cblr-1720 706 29 defenses defense NOUN cblr-1720 706 30 , , PUNCT cblr-1720 706 31 making make VERB cblr-1720 706 32 them they PRON cblr-1720 706 33 less less ADV cblr-1720 706 34 likely likely ADJ cblr-1720 706 35 to to PART cblr-1720 706 36 bend bend VERB cblr-1720 706 37 to to ADP cblr-1720 706 38 the the DET cblr-1720 706 39 wishes wish NOUN cblr-1720 706 40 of of ADP cblr-1720 706 41 the the DET cblr-1720 706 42 ceo ceo NOUN cblr-1720 706 43 . . PUNCT cblr-1720 707 1 in in ADP cblr-1720 707 2 addition addition NOUN cblr-1720 707 3 , , PUNCT cblr-1720 707 4 the the DET cblr-1720 707 5 stock stock NOUN cblr-1720 707 6 151 151 NUM cblr-1720 707 7 see see VERB cblr-1720 707 8 ann ann PROPN cblr-1720 707 9 yerger yerger PROPN cblr-1720 707 10 , , PUNCT cblr-1720 707 11 corporate corporate ADJ cblr-1720 707 12 governance governance NOUN cblr-1720 707 13 by by ADP cblr-1720 707 14 the the DET cblr-1720 707 15 numbers number NOUN cblr-1720 707 16 , , PUNCT cblr-1720 707 17 harv harv NOUN cblr-1720 707 18 . . PUNCT cblr-1720 708 1 l. l. PROPN cblr-1720 708 2 sch sch PROPN cblr-1720 708 3 . . PROPN cblr-1720 709 1 f. f. PROPN cblr-1720 709 2 corp corp PROPN cblr-1720 709 3 . . PROPN cblr-1720 709 4 gov gov PROPN cblr-1720 709 5 . . PROPN cblr-1720 709 6 & & CCONJ cblr-1720 709 7 fin fin PROPN cblr-1720 709 8 . . PUNCT cblr-1720 710 1 reg reg PROPN cblr-1720 710 2 . . PUNCT cblr-1720 711 1 ( ( PUNCT cblr-1720 711 2 aug aug PROPN cblr-1720 711 3 . . PROPN cblr-1720 711 4 9 9 NUM cblr-1720 711 5 , , PUNCT cblr-1720 711 6 2016 2016 NUM cblr-1720 711 7 ) ) PUNCT cblr-1720 711 8 , , PUNCT cblr-1720 711 9 https://corpgov.law.harvard.edu/2016/08/09/corporate-governance-by-thenumbers/ https://corpgov.law.harvard.edu/2016/08/09/corporate-governance-by-thenumbers/ PROPN cblr-1720 712 1 [ [ X cblr-1720 712 2 https://perma.cc/twe2-v5hl https://perma.cc/twe2-v5hl NOUN cblr-1720 712 3 ] ] X cblr-1720 712 4 . . PUNCT cblr-1720 713 1 152 152 NUM cblr-1720 713 2 under under ADP cblr-1720 713 3 the the DET cblr-1720 713 4 nyse nyse PROPN cblr-1720 713 5 rules rule NOUN cblr-1720 713 6 , , PUNCT cblr-1720 713 7 for for SCONJ cblr-1720 713 8 a a DET cblr-1720 713 9 director director NOUN cblr-1720 713 10 to to PART cblr-1720 713 11 be be AUX cblr-1720 713 12 independent independent ADJ cblr-1720 713 13 , , PUNCT cblr-1720 713 14 the the DET cblr-1720 713 15 board board NOUN cblr-1720 713 16 must must AUX cblr-1720 713 17 affirmatively affirmatively ADV cblr-1720 713 18 determine determine VERB cblr-1720 713 19 that that SCONJ cblr-1720 713 20 the the DET cblr-1720 713 21 director director NOUN cblr-1720 713 22 has have VERB cblr-1720 713 23 “ " PUNCT cblr-1720 713 24 no no DET cblr-1720 713 25 material material NOUN cblr-1720 713 26 relationship relationship NOUN cblr-1720 713 27 with with ADP cblr-1720 713 28 the the DET cblr-1720 713 29 listed list VERB cblr-1720 713 30 company company NOUN cblr-1720 713 31 . . PUNCT cblr-1720 713 32 ” " PUNCT cblr-1720 714 1 see see VERB cblr-1720 714 2 nyse nyse PROPN cblr-1720 714 3 arca arca PROPN cblr-1720 714 4 equities equities PROPN cblr-1720 714 5 rules rule NOUN cblr-1720 714 6 , , PUNCT cblr-1720 714 7 5.3(k 5.3(k NUM cblr-1720 714 8 ) ) PUNCT cblr-1720 714 9 , , PUNCT cblr-1720 714 10 nyse nyse PROPN cblr-1720 714 11 ( ( PUNCT cblr-1720 714 12 oct oct PROPN cblr-1720 714 13 . . PROPN cblr-1720 714 14 12 12 NUM cblr-1720 714 15 , , PUNCT cblr-1720 714 16 2011 2011 NUM cblr-1720 714 17 ) ) PUNCT cblr-1720 714 18 , , PUNCT cblr-1720 714 19 http://nysearcarules.nyse.com/pcx/pcxe/pcxerules/chp_1_1/chp_1_1_6/default.asp http://nysearcarules.nyse.com/pcx/pcxe/pcxerules/chp_1_1/chp_1_1_6/default.asp PUNCT cblr-1720 715 1 [ [ X cblr-1720 715 2 https://perma.cc/4j7q-uj2p https://perma.cc/4j7q-uj2p X cblr-1720 715 3 ] ] PUNCT cblr-1720 715 4 . . PUNCT cblr-1720 716 1 shilon shilon NOUN cblr-1720 716 2 – – PUNCT cblr-1720 716 3 final final ADJ cblr-1720 716 4 no no NOUN cblr-1720 716 5 . . PUNCT cblr-1720 716 6 2:511 2:511 NOUN cblr-1720 716 7 ] ] X cblr-1720 716 8 improving improve VERB cblr-1720 716 9 corporate corporate ADJ cblr-1720 716 10 takeover takeover NOUN cblr-1720 716 11 dynamics dynamic NOUN cblr-1720 716 12 563 563 NUM cblr-1720 716 13 commitment commitment NOUN cblr-1720 716 14 per per ADP cblr-1720 716 15 the the DET cblr-1720 716 16 arrangement arrangement NOUN cblr-1720 716 17 will will AUX cblr-1720 716 18 increase increase VERB cblr-1720 716 19 their their PRON cblr-1720 716 20 interest interest NOUN cblr-1720 716 21 in in ADP cblr-1720 716 22 the the DET cblr-1720 716 23 firm firm NOUN cblr-1720 716 24 , , PUNCT cblr-1720 716 25 thereby thereby ADV cblr-1720 716 26 empowering empower VERB cblr-1720 716 27 them they PRON cblr-1720 716 28 vis vis X cblr-1720 716 29 - - X cblr-1720 716 30 à à X cblr-1720 716 31 - - PUNCT cblr-1720 716 32 vis vis X cblr-1720 716 33 the the DET cblr-1720 716 34 insiders insider NOUN cblr-1720 716 35 . . PUNCT cblr-1720 717 1 second second ADJ cblr-1720 717 2 , , PUNCT cblr-1720 717 3 reliance reliance NOUN cblr-1720 717 4 on on ADP cblr-1720 717 5 outside outside ADJ cblr-1720 717 6 directors director NOUN cblr-1720 717 7 fits fit VERB cblr-1720 717 8 nicely nicely ADV cblr-1720 717 9 with with ADP cblr-1720 717 10 the the DET cblr-1720 717 11 current current ADJ cblr-1720 717 12 delaware delaware PROPN cblr-1720 717 13 doctrine doctrine NOUN cblr-1720 717 14 , , PUNCT cblr-1720 717 15 under under ADP cblr-1720 717 16 which which PRON cblr-1720 717 17 directors director NOUN cblr-1720 717 18 are be AUX cblr-1720 717 19 conferred confer VERB cblr-1720 717 20 with with ADP cblr-1720 717 21 the the DET cblr-1720 717 22 power power NOUN cblr-1720 717 23 to to PART cblr-1720 717 24 decide decide VERB cblr-1720 717 25 whether whether SCONJ cblr-1720 717 26 to to PART cblr-1720 717 27 fend fend VERB cblr-1720 717 28 off off ADP cblr-1720 717 29 unsolicited unsolicited ADJ cblr-1720 717 30 bidders.153 bidders.153 NOUN cblr-1720 717 31 with with ADP cblr-1720 717 32 power power NOUN cblr-1720 717 33 comes come VERB cblr-1720 717 34 responsibility responsibility NOUN cblr-1720 717 35 ; ; PUNCT cblr-1720 717 36 such such ADJ cblr-1720 717 37 directors director NOUN cblr-1720 717 38 should should AUX cblr-1720 717 39 also also ADV cblr-1720 717 40 be be AUX cblr-1720 717 41 the the DET cblr-1720 717 42 ones one NOUN cblr-1720 717 43 who who PRON cblr-1720 717 44 can can AUX cblr-1720 717 45 use use VERB cblr-1720 717 46 the the DET cblr-1720 717 47 proposed propose VERB cblr-1720 717 48 arrangement arrangement NOUN cblr-1720 717 49 to to PART cblr-1720 717 50 justify justify VERB cblr-1720 717 51 their their PRON cblr-1720 717 52 decisions decision NOUN cblr-1720 717 53 . . PUNCT cblr-1720 718 1 third third ADV cblr-1720 718 2 , , PUNCT cblr-1720 718 3 the the DET cblr-1720 718 4 arrangement arrangement NOUN cblr-1720 718 5 requires require VERB cblr-1720 718 6 outside outside ADP cblr-1720 718 7 directors director NOUN cblr-1720 718 8 to to PART cblr-1720 718 9 commit commit VERB cblr-1720 718 10 less less ADJ cblr-1720 718 11 stock stock NOUN cblr-1720 718 12 than than SCONJ cblr-1720 718 13 insiders insider NOUN cblr-1720 718 14 to to PART cblr-1720 718 15 make make VERB cblr-1720 718 16 credible credible ADJ cblr-1720 718 17 stock stock NOUN cblr-1720 718 18 commitments commitment NOUN cblr-1720 718 19 , , PUNCT cblr-1720 718 20 thereby thereby ADV cblr-1720 718 21 lowering lower VERB cblr-1720 718 22 its its PRON cblr-1720 718 23 costs cost NOUN cblr-1720 718 24 . . PUNCT cblr-1720 719 1 because because SCONJ cblr-1720 719 2 outside outside ADJ cblr-1720 719 3 directors director NOUN cblr-1720 719 4 stand stand VERB cblr-1720 719 5 to to PART cblr-1720 719 6 lose lose VERB cblr-1720 719 7 their their PRON cblr-1720 719 8 future future ADJ cblr-1720 719 9 salaries salary NOUN cblr-1720 719 10 if if SCONJ cblr-1720 719 11 the the DET cblr-1720 719 12 bid bid NOUN cblr-1720 719 13 is be AUX cblr-1720 719 14 accepted accept VERB cblr-1720 719 15 — — PUNCT cblr-1720 719 16 and and CCONJ cblr-1720 719 17 again again ADV cblr-1720 719 18 , , PUNCT cblr-1720 719 19 their their PRON cblr-1720 719 20 salary salary NOUN cblr-1720 719 21 is be AUX cblr-1720 719 22 , , PUNCT cblr-1720 719 23 on on ADP cblr-1720 719 24 average average ADJ cblr-1720 719 25 , , PUNCT cblr-1720 719 26 more more ADJ cblr-1720 719 27 than than ADP cblr-1720 719 28 forty forty NUM cblr-1720 719 29 times time NOUN cblr-1720 719 30 lower low ADJ cblr-1720 719 31 than than ADP cblr-1720 719 32 the the DET cblr-1720 719 33 ceos ceo NOUN cblr-1720 719 34 ’ ' PUNCT cblr-1720 719 35 compensation154 compensation154 PROPN cblr-1720 719 36 — — PUNCT cblr-1720 719 37 and and CCONJ cblr-1720 719 38 because because SCONJ cblr-1720 719 39 outside outside ADJ cblr-1720 719 40 directors director NOUN cblr-1720 719 41 are be AUX cblr-1720 719 42 not not PART cblr-1720 719 43 disproportionately disproportionately ADV cblr-1720 719 44 invested invest VERB cblr-1720 719 45 in in ADP cblr-1720 719 46 the the DET cblr-1720 719 47 firm firm NOUN cblr-1720 719 48 through through ADP cblr-1720 719 49 career career NOUN cblr-1720 719 50 concerns concern NOUN cblr-1720 719 51 of of ADP cblr-1720 719 52 reputation reputation NOUN cblr-1720 719 53 and and CCONJ cblr-1720 719 54 success success NOUN cblr-1720 719 55 , , PUNCT cblr-1720 719 56 their their PRON cblr-1720 719 57 personal personal ADJ cblr-1720 719 58 benefit benefit NOUN cblr-1720 719 59 from from ADP cblr-1720 719 60 rejecting reject VERB cblr-1720 719 61 the the DET cblr-1720 719 62 bid bid NOUN cblr-1720 719 63 is be AUX cblr-1720 719 64 significantly significantly ADV cblr-1720 719 65 lower low ADJ cblr-1720 719 66 than than ADP cblr-1720 719 67 that that PRON cblr-1720 719 68 of of ADP cblr-1720 719 69 insiders insider NOUN cblr-1720 719 70 . . PUNCT cblr-1720 720 1 this this PRON cblr-1720 720 2 reduces reduce VERB cblr-1720 720 3 the the DET cblr-1720 720 4 cost cost NOUN cblr-1720 720 5 they they PRON cblr-1720 720 6 need need VERB cblr-1720 720 7 to to PART cblr-1720 720 8 incur incur VERB cblr-1720 720 9 in in ADP cblr-1720 720 10 order order NOUN cblr-1720 720 11 to to PART cblr-1720 720 12 credibly credibly ADV cblr-1720 720 13 signal signal VERB cblr-1720 720 14 the the DET cblr-1720 720 15 undesirability undesirability NOUN cblr-1720 720 16 of of ADP cblr-1720 720 17 the the DET cblr-1720 720 18 bid bid NOUN cblr-1720 720 19 . . PUNCT cblr-1720 721 1 2 2 X cblr-1720 721 2 . . X cblr-1720 721 3 the the DET cblr-1720 721 4 committed committed ADJ cblr-1720 721 5 stock stock NOUN cblr-1720 721 6 should should AUX cblr-1720 721 7 be be AUX cblr-1720 721 8 purchased purchase VERB cblr-1720 721 9 from from ADP cblr-1720 721 10 the the DET cblr-1720 721 11 target target NOUN cblr-1720 721 12 the the DET cblr-1720 721 13 stock stock NOUN cblr-1720 721 14 that that PRON cblr-1720 721 15 outside outside ADJ cblr-1720 721 16 directors director NOUN cblr-1720 721 17 commit commit VERB cblr-1720 721 18 to to PART cblr-1720 721 19 buy buy VERB cblr-1720 721 20 should should AUX cblr-1720 721 21 be be AUX cblr-1720 721 22 purchased purchase VERB cblr-1720 721 23 from from ADP cblr-1720 721 24 the the DET cblr-1720 721 25 target target NOUN cblr-1720 721 26 rather rather ADV cblr-1720 721 27 than than ADP cblr-1720 721 28 from from ADP cblr-1720 721 29 its its PRON cblr-1720 721 30 shareholders shareholder NOUN cblr-1720 721 31 . . PUNCT cblr-1720 722 1 designing design VERB cblr-1720 722 2 the the DET cblr-1720 722 3 arrangement arrangement NOUN cblr-1720 722 4 this this DET cblr-1720 722 5 way way NOUN cblr-1720 722 6 has have VERB cblr-1720 722 7 two two NUM cblr-1720 722 8 main main ADJ cblr-1720 722 9 benefits benefit NOUN cblr-1720 722 10 . . PUNCT cblr-1720 723 1 first first ADV cblr-1720 723 2 , , PUNCT cblr-1720 723 3 it it PRON cblr-1720 723 4 renders render VERB cblr-1720 723 5 the the DET cblr-1720 723 6 directors director NOUN cblr-1720 723 7 ’ ’ PART cblr-1720 723 8 commitment commitment NOUN cblr-1720 723 9 binding bind VERB cblr-1720 723 10 and and CCONJ cblr-1720 723 11 therefore therefore ADV cblr-1720 723 12 easier easy ADJ cblr-1720 723 13 to to PART cblr-1720 723 14 evaluate evaluate VERB cblr-1720 723 15 compared compare VERB cblr-1720 723 16 to to ADP cblr-1720 723 17 merely merely ADV cblr-1720 723 18 a a DET cblr-1720 723 19 legally legally ADV cblr-1720 723 20 qualified qualified ADJ cblr-1720 723 21 promise promise NOUN cblr-1720 723 22 for for ADP cblr-1720 723 23 the the DET cblr-1720 723 24 benefit benefit NOUN cblr-1720 723 25 of of ADP cblr-1720 723 26 others.155 others.155 NUM cblr-1720 723 27 as as SCONJ cblr-1720 723 28 demonstrated demonstrate VERB cblr-1720 723 29 in in ADP cblr-1720 723 30 the the DET cblr-1720 723 31 sample sample NOUN cblr-1720 723 32 board board NOUN cblr-1720 723 33 resolution resolution NOUN cblr-1720 723 34 above above ADV cblr-1720 723 35 , , PUNCT cblr-1720 723 36 when when SCONJ cblr-1720 723 37 the the DET cblr-1720 723 38 stock stock NOUN cblr-1720 723 39 commitment commitment NOUN cblr-1720 723 40 is be AUX cblr-1720 723 41 made make VERB cblr-1720 723 42 to to ADP cblr-1720 723 43 the the DET cblr-1720 723 44 target target NOUN cblr-1720 723 45 , , PUNCT cblr-1720 723 46 the the DET cblr-1720 723 47 target target NOUN cblr-1720 723 48 can can AUX cblr-1720 723 49 153 153 NUM cblr-1720 723 50 see see VERB cblr-1720 723 51 unocal unocal PROPN cblr-1720 723 52 corp corp PROPN cblr-1720 723 53 . . PROPN cblr-1720 724 1 v. v. PROPN cblr-1720 724 2 mesa mesa PROPN cblr-1720 724 3 petroleum petroleum PROPN cblr-1720 724 4 co. co. PROPN cblr-1720 724 5 , , PUNCT cblr-1720 724 6 493 493 NUM cblr-1720 724 7 a.2d a.2d SYM cblr-1720 724 8 946 946 NUM cblr-1720 724 9 , , PUNCT cblr-1720 724 10 955 955 NUM cblr-1720 724 11 ( ( PUNCT cblr-1720 724 12 del del PROPN cblr-1720 724 13 . . PROPN cblr-1720 724 14 1985 1985 NUM cblr-1720 724 15 ) ) PUNCT cblr-1720 724 16 . . PUNCT cblr-1720 725 1 154 154 NUM cblr-1720 725 2 see see VERB cblr-1720 725 3 supra supra PROPN cblr-1720 725 4 note note PROPN cblr-1720 725 5 143 143 NUM cblr-1720 725 6 . . PROPN cblr-1720 725 7 155 155 NUM cblr-1720 725 8 for for ADP cblr-1720 725 9 the the DET cblr-1720 725 10 limits limit NOUN cblr-1720 725 11 of of ADP cblr-1720 725 12 a a DET cblr-1720 725 13 contract contract NOUN cblr-1720 725 14 for for ADP cblr-1720 725 15 the the DET cblr-1720 725 16 benefit benefit NOUN cblr-1720 725 17 of of ADP cblr-1720 725 18 third third ADJ cblr-1720 725 19 parties party NOUN cblr-1720 725 20 , , PUNCT cblr-1720 725 21 see see VERB cblr-1720 725 22 , , PUNCT cblr-1720 725 23 e.g. e.g. ADV cblr-1720 725 24 , , PUNCT cblr-1720 725 25 arthur arthur PROPN cblr-1720 725 26 corbin corbin PROPN cblr-1720 725 27 , , PUNCT cblr-1720 725 28 contracts contract NOUN cblr-1720 725 29 for for ADP cblr-1720 725 30 benefit benefit NOUN cblr-1720 725 31 of of ADP cblr-1720 725 32 third third ADJ cblr-1720 725 33 persons person NOUN cblr-1720 725 34 , , PUNCT cblr-1720 725 35 27 27 NUM cblr-1720 725 36 yale yale PROPN cblr-1720 725 37 l.j l.j PROPN cblr-1720 725 38 . . PROPN cblr-1720 725 39 1008 1008 NUM cblr-1720 725 40 ( ( PUNCT cblr-1720 725 41 1918 1918 NUM cblr-1720 725 42 ) ) PUNCT cblr-1720 725 43 . . PUNCT cblr-1720 726 1 shilon shilon NOUN cblr-1720 726 2 – – PUNCT cblr-1720 726 3 final final ADJ cblr-1720 726 4 564 564 NUM cblr-1720 726 5 columbia columbia PROPN cblr-1720 726 6 business business NOUN cblr-1720 726 7 law law PROPN cblr-1720 726 8 review review NOUN cblr-1720 727 1 [ [ X cblr-1720 727 2 vol vol NOUN cblr-1720 727 3 . . NOUN cblr-1720 727 4 2017 2017 NUM cblr-1720 727 5 ( ( PUNCT cblr-1720 727 6 and and CCONJ cblr-1720 727 7 should should AUX cblr-1720 727 8 ) ) PUNCT cblr-1720 727 9 make make VERB cblr-1720 727 10 a a DET cblr-1720 727 11 matching match VERB cblr-1720 727 12 commitment commitment NOUN cblr-1720 727 13 to to PART cblr-1720 727 14 sell sell VERB cblr-1720 727 15 the the DET cblr-1720 727 16 committed committed ADJ cblr-1720 727 17 stock stock NOUN cblr-1720 727 18 , , PUNCT cblr-1720 727 19 if if SCONJ cblr-1720 727 20 the the DET cblr-1720 727 21 bid bid NOUN cblr-1720 727 22 fails fail VERB cblr-1720 727 23 , , PUNCT cblr-1720 727 24 to to ADP cblr-1720 727 25 the the DET cblr-1720 727 26 directors director NOUN cblr-1720 727 27 . . PUNCT cblr-1720 728 1 unlike unlike ADP cblr-1720 728 2 the the DET cblr-1720 728 3 target target NOUN cblr-1720 728 4 company company NOUN cblr-1720 728 5 , , PUNCT cblr-1720 728 6 the the DET cblr-1720 728 7 dispersed disperse VERB cblr-1720 728 8 shareholders shareholder NOUN cblr-1720 728 9 are be AUX cblr-1720 728 10 unable unable ADJ cblr-1720 728 11 to to PART cblr-1720 728 12 make make VERB cblr-1720 728 13 such such DET cblr-1720 728 14 a a DET cblr-1720 728 15 commitment commitment NOUN cblr-1720 728 16 because because SCONJ cblr-1720 728 17 of of ADP cblr-1720 728 18 their their PRON cblr-1720 728 19 collective collective ADJ cblr-1720 728 20 action action NOUN cblr-1720 728 21 problems problem NOUN cblr-1720 728 22 and and CCONJ cblr-1720 728 23 because because SCONJ cblr-1720 728 24 their their PRON cblr-1720 728 25 identity identity NOUN cblr-1720 728 26 might might AUX cblr-1720 728 27 change change VERB cblr-1720 728 28 between between ADP cblr-1720 728 29 the the DET cblr-1720 728 30 time time NOUN cblr-1720 728 31 of of ADP cblr-1720 728 32 the the DET cblr-1720 728 33 directors director NOUN cblr-1720 728 34 ’ ’ PART cblr-1720 728 35 commitments commitment NOUN cblr-1720 728 36 and and CCONJ cblr-1720 728 37 the the DET cblr-1720 728 38 time time NOUN cblr-1720 728 39 of of ADP cblr-1720 728 40 the the DET cblr-1720 728 41 failure failure NOUN cblr-1720 728 42 of of ADP cblr-1720 728 43 the the DET cblr-1720 728 44 bid bid NOUN cblr-1720 728 45 . . PUNCT cblr-1720 729 1 second second ADJ cblr-1720 729 2 , , PUNCT cblr-1720 729 3 only only ADV cblr-1720 729 4 when when SCONJ cblr-1720 729 5 the the DET cblr-1720 729 6 directors director NOUN cblr-1720 729 7 ’ ’ PART cblr-1720 729 8 commitment commitment NOUN cblr-1720 729 9 is be AUX cblr-1720 729 10 made make VERB cblr-1720 729 11 to to ADP cblr-1720 729 12 the the DET cblr-1720 729 13 target target NOUN cblr-1720 729 14 does do AUX cblr-1720 729 15 it it PRON cblr-1720 729 16 affect affect VERB cblr-1720 729 17 all all DET cblr-1720 729 18 shareholders shareholder NOUN cblr-1720 729 19 equally equally ADV cblr-1720 729 20 . . PUNCT cblr-1720 730 1 the the DET cblr-1720 730 2 directors director NOUN cblr-1720 730 3 then then ADV cblr-1720 730 4 execute execute VERB cblr-1720 730 5 it it PRON cblr-1720 730 6 by by ADP cblr-1720 730 7 buying buy VERB cblr-1720 730 8 newly newly ADV cblr-1720 730 9 issued issue VERB cblr-1720 730 10 stock stock NOUN cblr-1720 730 11 at at ADP cblr-1720 730 12 a a DET cblr-1720 730 13 premium premium NOUN cblr-1720 730 14 . . PUNCT cblr-1720 731 1 such such ADJ cblr-1720 731 2 new new ADJ cblr-1720 731 3 issuance issuance NOUN cblr-1720 731 4 functions function NOUN cblr-1720 731 5 economically economically ADV cblr-1720 731 6 as as ADP cblr-1720 731 7 a a DET cblr-1720 731 8 “ " PUNCT cblr-1720 731 9 reverse reverse ADJ cblr-1720 731 10 dividend dividend NOUN cblr-1720 731 11 ” " PUNCT cblr-1720 731 12 to to ADP cblr-1720 731 13 the the DET cblr-1720 731 14 committed committed ADJ cblr-1720 731 15 directors director NOUN cblr-1720 731 16 alone alone ADV cblr-1720 731 17 , , PUNCT cblr-1720 731 18 thereby thereby ADV cblr-1720 731 19 positively positively ADV cblr-1720 731 20 affecting affect VERB cblr-1720 731 21 the the DET cblr-1720 731 22 value value NOUN cblr-1720 731 23 for for ADP cblr-1720 731 24 the the DET cblr-1720 731 25 other other ADJ cblr-1720 731 26 shareholders shareholder NOUN cblr-1720 731 27 pro pro ADJ cblr-1720 731 28 rata rata NOUN cblr-1720 731 29 . . PUNCT cblr-1720 732 1 conversely conversely ADV cblr-1720 732 2 , , PUNCT cblr-1720 732 3 if if SCONJ cblr-1720 732 4 the the DET cblr-1720 732 5 commitment commitment NOUN cblr-1720 732 6 were be AUX cblr-1720 732 7 made make VERB cblr-1720 732 8 to to ADP cblr-1720 732 9 the the DET cblr-1720 732 10 shareholders shareholder NOUN cblr-1720 732 11 , , PUNCT cblr-1720 732 12 it it PRON cblr-1720 732 13 would would AUX cblr-1720 732 14 require require VERB cblr-1720 732 15 making make VERB cblr-1720 732 16 another another DET cblr-1720 732 17 costly costly ADJ cblr-1720 732 18 tender tender NOUN cblr-1720 732 19 offer offer NOUN cblr-1720 732 20 just just ADV cblr-1720 732 21 to to PART cblr-1720 732 22 ensure ensure VERB cblr-1720 732 23 that that SCONJ cblr-1720 732 24 the the DET cblr-1720 732 25 limited limited ADJ cblr-1720 732 26 amount amount NOUN cblr-1720 732 27 of of ADP cblr-1720 732 28 shares share NOUN cblr-1720 732 29 that that PRON cblr-1720 732 30 directors director NOUN cblr-1720 732 31 buy buy VERB cblr-1720 732 32 at at ADP cblr-1720 732 33 a a DET cblr-1720 732 34 premium premium NOUN cblr-1720 732 35 is be AUX cblr-1720 732 36 bought buy VERB cblr-1720 732 37 pro pro ADJ cblr-1720 732 38 rata rata NOUN cblr-1720 732 39 from from ADP cblr-1720 732 40 all all DET cblr-1720 732 41 shareholders shareholder NOUN cblr-1720 732 42 . . PUNCT cblr-1720 733 1 3 3 X cblr-1720 733 2 . . X cblr-1720 733 3 stock stock NOUN cblr-1720 733 4 commitment commitment NOUN cblr-1720 733 5 should should AUX cblr-1720 733 6 be be AUX cblr-1720 733 7 made make VERB cblr-1720 733 8 concurrently concurrently ADV cblr-1720 733 9 with with ADP cblr-1720 733 10 board board NOUN cblr-1720 733 11 rejection rejection NOUN cblr-1720 733 12 of of ADP cblr-1720 733 13 the the DET cblr-1720 733 14 bid bid NOUN cblr-1720 733 15 to to PART cblr-1720 733 16 prevent prevent VERB cblr-1720 733 17 gaming gaming NOUN cblr-1720 733 18 , , PUNCT cblr-1720 733 19 the the DET cblr-1720 733 20 proposed propose VERB cblr-1720 733 21 arrangement arrangement NOUN cblr-1720 733 22 suggests suggest VERB cblr-1720 733 23 that that SCONJ cblr-1720 733 24 directors director NOUN cblr-1720 733 25 ’ ’ PART cblr-1720 733 26 final final ADJ cblr-1720 733 27 individual individual ADJ cblr-1720 733 28 commitments commitment NOUN cblr-1720 733 29 to to PART cblr-1720 733 30 buy buy VERB cblr-1720 733 31 and and CCONJ cblr-1720 733 32 hold hold VERB cblr-1720 733 33 target target NOUN cblr-1720 733 34 stock stock NOUN cblr-1720 733 35 should should AUX cblr-1720 733 36 be be AUX cblr-1720 733 37 made make VERB cblr-1720 733 38 and and CCONJ cblr-1720 733 39 announced announce VERB cblr-1720 733 40 simultaneously simultaneously ADV cblr-1720 733 41 with with ADP cblr-1720 733 42 their their PRON cblr-1720 733 43 decision decision NOUN cblr-1720 733 44 to to PART cblr-1720 733 45 reject reject VERB cblr-1720 733 46 the the DET cblr-1720 733 47 bid.156 bid.156 NOUN cblr-1720 733 48 it it PRON cblr-1720 733 49 further far ADV cblr-1720 733 50 recommends recommend VERB cblr-1720 733 51 that that SCONJ cblr-1720 733 52 courts court NOUN cblr-1720 733 53 draw draw VERB cblr-1720 733 54 judicial judicial ADJ cblr-1720 733 55 inference inference NOUN cblr-1720 733 56 from from ADP cblr-1720 733 57 the the DET cblr-1720 733 58 timing timing NOUN cblr-1720 733 59 of of ADP cblr-1720 733 60 those those DET cblr-1720 733 61 stock stock NOUN cblr-1720 733 62 commitments commitment NOUN cblr-1720 733 63 in in ADP cblr-1720 733 64 the the DET cblr-1720 733 65 later later ADJ cblr-1720 733 66 litigation litigation NOUN cblr-1720 733 67 stage stage NOUN cblr-1720 733 68 . . PUNCT cblr-1720 734 1 as as SCONJ cblr-1720 734 2 shown show VERB cblr-1720 734 3 in in ADP cblr-1720 734 4 the the DET cblr-1720 734 5 sample sample NOUN cblr-1720 734 6 resolution resolution NOUN cblr-1720 734 7 above above ADV cblr-1720 734 8 , , PUNCT cblr-1720 734 9 one one NUM cblr-1720 734 10 practical practical ADJ cblr-1720 734 11 way way NOUN cblr-1720 734 12 to to PART cblr-1720 734 13 make make VERB cblr-1720 734 14 a a DET cblr-1720 734 15 concurrent concurrent ADJ cblr-1720 734 16 stock stock NOUN cblr-1720 734 17 commitment commitment NOUN cblr-1720 734 18 is be AUX cblr-1720 734 19 by by ADP cblr-1720 734 20 annexing annex VERB cblr-1720 734 21 the the DET cblr-1720 734 22 individual individual ADJ cblr-1720 734 23 stock stock NOUN cblr-1720 734 24 commitment commitment NOUN cblr-1720 734 25 decisions decision NOUN cblr-1720 734 26 to to ADP cblr-1720 734 27 the the DET cblr-1720 734 28 board board NOUN cblr-1720 734 29 resolution resolution NOUN cblr-1720 734 30 that that PRON cblr-1720 734 31 rejects reject VERB cblr-1720 734 32 the the DET cblr-1720 734 33 bid bid NOUN cblr-1720 734 34 . . PUNCT cblr-1720 735 1 156 156 NUM cblr-1720 735 2 the the DET cblr-1720 735 3 proposed propose VERB cblr-1720 735 4 arrangement arrangement NOUN cblr-1720 735 5 is be AUX cblr-1720 735 6 not not PART cblr-1720 735 7 intended intend VERB cblr-1720 735 8 to to PART cblr-1720 735 9 evaluate evaluate VERB cblr-1720 735 10 “ " PUNCT cblr-1720 735 11 preemptive preemptive ADJ cblr-1720 735 12 ” " PUNCT cblr-1720 735 13 defensive defensive ADJ cblr-1720 735 14 tactics tactic NOUN cblr-1720 735 15 — — PUNCT cblr-1720 735 16 that that PRON cblr-1720 735 17 is is ADV cblr-1720 735 18 , , PUNCT cblr-1720 735 19 defenses defense NOUN cblr-1720 735 20 that that PRON cblr-1720 735 21 are be AUX cblr-1720 735 22 placed place VERB cblr-1720 735 23 without without ADP cblr-1720 735 24 a a DET cblr-1720 735 25 concrete concrete ADJ cblr-1720 735 26 threat threat NOUN cblr-1720 735 27 that that PRON cblr-1720 735 28 might might AUX cblr-1720 735 29 be be AUX cblr-1720 735 30 posed pose VERB cblr-1720 735 31 . . PUNCT cblr-1720 736 1 as as SCONJ cblr-1720 736 2 the the DET cblr-1720 736 3 delaware delaware PROPN cblr-1720 736 4 court court PROPN cblr-1720 736 5 indicated indicate VERB cblr-1720 736 6 in in ADP cblr-1720 736 7 moran moran PROPN cblr-1720 736 8 , , PUNCT cblr-1720 736 9 such such ADJ cblr-1720 736 10 defenses defense NOUN cblr-1720 736 11 should should AUX cblr-1720 736 12 be be AUX cblr-1720 736 13 reevaluated reevaluate VERB cblr-1720 736 14 once once ADV cblr-1720 736 15 a a DET cblr-1720 736 16 takeover takeover NOUN cblr-1720 736 17 attempt attempt NOUN cblr-1720 736 18 is be AUX cblr-1720 736 19 posed pose VERB cblr-1720 736 20 . . PUNCT cblr-1720 737 1 the the DET cblr-1720 737 2 proposed propose VERB cblr-1720 737 3 arrangement arrangement NOUN cblr-1720 737 4 kicks kick VERB cblr-1720 737 5 in in ADP cblr-1720 737 6 after after ADP cblr-1720 737 7 that that PRON cblr-1720 737 8 . . PUNCT cblr-1720 738 1 see see VERB cblr-1720 738 2 moran moran PROPN cblr-1720 738 3 v. v. ADP cblr-1720 738 4 household household PROPN cblr-1720 738 5 int’l int’l NUM cblr-1720 738 6 , , PUNCT cblr-1720 738 7 inc inc PROPN cblr-1720 738 8 . . PROPN cblr-1720 738 9 , , PUNCT cblr-1720 738 10 500 500 NUM cblr-1720 738 11 a.2d a.2d SYM cblr-1720 738 12 1346 1346 NUM cblr-1720 738 13 , , PUNCT cblr-1720 738 14 1350 1350 NUM cblr-1720 738 15 ( ( PUNCT cblr-1720 738 16 del del PROPN cblr-1720 738 17 . . PROPN cblr-1720 738 18 ch ch PROPN cblr-1720 738 19 . . PROPN cblr-1720 738 20 1985 1985 NUM cblr-1720 738 21 ) ) PUNCT cblr-1720 738 22 . . PUNCT cblr-1720 739 1 shilon shilon NOUN cblr-1720 739 2 – – PUNCT cblr-1720 739 3 final final ADJ cblr-1720 739 4 no no NOUN cblr-1720 739 5 . . PUNCT cblr-1720 740 1 2:511 2:511 NOUN cblr-1720 740 2 ] ] X cblr-1720 740 3 improving improve VERB cblr-1720 740 4 corporate corporate ADJ cblr-1720 740 5 takeover takeover NOUN cblr-1720 740 6 dynamics dynamic NOUN cblr-1720 740 7 565 565 NUM cblr-1720 740 8 if if SCONJ cblr-1720 740 9 the the DET cblr-1720 740 10 directors director NOUN cblr-1720 740 11 were be AUX cblr-1720 740 12 allowed allow VERB cblr-1720 740 13 to to PART cblr-1720 740 14 wait wait VERB cblr-1720 740 15 and and CCONJ cblr-1720 740 16 consider consider VERB cblr-1720 740 17 using use VERB cblr-1720 740 18 the the DET cblr-1720 740 19 proposed propose VERB cblr-1720 740 20 arrangement arrangement NOUN cblr-1720 740 21 only only ADV cblr-1720 740 22 after after SCONJ cblr-1720 740 23 fiduciary fiduciary ADJ cblr-1720 740 24 duty duty NOUN cblr-1720 740 25 litigation litigation NOUN cblr-1720 740 26 was be AUX cblr-1720 740 27 filed file VERB cblr-1720 740 28 , , PUNCT cblr-1720 740 29 they they PRON cblr-1720 740 30 would would AUX cblr-1720 740 31 tend tend VERB cblr-1720 740 32 to to PART cblr-1720 740 33 do do VERB cblr-1720 740 34 so so ADV cblr-1720 740 35 . . PUNCT cblr-1720 741 1 the the DET cblr-1720 741 2 directors director NOUN cblr-1720 741 3 might might AUX cblr-1720 741 4 postpone postpone VERB cblr-1720 741 5 their their PRON cblr-1720 741 6 stock stock NOUN cblr-1720 741 7 commitment commitment NOUN cblr-1720 741 8 decision decision NOUN cblr-1720 741 9 in in ADP cblr-1720 741 10 order order NOUN cblr-1720 741 11 to to PART cblr-1720 741 12 save save VERB cblr-1720 741 13 their their PRON cblr-1720 741 14 personal personal ADJ cblr-1720 741 15 commitment commitment NOUN cblr-1720 741 16 costs cost NOUN cblr-1720 741 17 in in ADP cblr-1720 741 18 case case NOUN cblr-1720 741 19 their their PRON cblr-1720 741 20 decision decision NOUN cblr-1720 741 21 to to PART cblr-1720 741 22 place place VERB cblr-1720 741 23 antitakeover antitakeover NOUN cblr-1720 741 24 defenses defense NOUN cblr-1720 741 25 does do AUX cblr-1720 741 26 not not PART cblr-1720 741 27 lead lead VERB cblr-1720 741 28 to to ADP cblr-1720 741 29 litigation litigation NOUN cblr-1720 741 30 . . PUNCT cblr-1720 742 1 this this DET cblr-1720 742 2 chance chance NOUN cblr-1720 742 3 of of ADP cblr-1720 742 4 not not PART cblr-1720 742 5 incurring incur VERB cblr-1720 742 6 the the DET cblr-1720 742 7 costs cost NOUN cblr-1720 742 8 associated associate VERB cblr-1720 742 9 with with ADP cblr-1720 742 10 the the DET cblr-1720 742 11 proposed propose VERB cblr-1720 742 12 remedy remedy NOUN cblr-1720 742 13 would would AUX cblr-1720 742 14 , , PUNCT cblr-1720 742 15 in in ADP cblr-1720 742 16 turn turn NOUN cblr-1720 742 17 , , PUNCT cblr-1720 742 18 encourage encourage VERB cblr-1720 742 19 directors director NOUN cblr-1720 742 20 to to PART cblr-1720 742 21 distort distort VERB cblr-1720 742 22 their their PRON cblr-1720 742 23 response response NOUN cblr-1720 742 24 to to ADP cblr-1720 742 25 bids bid NOUN cblr-1720 742 26 and and CCONJ cblr-1720 742 27 reject reject VERB cblr-1720 742 28 them they PRON cblr-1720 742 29 too too ADV cblr-1720 742 30 frequently frequently ADV cblr-1720 742 31 . . PUNCT cblr-1720 743 1 moreover moreover ADV cblr-1720 743 2 , , PUNCT cblr-1720 743 3 if if SCONJ cblr-1720 743 4 directors director NOUN cblr-1720 743 5 could could AUX cblr-1720 743 6 wait wait VERB cblr-1720 743 7 until until SCONJ cblr-1720 743 8 litigation litigation NOUN cblr-1720 743 9 ensues ensue VERB cblr-1720 743 10 , , PUNCT cblr-1720 743 11 they they PRON cblr-1720 743 12 would would AUX cblr-1720 743 13 tend tend VERB cblr-1720 743 14 to to PART cblr-1720 743 15 make make VERB cblr-1720 743 16 excessive excessive ADJ cblr-1720 743 17 commitments commitment NOUN cblr-1720 743 18 , , PUNCT cblr-1720 743 19 thereby thereby ADV cblr-1720 743 20 increasing increase VERB cblr-1720 743 21 the the DET cblr-1720 743 22 arrangement arrangement NOUN cblr-1720 743 23 costs cost NOUN cblr-1720 743 24 . . PUNCT cblr-1720 744 1 because because SCONJ cblr-1720 744 2 litigation litigation NOUN cblr-1720 744 3 increases increase VERB cblr-1720 744 4 the the DET cblr-1720 744 5 risk risk NOUN cblr-1720 744 6 of of ADP cblr-1720 744 7 removal removal NOUN cblr-1720 744 8 in in ADP cblr-1720 744 9 the the DET cblr-1720 744 10 takeover takeover NOUN cblr-1720 744 11 and and CCONJ cblr-1720 744 12 adds add VERB cblr-1720 744 13 the the DET cblr-1720 744 14 risk risk NOUN cblr-1720 744 15 of of ADP cblr-1720 744 16 liability liability NOUN cblr-1720 744 17 for for ADP cblr-1720 744 18 breach breach NOUN cblr-1720 744 19 of of ADP cblr-1720 744 20 fiduciary fiduciary ADJ cblr-1720 744 21 duty duty NOUN cblr-1720 744 22 , , PUNCT cblr-1720 744 23 the the DET cblr-1720 744 24 perceived perceive VERB cblr-1720 744 25 cost cost NOUN cblr-1720 744 26 for for ADP cblr-1720 744 27 directors director NOUN cblr-1720 744 28 of of ADP cblr-1720 744 29 not not PART cblr-1720 744 30 making make VERB cblr-1720 744 31 a a DET cblr-1720 744 32 persuasive persuasive ADJ cblr-1720 744 33 commitment commitment NOUN cblr-1720 744 34 would would AUX cblr-1720 744 35 increase increase VERB cblr-1720 744 36 . . PUNCT cblr-1720 745 1 this this PRON cblr-1720 745 2 would would AUX cblr-1720 745 3 push push VERB cblr-1720 745 4 them they PRON cblr-1720 745 5 to to PART cblr-1720 745 6 make make VERB cblr-1720 745 7 stock stock NOUN cblr-1720 745 8 commitments commitment NOUN cblr-1720 745 9 that that PRON cblr-1720 745 10 are be AUX cblr-1720 745 11 too too ADV cblr-1720 745 12 high high ADJ cblr-1720 745 13 , , PUNCT cblr-1720 745 14 thereby thereby ADV cblr-1720 745 15 triggering trigger VERB cblr-1720 745 16 excessive excessive ADJ cblr-1720 745 17 costs cost NOUN cblr-1720 745 18 and and CCONJ cblr-1720 745 19 complicating complicate VERB cblr-1720 745 20 the the DET cblr-1720 745 21 inferences inference NOUN cblr-1720 745 22 that that SCONJ cblr-1720 745 23 courts court NOUN cblr-1720 745 24 could could AUX cblr-1720 745 25 make make VERB cblr-1720 745 26 from from ADP cblr-1720 745 27 their their PRON cblr-1720 745 28 decision decision NOUN cblr-1720 745 29 to to PART cblr-1720 745 30 commit commit VERB cblr-1720 745 31 to to PART cblr-1720 745 32 buy buy VERB cblr-1720 745 33 stock stock NOUN cblr-1720 745 34 . . PUNCT cblr-1720 746 1 for for ADP cblr-1720 746 2 the the DET cblr-1720 746 3 same same ADJ cblr-1720 746 4 considerations consideration NOUN cblr-1720 746 5 that that PRON cblr-1720 746 6 weigh weigh VERB cblr-1720 746 7 against against ADP cblr-1720 746 8 letting let VERB cblr-1720 746 9 target target NOUN cblr-1720 746 10 boards board NOUN cblr-1720 746 11 decide decide VERB cblr-1720 746 12 on on ADP cblr-1720 746 13 their their PRON cblr-1720 746 14 individual individual ADJ cblr-1720 746 15 commitments commitment NOUN cblr-1720 746 16 until until SCONJ cblr-1720 746 17 litigation litigation NOUN cblr-1720 746 18 is be AUX cblr-1720 746 19 filed file VERB cblr-1720 746 20 , , PUNCT cblr-1720 746 21 the the DET cblr-1720 746 22 directors director NOUN cblr-1720 746 23 should should AUX cblr-1720 746 24 not not PART cblr-1720 746 25 be be AUX cblr-1720 746 26 allowed allow VERB cblr-1720 746 27 to to PART cblr-1720 746 28 change change VERB cblr-1720 746 29 their their PRON cblr-1720 746 30 stock stock NOUN cblr-1720 746 31 commitments commitment NOUN cblr-1720 746 32 after after ADP cblr-1720 746 33 having having AUX cblr-1720 746 34 announced announce VERB cblr-1720 746 35 them they PRON cblr-1720 746 36 . . PUNCT cblr-1720 747 1 otherwise otherwise ADV cblr-1720 747 2 , , PUNCT cblr-1720 747 3 boards board NOUN cblr-1720 747 4 would would AUX cblr-1720 747 5 be be AUX cblr-1720 747 6 encouraged encourage VERB cblr-1720 747 7 to to PART cblr-1720 747 8 make make VERB cblr-1720 747 9 low low ADJ cblr-1720 747 10 commitments commitment NOUN cblr-1720 747 11 first first ADV cblr-1720 747 12 , , PUNCT cblr-1720 747 13 and and CCONJ cblr-1720 747 14 then then ADV cblr-1720 747 15 , , PUNCT cblr-1720 747 16 if if SCONJ cblr-1720 747 17 they they PRON cblr-1720 747 18 realize realize VERB cblr-1720 747 19 that that SCONJ cblr-1720 747 20 they they PRON cblr-1720 747 21 face face VERB cblr-1720 747 22 fiduciary fiduciary ADJ cblr-1720 747 23 duty duty NOUN cblr-1720 747 24 litigation litigation NOUN cblr-1720 747 25 down down ADP cblr-1720 747 26 the the DET cblr-1720 747 27 road road NOUN cblr-1720 747 28 , , PUNCT cblr-1720 747 29 increase increase VERB cblr-1720 747 30 them they PRON cblr-1720 747 31 . . PUNCT cblr-1720 748 1 finally finally ADV cblr-1720 748 2 , , PUNCT cblr-1720 748 3 if if SCONJ cblr-1720 748 4 the the DET cblr-1720 748 5 directors director NOUN cblr-1720 748 6 ’ ’ PART cblr-1720 748 7 commitment commitment NOUN cblr-1720 748 8 is be AUX cblr-1720 748 9 made make VERB cblr-1720 748 10 only only ADV cblr-1720 748 11 after after ADP cblr-1720 748 12 litigation litigation NOUN cblr-1720 748 13 ensues ensue NOUN cblr-1720 748 14 , , PUNCT cblr-1720 748 15 directors director NOUN cblr-1720 748 16 will will AUX cblr-1720 748 17 not not PART cblr-1720 748 18 have have VERB cblr-1720 748 19 sufficient sufficient ADJ cblr-1720 748 20 time time NOUN cblr-1720 748 21 to to PART cblr-1720 748 22 engage engage VERB cblr-1720 748 23 with with ADP cblr-1720 748 24 their their PRON cblr-1720 748 25 shareholders shareholder NOUN cblr-1720 748 26 effectively effectively ADV cblr-1720 748 27 . . PUNCT cblr-1720 749 1 the the DET cblr-1720 749 2 following follow VERB cblr-1720 749 3 subsection subsection NOUN cblr-1720 749 4 describes describe VERB cblr-1720 749 5 the the DET cblr-1720 749 6 importance importance NOUN cblr-1720 749 7 of of ADP cblr-1720 749 8 such such ADJ cblr-1720 749 9 engagement engagement NOUN cblr-1720 749 10 . . PUNCT cblr-1720 750 1 4 4 X cblr-1720 750 2 . . X cblr-1720 750 3 directors director NOUN cblr-1720 750 4 ’ ' PUNCT cblr-1720 750 5 stock stock NOUN cblr-1720 750 6 commitment commitment NOUN cblr-1720 750 7 should should AUX cblr-1720 750 8 be be AUX cblr-1720 750 9 made make VERB cblr-1720 750 10 after after ADP cblr-1720 750 11 engagement engagement NOUN cblr-1720 750 12 with with ADP cblr-1720 750 13 major major ADJ cblr-1720 750 14 long long ADJ cblr-1720 750 15 - - PUNCT cblr-1720 750 16 term term NOUN cblr-1720 750 17 shareholders shareholder NOUN cblr-1720 750 18 despite despite SCONJ cblr-1720 750 19 the the DET cblr-1720 750 20 serious serious ADJ cblr-1720 750 21 shortcomings shortcoming NOUN cblr-1720 750 22 inherent inherent ADJ cblr-1720 750 23 in in ADP cblr-1720 750 24 shareholder shareholder NOUN cblr-1720 750 25 choice choice NOUN cblr-1720 750 26 in in ADP cblr-1720 750 27 takeover takeover NOUN cblr-1720 750 28 situations situation NOUN cblr-1720 750 29 that that PRON cblr-1720 750 30 is be AUX cblr-1720 750 31 identified identify VERB cblr-1720 750 32 in in ADP cblr-1720 750 33 part part PROPN cblr-1720 750 34 ii ii PROPN cblr-1720 750 35 , , PUNCT cblr-1720 750 36 the the DET cblr-1720 750 37 shilon shilon NOUN cblr-1720 750 38 – – PUNCT cblr-1720 750 39 final final ADJ cblr-1720 750 40 566 566 NUM cblr-1720 750 41 columbia columbia PROPN cblr-1720 750 42 business business NOUN cblr-1720 750 43 law law PROPN cblr-1720 750 44 review review NOUN cblr-1720 750 45 [ [ X cblr-1720 750 46 vol vol NOUN cblr-1720 750 47 . . NOUN cblr-1720 750 48 2017 2017 NUM cblr-1720 750 49 target target NOUN cblr-1720 750 50 ’s ’s NOUN cblr-1720 750 51 outside outside ADJ cblr-1720 750 52 directors director NOUN cblr-1720 750 53 should should AUX cblr-1720 750 54 be be AUX cblr-1720 750 55 encouraged encourage VERB cblr-1720 750 56 to to PART cblr-1720 750 57 engage engage VERB cblr-1720 750 58 with with ADP cblr-1720 750 59 long long ADJ cblr-1720 750 60 - - PUNCT cblr-1720 750 61 term term NOUN cblr-1720 750 62 , , PUNCT cblr-1720 750 63 focused focused ADJ cblr-1720 750 64 institutional institutional ADJ cblr-1720 750 65 investors157 investors157 PROPN cblr-1720 750 66 before before ADP cblr-1720 750 67 deciding decide VERB cblr-1720 750 68 whether whether SCONJ cblr-1720 750 69 to to PART cblr-1720 750 70 accept accept VERB cblr-1720 750 71 the the DET cblr-1720 750 72 bid bid NOUN cblr-1720 750 73 and and CCONJ cblr-1720 750 74 before before ADP cblr-1720 750 75 making make VERB cblr-1720 750 76 their their PRON cblr-1720 750 77 stock stock NOUN cblr-1720 750 78 commitments commitment NOUN cblr-1720 750 79 . . PUNCT cblr-1720 751 1 long long ADJ cblr-1720 751 2 - - PUNCT cblr-1720 751 3 term term NOUN cblr-1720 751 4 institutional institutional ADJ cblr-1720 751 5 investors investor NOUN cblr-1720 751 6 , , PUNCT cblr-1720 751 7 such such ADJ cblr-1720 751 8 as as ADP cblr-1720 751 9 pension pension NOUN cblr-1720 751 10 funds fund NOUN cblr-1720 751 11 , , PUNCT cblr-1720 751 12 insurance insurance NOUN cblr-1720 751 13 companies company NOUN cblr-1720 751 14 , , PUNCT cblr-1720 751 15 and and CCONJ cblr-1720 751 16 major major ADJ cblr-1720 751 17 endowment endowment NOUN cblr-1720 751 18 managers manager NOUN cblr-1720 751 19 , , PUNCT cblr-1720 751 20 support support VERB cblr-1720 751 21 long long ADJ cblr-1720 751 22 - - PUNCT cblr-1720 751 23 term term NOUN cblr-1720 751 24 , , PUNCT cblr-1720 751 25 sustainable sustainable ADJ cblr-1720 751 26 corporate corporate ADJ cblr-1720 751 27 strategies;158 strategies;158 PROPN cblr-1720 751 28 have have VERB cblr-1720 751 29 in in ADP cblr-1720 751 30 - - PUNCT cblr-1720 751 31 house house NOUN cblr-1720 751 32 analysis analysis NOUN cblr-1720 751 33 departments department NOUN cblr-1720 751 34 ; ; PUNCT cblr-1720 751 35 are be AUX cblr-1720 751 36 dedicated dedicate VERB cblr-1720 751 37 to to ADP cblr-1720 751 38 corporate corporate ADJ cblr-1720 751 39 governance governance NOUN cblr-1720 751 40 engagement engagement NOUN cblr-1720 751 41 and and CCONJ cblr-1720 751 42 analysis analysis NOUN cblr-1720 751 43 ; ; PUNCT cblr-1720 751 44 and and CCONJ cblr-1720 751 45 have have VERB cblr-1720 751 46 corporate corporate ADJ cblr-1720 751 47 governance governance NOUN cblr-1720 751 48 teams team NOUN cblr-1720 751 49 that that PRON cblr-1720 751 50 can can AUX cblr-1720 751 51 access access VERB cblr-1720 751 52 sell sell NOUN cblr-1720 751 53 - - PUNCT cblr-1720 751 54 side side NOUN cblr-1720 751 55 research research NOUN cblr-1720 751 56 and and CCONJ cblr-1720 751 57 speak speak VERB cblr-1720 751 58 with with ADP cblr-1720 751 59 analysts analyst NOUN cblr-1720 751 60 . . PUNCT cblr-1720 752 1 for for ADP cblr-1720 752 2 the the DET cblr-1720 752 3 purpose purpose NOUN cblr-1720 752 4 of of ADP cblr-1720 752 5 engaging engage VERB cblr-1720 752 6 with with ADP cblr-1720 752 7 the the DET cblr-1720 752 8 target target NOUN cblr-1720 752 9 board board NOUN cblr-1720 752 10 , , PUNCT cblr-1720 752 11 these these DET cblr-1720 752 12 major major ADJ cblr-1720 752 13 investors investor NOUN cblr-1720 752 14 may may AUX cblr-1720 752 15 be be AUX cblr-1720 752 16 assisted assist VERB cblr-1720 752 17 by by ADP cblr-1720 752 18 their their PRON cblr-1720 752 19 proxy proxy ADJ cblr-1720 752 20 advisory advisory ADJ cblr-1720 752 21 firms firm NOUN cblr-1720 752 22 , , PUNCT cblr-1720 752 23 such such ADJ cblr-1720 752 24 as as ADP cblr-1720 752 25 institutional institutional ADJ cblr-1720 752 26 shareholders shareholder NOUN cblr-1720 752 27 services service NOUN cblr-1720 752 28 ( ( PUNCT cblr-1720 752 29 “ " PUNCT cblr-1720 752 30 iss iss PROPN cblr-1720 752 31 ” " PUNCT cblr-1720 752 32 ) ) PUNCT cblr-1720 752 33 . . PUNCT cblr-1720 753 1 iss iss PROPN cblr-1720 753 2 has have VERB cblr-1720 753 3 comprehensive comprehensive ADJ cblr-1720 753 4 data datum NOUN cblr-1720 753 5 to to PART cblr-1720 753 6 support support VERB cblr-1720 753 7 shareholder shareholder NOUN cblr-1720 753 8 analysis analysis NOUN cblr-1720 753 9 . . PUNCT cblr-1720 754 1 its its PRON cblr-1720 754 2 scores score NOUN cblr-1720 754 3 provide provide VERB cblr-1720 754 4 an an DET cblr-1720 754 5 indication indication NOUN cblr-1720 754 6 of of ADP cblr-1720 754 7 management management NOUN cblr-1720 754 8 quality quality NOUN cblr-1720 754 9 , , PUNCT cblr-1720 754 10 deliver deliver VERB cblr-1720 754 11 a a DET cblr-1720 754 12 snapshot snapshot ADJ cblr-1720 754 13 view view NOUN cblr-1720 754 14 of of ADP cblr-1720 754 15 risk risk NOUN cblr-1720 754 16 , , PUNCT cblr-1720 754 17 and and CCONJ cblr-1720 754 18 are be AUX cblr-1720 754 19 supported support VERB cblr-1720 754 20 by by ADP cblr-1720 754 21 factorlevel factorlevel NOUN cblr-1720 754 22 data datum NOUN cblr-1720 754 23 that that PRON cblr-1720 754 24 are be AUX cblr-1720 754 25 critical critical ADJ cblr-1720 754 26 to to ADP cblr-1720 754 27 the the DET cblr-1720 754 28 shareholders shareholder NOUN cblr-1720 754 29 ’ ' PUNCT cblr-1720 754 30 evaluation evaluation NOUN cblr-1720 754 31 157 157 NUM cblr-1720 754 32 to to PART cblr-1720 754 33 decide decide VERB cblr-1720 754 34 which which PRON cblr-1720 754 35 shareholders shareholder NOUN cblr-1720 754 36 qualify qualify VERB cblr-1720 754 37 under under ADP cblr-1720 754 38 such such ADJ cblr-1720 754 39 definition definition NOUN cblr-1720 754 40 , , PUNCT cblr-1720 754 41 targets target NOUN cblr-1720 754 42 can can AUX cblr-1720 754 43 , , PUNCT cblr-1720 754 44 as as ADP cblr-1720 754 45 a a DET cblr-1720 754 46 point point NOUN cblr-1720 754 47 of of ADP cblr-1720 754 48 reference reference NOUN cblr-1720 754 49 , , PUNCT cblr-1720 754 50 use use VERB cblr-1720 754 51 the the DET cblr-1720 754 52 thresholds threshold NOUN cblr-1720 754 53 of of ADP cblr-1720 754 54 stakes stake NOUN cblr-1720 754 55 and and CCONJ cblr-1720 754 56 holding hold VERB cblr-1720 754 57 periods period NOUN cblr-1720 754 58 stipulated stipulate VERB cblr-1720 754 59 in in ADP cblr-1720 754 60 the the DET cblr-1720 754 61 sec sec PROPN cblr-1720 754 62 ’s ’s PART cblr-1720 754 63 may may AUX cblr-1720 754 64 2009 2009 NUM cblr-1720 754 65 proposed propose VERB cblr-1720 754 66 proxy proxy NOUN cblr-1720 754 67 access access NOUN cblr-1720 754 68 rule rule NOUN cblr-1720 754 69 or or CCONJ cblr-1720 754 70 in in ADP cblr-1720 754 71 its its PRON cblr-1720 754 72 august august PROPN cblr-1720 754 73 2010 2010 NUM cblr-1720 754 74 final final ADJ cblr-1720 754 75 rule rule NOUN cblr-1720 754 76 14a-11 14a-11 NUM cblr-1720 754 77 . . PUNCT cblr-1720 755 1 under under ADP cblr-1720 755 2 the the DET cblr-1720 755 3 proposed propose VERB cblr-1720 755 4 rule rule NOUN cblr-1720 755 5 , , PUNCT cblr-1720 755 6 a a DET cblr-1720 755 7 shareholder shareholder NOUN cblr-1720 755 8 or or CCONJ cblr-1720 755 9 shareholder shareholder NOUN cblr-1720 755 10 group group NOUN cblr-1720 755 11 that that PRON cblr-1720 755 12 owns own VERB cblr-1720 755 13 more more ADJ cblr-1720 755 14 than than ADP cblr-1720 755 15 1 1 NUM cblr-1720 755 16 % % NOUN cblr-1720 755 17 of of ADP cblr-1720 755 18 a a DET cblr-1720 755 19 large large ADJ cblr-1720 755 20 u.s u.s PROPN cblr-1720 755 21 . . 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PUNCT cblr-1720 756 1 the the DET cblr-1720 756 2 proposed propose VERB cblr-1720 756 3 proxy proxy NOUN cblr-1720 756 4 access access NOUN cblr-1720 756 5 rule rule NOUN cblr-1720 756 6 did do AUX cblr-1720 756 7 not not PART cblr-1720 756 8 require require VERB cblr-1720 756 9 a a DET cblr-1720 756 10 holding hold VERB cblr-1720 756 11 period period NOUN cblr-1720 756 12 for for SCONJ cblr-1720 756 13 shareholders shareholder NOUN cblr-1720 756 14 to to PART cblr-1720 756 15 qualify qualify VERB cblr-1720 756 16 for for ADP cblr-1720 756 17 proxy proxy ADJ cblr-1720 756 18 access access NOUN cblr-1720 756 19 . . PUNCT cblr-1720 757 1 the the DET cblr-1720 757 2 final final ADJ cblr-1720 757 3 rule rule NOUN cblr-1720 757 4 14a-11 14a-11 NUM cblr-1720 757 5 mandates mandate NOUN cblr-1720 757 6 proxy proxy NOUN cblr-1720 757 7 access access NOUN cblr-1720 757 8 to to ADP cblr-1720 757 9 any any DET cblr-1720 757 10 shareholder shareholder NOUN cblr-1720 757 11 or or CCONJ cblr-1720 757 12 shareholder shareholder NOUN cblr-1720 757 13 group group NOUN cblr-1720 757 14 that that PRON cblr-1720 757 15 has have AUX cblr-1720 757 16 held hold VERB cblr-1720 757 17 more more ADJ cblr-1720 757 18 than than ADP cblr-1720 757 19 3 3 NUM cblr-1720 757 20 % % NOUN cblr-1720 757 21 of of ADP cblr-1720 757 22 a a DET cblr-1720 757 23 u.s u.s PROPN cblr-1720 757 24 . . PROPN cblr-1720 757 25 public public ADJ cblr-1720 757 26 company company NOUN cblr-1720 757 27 ’s ’s PART cblr-1720 757 28 shares share NOUN cblr-1720 757 29 for for ADP cblr-1720 757 30 more more ADJ cblr-1720 757 31 than than ADP cblr-1720 757 32 three three NUM cblr-1720 757 33 years year NOUN cblr-1720 757 34 . . PUNCT cblr-1720 758 1 exemptions exemption NOUN cblr-1720 758 2 to to PART cblr-1720 758 3 facilitate facilitate VERB cblr-1720 758 4 intrastate intrastate ADJ cblr-1720 758 5 and and CCONJ cblr-1720 758 6 regional regional ADJ cblr-1720 758 7 securities security NOUN cblr-1720 758 8 offerings offering NOUN cblr-1720 758 9 , , PUNCT cblr-1720 758 10 17 17 NUM cblr-1720 758 11 c.f.r c.f.r NOUN cblr-1720 758 12 . . 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PUNCT cblr-1720 762 1 shilon shilon NOUN cblr-1720 762 2 – – PUNCT cblr-1720 762 3 final final ADJ cblr-1720 762 4 no no NOUN cblr-1720 762 5 . . PUNCT cblr-1720 762 6 2:511 2:511 NOUN cblr-1720 762 7 ] ] X cblr-1720 762 8 improving improve VERB cblr-1720 762 9 corporate corporate ADJ cblr-1720 762 10 takeover takeover NOUN cblr-1720 762 11 dynamics dynamic NOUN cblr-1720 762 12 567 567 NUM cblr-1720 762 13 process.159 process.159 NOUN cblr-1720 762 14 moreover moreover ADV cblr-1720 762 15 , , PUNCT cblr-1720 762 16 iss iss PROPN cblr-1720 762 17 has have VERB cblr-1720 762 18 tremendous tremendous ADJ cblr-1720 762 19 influence influence NOUN cblr-1720 762 20 on on ADP cblr-1720 762 21 firms firm NOUN cblr-1720 762 22 , , PUNCT cblr-1720 762 23 which which PRON cblr-1720 762 24 will will AUX cblr-1720 762 25 empower empower VERB cblr-1720 762 26 investors investor NOUN cblr-1720 762 27 in in ADP cblr-1720 762 28 their their PRON cblr-1720 762 29 engagement engagement NOUN cblr-1720 762 30 with with ADP cblr-1720 762 31 the the DET cblr-1720 762 32 directors.160 directors.160 NOUN cblr-1720 762 33 for for ADP cblr-1720 762 34 example example NOUN cblr-1720 762 35 , , PUNCT cblr-1720 762 36 iss iss PROPN cblr-1720 762 37 can can AUX cblr-1720 762 38 urge urge VERB cblr-1720 762 39 shareholders shareholder NOUN cblr-1720 762 40 to to PART cblr-1720 762 41 initiate initiate VERB cblr-1720 762 42 no no DET cblr-1720 762 43 - - PUNCT cblr-1720 762 44 vote vote NOUN cblr-1720 762 45 campaigns campaign NOUN cblr-1720 762 46 against against ADP cblr-1720 762 47 directors director NOUN cblr-1720 762 48 who who PRON cblr-1720 762 49 will will AUX cblr-1720 762 50 not not PART cblr-1720 762 51 commit commit VERB cblr-1720 762 52 enough enough ADJ cblr-1720 762 53 stock stock NOUN cblr-1720 762 54 per per ADP cblr-1720 762 55 the the DET cblr-1720 762 56 arrangement arrangement NOUN cblr-1720 762 57 or or CCONJ cblr-1720 762 58 to to PART cblr-1720 762 59 make make VERB cblr-1720 762 60 “ " PUNCT cblr-1720 762 61 against against ADP cblr-1720 762 62 ” " PUNCT cblr-1720 762 63 say say VERB cblr-1720 762 64 - - PUNCT cblr-1720 762 65 on on ADP cblr-1720 762 66 - - PUNCT cblr-1720 762 67 pay pay NOUN cblr-1720 762 68 recommendations recommendation NOUN cblr-1720 762 69 for for ADP cblr-1720 762 70 boards board NOUN cblr-1720 762 71 that that PRON cblr-1720 762 72 choose choose VERB cblr-1720 762 73 to to PART cblr-1720 762 74 reject reject VERB cblr-1720 762 75 a a DET cblr-1720 762 76 bid bid NOUN cblr-1720 762 77 that that SCONJ cblr-1720 762 78 it it PRON cblr-1720 762 79 favors.161 favors.161 NOUN cblr-1720 762 80 thus thus ADV cblr-1720 762 81 , , PUNCT cblr-1720 762 82 this this DET cblr-1720 762 83 article article NOUN cblr-1720 762 84 proposes propose VERB cblr-1720 762 85 that that SCONJ cblr-1720 762 86 courts court NOUN cblr-1720 762 87 give give VERB cblr-1720 762 88 judicial judicial ADJ cblr-1720 762 89 weight weight NOUN cblr-1720 762 90 to to ADP cblr-1720 762 91 enhanced enhanced ADJ cblr-1720 762 92 shareholder shareholder NOUN cblr-1720 762 93 engagement engagement NOUN cblr-1720 762 94 in in ADP cblr-1720 762 95 implementing implement VERB cblr-1720 762 96 the the DET cblr-1720 762 97 proposed propose VERB cblr-1720 762 98 remedy remedy NOUN cblr-1720 762 99 . . PUNCT cblr-1720 763 1 such such ADJ cblr-1720 763 2 judicial judicial ADJ cblr-1720 763 3 inference inference NOUN cblr-1720 763 4 would would AUX cblr-1720 763 5 fit fit VERB cblr-1720 763 6 the the DET cblr-1720 763 7 prominence prominence NOUN cblr-1720 763 8 that that PRON cblr-1720 763 9 shareholder shareholder NOUN cblr-1720 763 10 engagement engagement NOUN cblr-1720 763 11 has have AUX cblr-1720 763 12 recently recently ADV cblr-1720 763 13 gained gain VERB cblr-1720 763 14 . . PUNCT cblr-1720 764 1 in in ADP cblr-1720 764 2 particular particular ADJ cblr-1720 764 3 , , PUNCT cblr-1720 764 4 during during ADP cblr-1720 764 5 the the DET cblr-1720 764 6 last last ADJ cblr-1720 764 7 six six NUM cblr-1720 764 8 years year NOUN cblr-1720 764 9 , , PUNCT cblr-1720 764 10 shareholder shareholder NOUN cblr-1720 764 11 engagement engagement NOUN cblr-1720 764 12 increased increase VERB cblr-1720 764 13 eleven eleven ADJ cblr-1720 764 14 - - NOUN cblr-1720 764 15 fold fold ADJ cblr-1720 764 16 , , PUNCT cblr-1720 764 17 encompassing encompass VERB cblr-1720 764 18 66 66 NUM cblr-1720 764 19 % % NOUN cblr-1720 764 20 of of ADP cblr-1720 764 21 s&p s&p PROPN cblr-1720 764 22 500 500 NUM cblr-1720 764 23 firms firm NOUN cblr-1720 764 24 in in ADP cblr-1720 764 25 the the DET cblr-1720 764 26 2016 2016 NUM cblr-1720 764 27 proxy proxy NOUN cblr-1720 764 28 season.162 season.162 NOUN cblr-1720 764 29 159 159 NUM cblr-1720 764 30 see see VERB cblr-1720 764 31 institutional institutional ADJ cblr-1720 764 32 shareholder shareholder NOUN cblr-1720 764 33 servs servs PROPN cblr-1720 764 34 . . PUNCT cblr-1720 764 35 , , PUNCT cblr-1720 764 36 iss iss PROPN cblr-1720 764 37 governance governance NOUN cblr-1720 764 38 quickscore quickscore NOUN cblr-1720 764 39 3.0 3.0 NUM cblr-1720 764 40 ( ( PUNCT cblr-1720 764 41 revised revise VERB cblr-1720 764 42 2015 2015 NUM cblr-1720 764 43 ) ) PUNCT cblr-1720 764 44 , , PUNCT cblr-1720 764 45 https://www.issgovernance.com/ https://www.issgovernance.com/ ADJ cblr-1720 764 46 file file NOUN cblr-1720 764 47 / / SYM cblr-1720 764 48 products product NOUN cblr-1720 764 49 / / SYM cblr-1720 764 50 quickscore_techdoc.pdf quickscore_techdoc.pdf NOUN cblr-1720 764 51 [ [ X cblr-1720 764 52 https://perma.cc/n2ql-ltes https://perma.cc/n2ql-lte NOUN cblr-1720 764 53 ] ] PUNCT cblr-1720 764 54 . . PUNCT cblr-1720 765 1 160 160 NUM cblr-1720 765 2 companies company NOUN cblr-1720 765 3 often often ADV cblr-1720 765 4 tailor tailor VERB cblr-1720 765 5 their their PRON cblr-1720 765 6 policies policy NOUN cblr-1720 765 7 to to PART cblr-1720 765 8 meet meet VERB cblr-1720 765 9 iss iss PROPN cblr-1720 765 10 guidelines guideline NOUN cblr-1720 765 11 , , PUNCT cblr-1720 765 12 and and CCONJ cblr-1720 765 13 firms firm NOUN cblr-1720 765 14 lobby lobby VERB cblr-1720 765 15 for for ADP cblr-1720 765 16 iss iss PROPN cblr-1720 765 17 support support NOUN cblr-1720 765 18 to to PART cblr-1720 765 19 fend fend VERB cblr-1720 765 20 off off ADP cblr-1720 765 21 shareholder shareholder NOUN cblr-1720 765 22 proposals proposal NOUN cblr-1720 765 23 . . PUNCT cblr-1720 766 1 for for ADP cblr-1720 766 2 example example NOUN cblr-1720 766 3 , , PUNCT cblr-1720 766 4 when when SCONJ cblr-1720 766 5 iss iss PROPN cblr-1720 766 6 recommends recommend VERB cblr-1720 766 7 against against ADP cblr-1720 766 8 say say VERB cblr-1720 766 9 - - PUNCT cblr-1720 766 10 on on ADP cblr-1720 766 11 - - PUNCT cblr-1720 766 12 pay pay NOUN cblr-1720 766 13 , , PUNCT cblr-1720 766 14 shareholder shareholder NOUN cblr-1720 766 15 support support NOUN cblr-1720 766 16 levels level NOUN cblr-1720 766 17 are be AUX cblr-1720 766 18 typically typically ADV cblr-1720 766 19 reduced reduce VERB cblr-1720 766 20 by by ADP cblr-1720 766 21 20 20 NUM cblr-1720 766 22 to to PART cblr-1720 766 23 30 30 NUM cblr-1720 766 24 % % NOUN cblr-1720 766 25 . . PUNCT cblr-1720 767 1 consistent consistent ADJ cblr-1720 767 2 with with ADP cblr-1720 767 3 this this DET cblr-1720 767 4 pattern pattern NOUN cblr-1720 767 5 , , PUNCT cblr-1720 767 6 in in ADP cblr-1720 767 7 2015 2015 NUM cblr-1720 767 8 approximately approximately ADV cblr-1720 767 9 20 20 NUM cblr-1720 767 10 % % NOUN cblr-1720 767 11 of of ADP cblr-1720 767 12 the the DET cblr-1720 767 13 companies company NOUN cblr-1720 767 14 that that PRON cblr-1720 767 15 received receive VERB cblr-1720 767 16 “ " PUNCT cblr-1720 767 17 against against ADP cblr-1720 767 18 ” " PUNCT cblr-1720 767 19 vote vote NOUN cblr-1720 767 20 recommendations recommendation NOUN cblr-1720 767 21 from from ADP cblr-1720 767 22 iss iss PROPN cblr-1720 767 23 failed fail VERB cblr-1720 767 24 their their PRON cblr-1720 767 25 say say VERB cblr-1720 767 26 - - PUNCT cblr-1720 767 27 on on ADP cblr-1720 767 28 - - PUNCT cblr-1720 767 29 pay pay NOUN cblr-1720 767 30 vote vote NOUN cblr-1720 767 31 . . PUNCT cblr-1720 768 1 see see VERB cblr-1720 768 2 frederic frederic PROPN cblr-1720 768 3 w. w. PROPN cblr-1720 768 4 cook cook PROPN cblr-1720 768 5 & & CCONJ cblr-1720 768 6 co. co. PROPN cblr-1720 768 7 , , PUNCT cblr-1720 768 8 inc inc PROPN cblr-1720 768 9 & & CCONJ cblr-1720 768 10 simpson simpson PROPN cblr-1720 768 11 thacher thacher PROPN cblr-1720 768 12 , , PUNCT cblr-1720 768 13 u.s u.s PROPN cblr-1720 768 14 . . PROPN cblr-1720 768 15 executive executive PROPN cblr-1720 768 16 compensation compensation PROPN cblr-1720 768 17 2015 2015 NUM cblr-1720 768 18 recap recap NOUN cblr-1720 768 19 , , PUNCT cblr-1720 768 20 key key ADJ cblr-1720 768 21 developments development NOUN cblr-1720 768 22 & & CCONJ cblr-1720 768 23 notable notable ADJ cblr-1720 768 24 trends trend NOUN cblr-1720 768 25 5 5 NUM cblr-1720 768 26 ( ( PUNCT cblr-1720 768 27 2016 2016 NUM cblr-1720 768 28 ) ) PUNCT cblr-1720 768 29 , , PUNCT cblr-1720 768 30 http://www.stblaw.com/docs/default-source/memos/ http://www.stblaw.com/docs/default-source/memos/ CCONJ cblr-1720 768 31 firmmemo_fwcook_03_31_16.pdf firmmemo_fwcook_03_31_16.pdf PROPN cblr-1720 768 32 [ [ X cblr-1720 768 33 https://perma.cc/5vgd-qqdg https://perma.cc/5vgd-qqdg X cblr-1720 768 34 ] ] PUNCT cblr-1720 768 35 . . PUNCT cblr-1720 769 1 also also ADV cblr-1720 769 2 , , PUNCT cblr-1720 769 3 the the DET cblr-1720 769 4 relentless relentless ADJ cblr-1720 769 5 efforts effort NOUN cblr-1720 769 6 that that PRON cblr-1720 769 7 hp hp PROPN cblr-1720 769 8 ’s ’s PART cblr-1720 769 9 former former ADJ cblr-1720 769 10 ceo ceo NOUN cblr-1720 769 11 , , PUNCT cblr-1720 769 12 carly carly PROPN cblr-1720 769 13 fiorina fiorina PROPN cblr-1720 769 14 , , PUNCT cblr-1720 769 15 made make VERB cblr-1720 769 16 to to PART cblr-1720 769 17 gain gain VERB cblr-1720 769 18 iss iss PROPN cblr-1720 769 19 support support NOUN cblr-1720 769 20 in in ADP cblr-1720 769 21 the the DET cblr-1720 769 22 hp hp PROPN cblr-1720 769 23 compaq compaq NOUN cblr-1720 769 24 merger merger NOUN cblr-1720 769 25 demonstrates demonstrate VERB cblr-1720 769 26 the the DET cblr-1720 769 27 decisive decisive ADJ cblr-1720 769 28 importance importance NOUN cblr-1720 769 29 of of ADP cblr-1720 769 30 iss iss PROPN cblr-1720 769 31 . . PUNCT cblr-1720 770 1 see see VERB cblr-1720 770 2 pui pui NOUN cblr-1720 770 3 - - PUNCT cblr-1720 770 4 wing wing NOUN cblr-1720 770 5 tam tam PROPN cblr-1720 770 6 & & CCONJ cblr-1720 770 7 gary gary PROPN cblr-1720 770 8 mcwilliams mcwilliams PROPN cblr-1720 770 9 , , PUNCT cblr-1720 770 10 iss iss PROPN cblr-1720 770 11 recommends recommend VERB cblr-1720 770 12 h h NOUN cblr-1720 770 13 - - PUNCT cblr-1720 770 14 p p NOUN cblr-1720 770 15 holders holder NOUN cblr-1720 770 16 vote vote NOUN cblr-1720 770 17 in in ADP cblr-1720 770 18 favor favor NOUN cblr-1720 770 19 of of ADP cblr-1720 770 20 acquisition acquisition NOUN cblr-1720 770 21 of of ADP cblr-1720 770 22 compaq compaq PROPN cblr-1720 770 23 , , PUNCT cblr-1720 771 1 wall wall PROPN cblr-1720 771 2 st st PROPN cblr-1720 771 3 . . PROPN cblr-1720 771 4 j. j. PROPN cblr-1720 771 5 ( ( PUNCT cblr-1720 771 6 mar mar PROPN cblr-1720 771 7 . . PROPN cblr-1720 771 8 6 6 NUM cblr-1720 771 9 , , PUNCT cblr-1720 771 10 2002 2002 NUM cblr-1720 771 11 ) ) PUNCT cblr-1720 771 12 , , PUNCT cblr-1720 771 13 https://www.wsj.com/articles/ https://www.wsj.com/articles/ PROPN cblr-1720 771 14 sb1015352824755238080 sb1015352824755238080 PROPN cblr-1720 771 15 ( ( PUNCT cblr-1720 771 16 reporting report VERB cblr-1720 771 17 that that SCONJ cblr-1720 771 18 “ " PUNCT cblr-1720 771 19 many many ADJ cblr-1720 771 20 money money NOUN cblr-1720 771 21 - - PUNCT cblr-1720 771 22 management management NOUN cblr-1720 771 23 firms firm NOUN cblr-1720 771 24 take take VERB cblr-1720 771 25 iss iss PROPN cblr-1720 771 26 ’s ’s PART cblr-1720 771 27 reports report NOUN cblr-1720 771 28 into into ADP cblr-1720 771 29 account account NOUN cblr-1720 771 30 before before ADP cblr-1720 771 31 voting vote VERB cblr-1720 771 32 in in ADP cblr-1720 771 33 a a DET cblr-1720 771 34 proxy proxy ADJ cblr-1720 771 35 battle battle NOUN cblr-1720 771 36 ” " PUNCT cblr-1720 771 37 ) ) PUNCT cblr-1720 771 38 . . PUNCT cblr-1720 772 1 161 161 NUM cblr-1720 772 2 iss iss PROPN cblr-1720 772 3 and and CCONJ cblr-1720 772 4 other other ADJ cblr-1720 772 5 proxy proxy ADJ cblr-1720 772 6 advisory advisory ADJ cblr-1720 772 7 firms firm NOUN cblr-1720 772 8 have have AUX cblr-1720 772 9 not not PART cblr-1720 772 10 been be AUX cblr-1720 772 11 shy shy ADJ cblr-1720 772 12 about about ADP cblr-1720 772 13 using use VERB cblr-1720 772 14 withhold withhold NOUN cblr-1720 772 15 - - PUNCT cblr-1720 772 16 vote vote NOUN cblr-1720 772 17 campaigns campaign NOUN cblr-1720 772 18 to to PART cblr-1720 772 19 punish punish VERB cblr-1720 772 20 directors director NOUN cblr-1720 772 21 who who PRON cblr-1720 772 22 make make VERB cblr-1720 772 23 decisions decision NOUN cblr-1720 772 24 they they PRON cblr-1720 772 25 do do AUX cblr-1720 772 26 not not PART cblr-1720 772 27 like like VERB cblr-1720 772 28 . . PUNCT cblr-1720 773 1 see see VERB cblr-1720 773 2 guhan guhan PROPN cblr-1720 773 3 subramanian subramanian PROPN cblr-1720 773 4 , , PUNCT cblr-1720 773 5 corporate corporate ADJ cblr-1720 773 6 governance governance NOUN cblr-1720 773 7 2.0 2.0 NUM cblr-1720 773 8 . . PUNCT cblr-1720 773 9 , , PUNCT cblr-1720 773 10 harv harv PROPN cblr-1720 773 11 . . PUNCT cblr-1720 774 1 bus bus NOUN cblr-1720 774 2 . . PUNCT cblr-1720 775 1 rev rev PROPN cblr-1720 775 2 . . PROPN cblr-1720 775 3 , , PUNCT cblr-1720 775 4 mar mar PROPN cblr-1720 775 5 . . PROPN cblr-1720 775 6 2015 2015 NUM cblr-1720 775 7 , , PUNCT cblr-1720 775 8 at at ADP cblr-1720 775 9 99 99 NUM cblr-1720 775 10 . . PUNCT cblr-1720 776 1 162 162 NUM cblr-1720 776 2 see see VERB cblr-1720 776 3 ernst ernst PROPN cblr-1720 776 4 & & CCONJ cblr-1720 776 5 young young PROPN cblr-1720 776 6 , , PUNCT cblr-1720 776 7 four four NUM cblr-1720 776 8 takeaways takeaway NOUN cblr-1720 776 9 from from ADP cblr-1720 776 10 proxy proxy NOUN cblr-1720 776 11 season season NOUN cblr-1720 776 12 2016 2016 NUM cblr-1720 776 13 ( ( PUNCT cblr-1720 776 14 2016 2016 NUM cblr-1720 776 15 ) ) PUNCT cblr-1720 776 16 , , PUNCT cblr-1720 776 17 at at ADP cblr-1720 776 18 2 2 NUM cblr-1720 776 19 , , PUNCT cblr-1720 776 20 available available ADJ cblr-1720 776 21 at at ADP cblr-1720 776 22 http://www.ey.com/publication/vwluassets/ey http://www.ey.com/publication/vwluassets/ey NUM cblr-1720 776 23 shilon shilon NOUN cblr-1720 776 24 – – PUNCT cblr-1720 776 25 final final ADJ cblr-1720 776 26 568 568 NUM cblr-1720 776 27 columbia columbia PROPN cblr-1720 776 28 business business NOUN cblr-1720 776 29 law law PROPN cblr-1720 776 30 review review NOUN cblr-1720 776 31 [ [ X cblr-1720 776 32 vol vol NOUN cblr-1720 776 33 . . NOUN cblr-1720 776 34 2017 2017 NUM cblr-1720 776 35 5 5 NUM cblr-1720 776 36 . . PUNCT cblr-1720 777 1 boards board NOUN cblr-1720 777 2 should should AUX cblr-1720 777 3 recommend recommend VERB cblr-1720 777 4 and and CCONJ cblr-1720 777 5 individual individual ADJ cblr-1720 777 6 directors director NOUN cblr-1720 777 7 should should AUX cblr-1720 777 8 decide decide VERB cblr-1720 777 9 the the DET cblr-1720 777 10 stock stock NOUN cblr-1720 777 11 commitment commitment NOUN cblr-1720 777 12 amounts amount NOUN cblr-1720 777 13 as as SCONJ cblr-1720 777 14 reflected reflect VERB cblr-1720 777 15 in in ADP cblr-1720 777 16 the the DET cblr-1720 777 17 sample sample NOUN cblr-1720 777 18 executive executive NOUN cblr-1720 777 19 session session NOUN cblr-1720 777 20 resolution resolution NOUN cblr-1720 777 21 in in ADP cblr-1720 777 22 the the DET cblr-1720 777 23 beginning beginning NOUN cblr-1720 777 24 of of ADP cblr-1720 777 25 this this DET cblr-1720 777 26 section section NOUN cblr-1720 777 27 , , PUNCT cblr-1720 777 28 the the DET cblr-1720 777 29 proposed propose VERB cblr-1720 777 30 arrangement arrangement NOUN cblr-1720 777 31 provides provide VERB cblr-1720 777 32 that that SCONJ cblr-1720 777 33 independent independent ADJ cblr-1720 777 34 directors director NOUN cblr-1720 777 35 should should AUX cblr-1720 777 36 decide decide VERB cblr-1720 777 37 collectively collectively ADV cblr-1720 777 38 ( ( PUNCT cblr-1720 777 39 1 1 X cblr-1720 777 40 ) ) PUNCT cblr-1720 777 41 whether whether SCONJ cblr-1720 777 42 to to PART cblr-1720 777 43 accept accept VERB cblr-1720 777 44 the the DET cblr-1720 777 45 bid bid NOUN cblr-1720 777 46 , , PUNCT cblr-1720 777 47 and and CCONJ cblr-1720 777 48 ( ( PUNCT cblr-1720 777 49 2 2 X cblr-1720 777 50 ) ) PUNCT cblr-1720 777 51 whether whether SCONJ cblr-1720 777 52 they they PRON cblr-1720 777 53 recommend recommend VERB cblr-1720 777 54 that that SCONJ cblr-1720 777 55 each each DET cblr-1720 777 56 individual individual ADJ cblr-1720 777 57 director director NOUN cblr-1720 777 58 commit commit VERB cblr-1720 777 59 to to PART cblr-1720 777 60 buy buy VERB cblr-1720 777 61 a a DET cblr-1720 777 62 certain certain ADJ cblr-1720 777 63 amount amount NOUN cblr-1720 777 64 of of ADP cblr-1720 777 65 stock stock NOUN cblr-1720 777 66 per per ADP cblr-1720 777 67 the the DET cblr-1720 777 68 arrangement arrangement NOUN cblr-1720 777 69 and and CCONJ cblr-1720 777 70 hold hold VERB cblr-1720 777 71 it it PRON cblr-1720 777 72 for for ADP cblr-1720 777 73 a a DET cblr-1720 777 74 certain certain ADJ cblr-1720 777 75 time time NOUN cblr-1720 777 76 . . PUNCT cblr-1720 778 1 the the DET cblr-1720 778 2 final final ADJ cblr-1720 778 3 decision decision NOUN cblr-1720 778 4 on on ADP cblr-1720 778 5 whether whether SCONJ cblr-1720 778 6 to to PART cblr-1720 778 7 commit commit VERB cblr-1720 778 8 such such ADJ cblr-1720 778 9 stock stock NOUN cblr-1720 778 10 and and CCONJ cblr-1720 778 11 , , PUNCT cblr-1720 778 12 if if SCONJ cblr-1720 778 13 so so ADV cblr-1720 778 14 , , PUNCT cblr-1720 778 15 how how SCONJ cblr-1720 778 16 many many ADJ cblr-1720 778 17 shares share NOUN cblr-1720 778 18 and and CCONJ cblr-1720 778 19 for for ADP cblr-1720 778 20 how how SCONJ cblr-1720 778 21 long long ADV cblr-1720 778 22 , , PUNCT cblr-1720 778 23 should should AUX cblr-1720 778 24 be be AUX cblr-1720 778 25 left leave VERB cblr-1720 778 26 to to ADP cblr-1720 778 27 each each DET cblr-1720 778 28 director director NOUN cblr-1720 778 29 individually individually ADV cblr-1720 778 30 . . PUNCT cblr-1720 779 1 this this DET cblr-1720 779 2 recommendation recommendation NOUN cblr-1720 779 3 not not PART cblr-1720 779 4 only only ADV cblr-1720 779 5 strikes strike VERB cblr-1720 779 6 the the DET cblr-1720 779 7 right right ADJ cblr-1720 779 8 balance balance NOUN cblr-1720 779 9 between between ADP cblr-1720 779 10 the the DET cblr-1720 779 11 individual individual ADJ cblr-1720 779 12 directors director NOUN cblr-1720 779 13 ’ ’ PART cblr-1720 779 14 property property NOUN cblr-1720 779 15 and and CCONJ cblr-1720 779 16 privacy privacy NOUN cblr-1720 779 17 rights right NOUN cblr-1720 779 18 , , PUNCT cblr-1720 779 19 on on ADP cblr-1720 779 20 the the DET cblr-1720 779 21 one one NUM cblr-1720 779 22 hand hand NOUN cblr-1720 779 23 , , PUNCT cblr-1720 779 24 and and CCONJ cblr-1720 779 25 the the DET cblr-1720 779 26 prerogative prerogative NOUN cblr-1720 779 27 of of ADP cblr-1720 779 28 the the DET cblr-1720 779 29 board board NOUN cblr-1720 779 30 , , PUNCT cblr-1720 779 31 on on ADP cblr-1720 779 32 the the DET cblr-1720 779 33 other other ADJ cblr-1720 779 34 hand hand NOUN cblr-1720 779 35 , , PUNCT cblr-1720 779 36 but but CCONJ cblr-1720 779 37 also also ADV cblr-1720 779 38 — — PUNCT cblr-1720 779 39 and and CCONJ cblr-1720 779 40 mainly mainly ADV cblr-1720 779 41 — — PUNCT cblr-1720 779 42 is be AUX cblr-1720 779 43 expected expect VERB cblr-1720 779 44 to to PART cblr-1720 779 45 contribute contribute VERB cblr-1720 779 46 to to ADP cblr-1720 779 47 the the DET cblr-1720 779 48 optimal optimal ADJ cblr-1720 779 49 functioning functioning NOUN cblr-1720 779 50 of of ADP cblr-1720 779 51 the the DET cblr-1720 779 52 proposed propose VERB cblr-1720 779 53 arrangement arrangement NOUN cblr-1720 779 54 . . PUNCT cblr-1720 780 1 the the DET cblr-1720 780 2 proposed propose VERB cblr-1720 780 3 arrangement arrangement NOUN cblr-1720 780 4 provides provide VERB cblr-1720 780 5 that that SCONJ cblr-1720 780 6 boards board NOUN cblr-1720 780 7 make make VERB cblr-1720 780 8 a a DET cblr-1720 780 9 collective collective ADJ cblr-1720 780 10 recommendation recommendation NOUN cblr-1720 780 11 about about ADP cblr-1720 780 12 stock stock NOUN cblr-1720 780 13 commitment commitment NOUN cblr-1720 780 14 amounts amount VERB cblr-1720 780 15 for for ADP cblr-1720 780 16 two two NUM cblr-1720 780 17 major major ADJ cblr-1720 780 18 reasons reason NOUN cblr-1720 780 19 . . PUNCT cblr-1720 781 1 first first ADV cblr-1720 781 2 , , PUNCT cblr-1720 781 3 such such DET cblr-1720 781 4 a a DET cblr-1720 781 5 recommendation recommendation NOUN cblr-1720 781 6 communicates communicate VERB cblr-1720 781 7 the the DET cblr-1720 781 8 entire entire ADJ cblr-1720 781 9 board board NOUN cblr-1720 781 10 ’s ’s PART cblr-1720 781 11 official official ADJ cblr-1720 781 12 understanding understanding NOUN cblr-1720 781 13 about about ADP cblr-1720 781 14 the the DET cblr-1720 781 15 severity severity NOUN cblr-1720 781 16 of of ADP cblr-1720 781 17 the the DET cblr-1720 781 18 threat threat NOUN cblr-1720 781 19 that that SCONJ cblr-1720 781 20 the the DET cblr-1720 781 21 unsolicited unsolicited ADJ cblr-1720 781 22 bid bid NOUN cblr-1720 781 23 poses pose NOUN cblr-1720 781 24 to to ADP cblr-1720 781 25 corporate corporate ADJ cblr-1720 781 26 policies policy NOUN cblr-1720 781 27 and and CCONJ cblr-1720 781 28 effectiveness effectiveness NOUN cblr-1720 781 29 . . PUNCT cblr-1720 782 1 second second ADJ cblr-1720 782 2 , , PUNCT cblr-1720 782 3 it it PRON cblr-1720 782 4 helps help VERB cblr-1720 782 5 prevent prevent VERB cblr-1720 782 6 director director NOUN cblr-1720 782 7 free free ADJ cblr-1720 782 8 riding riding NOUN cblr-1720 782 9 . . PUNCT cblr-1720 783 1 without without ADP cblr-1720 783 2 a a DET cblr-1720 783 3 strong strong ADJ cblr-1720 783 4 sense sense NOUN cblr-1720 783 5 of of ADP cblr-1720 783 6 collegiality collegiality NOUN cblr-1720 783 7 among among ADP cblr-1720 783 8 the the DET cblr-1720 783 9 outside outside ADJ cblr-1720 783 10 directors director NOUN cblr-1720 783 11 or or CCONJ cblr-1720 783 12 a a DET cblr-1720 783 13 concrete concrete ADJ cblr-1720 783 14 fear fear NOUN cblr-1720 783 15 that that SCONJ cblr-1720 783 16 inside inside ADJ cblr-1720 783 17 directors director NOUN cblr-1720 783 18 will will AUX cblr-1720 783 19 punish punish VERB cblr-1720 783 20 those those DET cblr-1720 783 21 outside outside ADJ cblr-1720 783 22 directors director NOUN cblr-1720 783 23 who who PRON cblr-1720 783 24 do do AUX cblr-1720 783 25 not not PART cblr-1720 783 26 make make VERB cblr-1720 783 27 significant significant ADJ cblr-1720 783 28 stock stock NOUN cblr-1720 783 29 commitments commitment NOUN cblr-1720 783 30 , , PUNCT cblr-1720 783 31 there there PRON cblr-1720 783 32 is be VERB cblr-1720 783 33 a a DET cblr-1720 783 34 risk risk NOUN cblr-1720 783 35 that that PRON cblr-1720 783 36 each each DET cblr-1720 783 37 director director NOUN cblr-1720 783 38 will will AUX cblr-1720 783 39 commit commit VERB cblr-1720 783 40 to to PART cblr-1720 783 41 buy buy VERB cblr-1720 783 42 a a DET cblr-1720 783 43 suboptimal suboptimal ADJ cblr-1720 783 44 amount amount NOUN cblr-1720 783 45 of of ADP cblr-1720 783 46 stock stock NOUN cblr-1720 783 47 — — PUNCT cblr-1720 783 48 not not PART cblr-1720 783 49 because because SCONJ cblr-1720 783 50 she she PRON cblr-1720 783 51 disbelieves disbelieve VERB cblr-1720 783 52 the the DET cblr-1720 783 53 desirability desirability NOUN cblr-1720 783 54 of of ADP cblr-1720 783 55 the the DET cblr-1720 783 56 defensive defensive ADJ cblr-1720 783 57 tactics tactic NOUN cblr-1720 783 58 , , PUNCT cblr-1720 783 59 but but CCONJ cblr-1720 783 60 because because SCONJ cblr-1720 783 61 she she PRON cblr-1720 783 62 wants want VERB cblr-1720 783 63 to to PART cblr-1720 783 64 free free VERB cblr-1720 783 65 ride ride VERB cblr-1720 783 66 the the DET cblr-1720 783 67 stock stock NOUN cblr-1720 783 68 commitment commitment NOUN cblr-1720 783 69 of of ADP cblr-1720 783 70 her her PRON cblr-1720 783 71 fellow fellow ADJ cblr-1720 783 72 directors director NOUN cblr-1720 783 73 . . PUNCT cblr-1720 784 1 the the DET cblr-1720 784 2 board board NOUN cblr-1720 784 3 ’s ’s PART cblr-1720 784 4 collective collective ADJ cblr-1720 784 5 decision decision NOUN cblr-1720 784 6 will will AUX cblr-1720 784 7 work work VERB cblr-1720 784 8 against against ADP cblr-1720 784 9 this this PRON cblr-1720 784 10 by by ADP cblr-1720 784 11 imposing impose VERB cblr-1720 784 12 peer peer NOUN cblr-1720 784 13 pressure pressure NOUN cblr-1720 784 14 on on ADP cblr-1720 784 15 four four NUM cblr-1720 784 16 - - PUNCT cblr-1720 784 17 takeaways takeaway NOUN cblr-1720 784 18 - - PUNCT cblr-1720 784 19 from from ADP cblr-1720 784 20 - - PUNCT cblr-1720 784 21 proxy proxy NOUN cblr-1720 784 22 - - PUNCT cblr-1720 784 23 season-2016/$file season-2016/$file NOUN cblr-1720 784 24 / / SYM cblr-1720 784 25 ey ey PROPN cblr-1720 784 26 - - PUNCT cblr-1720 784 27 four four NUM cblr-1720 784 28 - - PUNCT cblr-1720 784 29 takeaways takeaway NOUN cblr-1720 784 30 - - PUNCT cblr-1720 784 31 fromproxy fromproxy NOUN cblr-1720 784 32 - - PUNCT cblr-1720 784 33 season-2016.pdf season-2016.pdf NOUN cblr-1720 784 34 [ [ X cblr-1720 784 35 https://perma.cc/j9ur-9ezd https://perma.cc/j9ur-9ezd NOUN cblr-1720 784 36 ] ] PUNCT cblr-1720 784 37 ( ( PUNCT cblr-1720 784 38 explaining explain VERB cblr-1720 784 39 that that SCONJ cblr-1720 784 40 in in ADP cblr-1720 784 41 the the DET cblr-1720 784 42 2016 2016 NUM cblr-1720 784 43 proxy proxy NOUN cblr-1720 784 44 season season NOUN cblr-1720 784 45 66 66 NUM cblr-1720 784 46 % % NOUN cblr-1720 784 47 of of ADP cblr-1720 784 48 proxy proxy ADJ cblr-1720 784 49 statements statement NOUN cblr-1720 784 50 for for ADP cblr-1720 784 51 s&p s&p PROPN cblr-1720 784 52 500 500 NUM cblr-1720 784 53 companies company NOUN cblr-1720 784 54 disclosed disclose VERB cblr-1720 784 55 engagement engagement NOUN cblr-1720 784 56 with with ADP cblr-1720 784 57 their their PRON cblr-1720 784 58 shareholders shareholder NOUN cblr-1720 784 59 , , PUNCT cblr-1720 784 60 whereas whereas SCONJ cblr-1720 784 61 in in ADP cblr-1720 784 62 2010 2010 NUM cblr-1720 784 63 only only ADV cblr-1720 784 64 6 6 NUM cblr-1720 784 65 % % NOUN cblr-1720 784 66 of of ADP cblr-1720 784 67 s&p s&p PROPN cblr-1720 784 68 500 500 NUM cblr-1720 784 69 firms firm NOUN cblr-1720 784 70 disclosed disclose VERB cblr-1720 784 71 engagement engagement NOUN cblr-1720 784 72 ) ) PUNCT cblr-1720 784 73 . . PUNCT cblr-1720 785 1 shilon shilon NOUN cblr-1720 785 2 – – PUNCT cblr-1720 785 3 final final ADJ cblr-1720 785 4 no no NOUN cblr-1720 785 5 . . PUNCT cblr-1720 786 1 2:511 2:511 NOUN cblr-1720 786 2 ] ] X cblr-1720 786 3 improving improve VERB cblr-1720 786 4 corporate corporate ADJ cblr-1720 786 5 takeover takeover NOUN cblr-1720 786 6 dynamics dynamic NOUN cblr-1720 786 7 569 569 NUM cblr-1720 786 8 each each DET cblr-1720 786 9 director director NOUN cblr-1720 786 10 to to PART cblr-1720 786 11 avoid avoid VERB cblr-1720 786 12 committing commit VERB cblr-1720 786 13 below below ADP cblr-1720 786 14 the the DET cblr-1720 786 15 recommended recommend VERB cblr-1720 786 16 level level NOUN cblr-1720 786 17 . . PUNCT cblr-1720 787 1 yet yet CCONJ cblr-1720 787 2 the the DET cblr-1720 787 3 proposed propose VERB cblr-1720 787 4 arrangement arrangement NOUN cblr-1720 787 5 suggests suggest VERB cblr-1720 787 6 that that SCONJ cblr-1720 787 7 stock stock NOUN cblr-1720 787 8 commitment commitment NOUN cblr-1720 787 9 amounts amount NOUN cblr-1720 787 10 be be AUX cblr-1720 787 11 made make VERB cblr-1720 787 12 by by ADP cblr-1720 787 13 each each DET cblr-1720 787 14 outside outside ADJ cblr-1720 787 15 director director NOUN cblr-1720 787 16 individually individually ADV cblr-1720 787 17 because because SCONJ cblr-1720 787 18 the the DET cblr-1720 787 19 cost cost NOUN cblr-1720 787 20 of of ADP cblr-1720 787 21 such such DET cblr-1720 787 22 a a DET cblr-1720 787 23 commitment commitment NOUN cblr-1720 787 24 may may AUX cblr-1720 787 25 vary vary VERB cblr-1720 787 26 significantly significantly ADV cblr-1720 787 27 for for ADP cblr-1720 787 28 each each DET cblr-1720 787 29 director director NOUN cblr-1720 787 30 . . PUNCT cblr-1720 788 1 for for ADP cblr-1720 788 2 example example NOUN cblr-1720 788 3 , , PUNCT cblr-1720 788 4 even even ADV cblr-1720 788 5 if if SCONJ cblr-1720 788 6 all all DET cblr-1720 788 7 directors director NOUN cblr-1720 788 8 agree agree VERB cblr-1720 788 9 that that SCONJ cblr-1720 788 10 the the DET cblr-1720 788 11 bid bid NOUN cblr-1720 788 12 price price NOUN cblr-1720 788 13 is be AUX cblr-1720 788 14 significantly significantly ADV cblr-1720 788 15 lower low ADJ cblr-1720 788 16 than than ADP cblr-1720 788 17 the the DET cblr-1720 788 18 intrinsic intrinsic ADJ cblr-1720 788 19 value value NOUN cblr-1720 788 20 of of ADP cblr-1720 788 21 the the DET cblr-1720 788 22 firm firm NOUN cblr-1720 788 23 and and CCONJ cblr-1720 788 24 that that SCONJ cblr-1720 788 25 , , PUNCT cblr-1720 788 26 for for ADP cblr-1720 788 27 many many ADJ cblr-1720 788 28 of of ADP cblr-1720 788 29 them they PRON cblr-1720 788 30 , , PUNCT cblr-1720 788 31 the the DET cblr-1720 788 32 cost cost NOUN cblr-1720 788 33 of of ADP cblr-1720 788 34 committing commit VERB cblr-1720 788 35 to to PART cblr-1720 788 36 buy buy VERB cblr-1720 788 37 and and CCONJ cblr-1720 788 38 hold hold VERB cblr-1720 788 39 stock stock NOUN cblr-1720 788 40 at at ADP cblr-1720 788 41 the the DET cblr-1720 788 42 bid bid NOUN cblr-1720 788 43 price price NOUN cblr-1720 788 44 is be AUX cblr-1720 788 45 fairly fairly ADV cblr-1720 788 46 low low ADJ cblr-1720 788 47 , , PUNCT cblr-1720 788 48 for for SCONJ cblr-1720 788 49 some some DET cblr-1720 788 50 directors director NOUN cblr-1720 788 51 that that PRON cblr-1720 788 52 cost cost NOUN cblr-1720 788 53 may may AUX cblr-1720 788 54 be be AUX cblr-1720 788 55 high high ADJ cblr-1720 788 56 . . PUNCT cblr-1720 789 1 this this PRON cblr-1720 789 2 might might AUX cblr-1720 789 3 be be AUX cblr-1720 789 4 so so ADV cblr-1720 789 5 if if SCONJ cblr-1720 789 6 the the DET cblr-1720 789 7 directors director NOUN cblr-1720 789 8 need need VERB cblr-1720 789 9 more more ADJ cblr-1720 789 10 liquidity liquidity NOUN cblr-1720 789 11 , , PUNCT cblr-1720 789 12 are be AUX cblr-1720 789 13 more more ADJ cblr-1720 789 14 risk risk NOUN cblr-1720 789 15 averse averse ADJ cblr-1720 789 16 , , PUNCT cblr-1720 789 17 or or CCONJ cblr-1720 789 18 are be AUX cblr-1720 789 19 less less ADV cblr-1720 789 20 wealthy wealthy ADJ cblr-1720 789 21 , , PUNCT cblr-1720 789 22 or or CCONJ cblr-1720 789 23 if if SCONJ cblr-1720 789 24 their their PRON cblr-1720 789 25 overall overall ADJ cblr-1720 789 26 portfolios portfolio NOUN cblr-1720 789 27 are be AUX cblr-1720 789 28 less less ADV cblr-1720 789 29 diversified diversified ADJ cblr-1720 789 30 . . PUNCT cblr-1720 790 1 moreover moreover ADV cblr-1720 790 2 , , PUNCT cblr-1720 790 3 the the DET cblr-1720 790 4 personal personal ADJ cblr-1720 790 5 benefit benefit NOUN cblr-1720 790 6 from from ADP cblr-1720 790 7 making make VERB cblr-1720 790 8 the the DET cblr-1720 790 9 stock stock NOUN cblr-1720 790 10 commitment commitment NOUN cblr-1720 790 11 — — PUNCT cblr-1720 790 12 namely namely ADV cblr-1720 790 13 , , PUNCT cblr-1720 790 14 avoiding avoid VERB cblr-1720 790 15 removal removal NOUN cblr-1720 790 16 from from ADP cblr-1720 790 17 the the DET cblr-1720 790 18 board board NOUN cblr-1720 790 19 — — PUNCT cblr-1720 790 20 can can AUX cblr-1720 790 21 vary vary VERB cblr-1720 790 22 as as ADV cblr-1720 790 23 well well ADV cblr-1720 790 24 , , PUNCT cblr-1720 790 25 depending depend VERB cblr-1720 790 26 on on ADP cblr-1720 790 27 the the DET cblr-1720 790 28 director director NOUN cblr-1720 790 29 ’s ’s PART cblr-1720 790 30 age age NOUN cblr-1720 790 31 , , PUNCT cblr-1720 790 32 tenure tenure NOUN cblr-1720 790 33 , , PUNCT cblr-1720 790 34 shareholder shareholder NOUN cblr-1720 790 35 support support NOUN cblr-1720 790 36 , , PUNCT cblr-1720 790 37 and and CCONJ cblr-1720 790 38 , , PUNCT cblr-1720 790 39 especially especially ADV cblr-1720 790 40 , , PUNCT cblr-1720 790 41 plans plan VERB cblr-1720 790 42 to to PART cblr-1720 790 43 remain remain VERB cblr-1720 790 44 with with ADP cblr-1720 790 45 the the DET cblr-1720 790 46 firm firm NOUN cblr-1720 790 47 . . PUNCT cblr-1720 791 1 6 6 X cblr-1720 791 2 . . X cblr-1720 791 3 deciding decide VERB cblr-1720 791 4 directors director NOUN cblr-1720 791 5 ’ ’ PART cblr-1720 791 6 stock stock NOUN cblr-1720 791 7 commitments commitment NOUN cblr-1720 791 8 because because SCONJ cblr-1720 791 9 the the DET cblr-1720 791 10 directors director NOUN cblr-1720 791 11 ’ ’ PART cblr-1720 791 12 stock stock NOUN cblr-1720 791 13 commitment commitment NOUN cblr-1720 791 14 should should AUX cblr-1720 791 15 communicate communicate VERB cblr-1720 791 16 the the DET cblr-1720 791 17 target target NOUN cblr-1720 791 18 board board NOUN cblr-1720 791 19 ’s ’s PART cblr-1720 791 20 genuine genuine ADJ cblr-1720 791 21 belief belief NOUN cblr-1720 791 22 about about ADP cblr-1720 791 23 the the DET cblr-1720 791 24 desirability desirability NOUN cblr-1720 791 25 of of ADP cblr-1720 791 26 the the DET cblr-1720 791 27 takeover takeover NOUN cblr-1720 791 28 , , PUNCT cblr-1720 791 29 it it PRON cblr-1720 791 30 is be AUX cblr-1720 791 31 essential essential ADJ cblr-1720 791 32 that that SCONJ cblr-1720 791 33 their their PRON cblr-1720 791 34 commitment commitment NOUN cblr-1720 791 35 be be AUX cblr-1720 791 36 effectively effectively ADV cblr-1720 791 37 decided decide VERB cblr-1720 791 38 by by ADP cblr-1720 791 39 the the DET cblr-1720 791 40 outside outside ADJ cblr-1720 791 41 directors director NOUN cblr-1720 791 42 and and CCONJ cblr-1720 791 43 interpreted interpret VERB cblr-1720 791 44 by by ADP cblr-1720 791 45 courts court NOUN cblr-1720 791 46 and and CCONJ cblr-1720 791 47 shareholders shareholder NOUN cblr-1720 791 48 . . PUNCT cblr-1720 792 1 the the DET cblr-1720 792 2 analytical analytical ADJ cblr-1720 792 3 process process NOUN cblr-1720 792 4 this this DET cblr-1720 792 5 article article NOUN cblr-1720 792 6 uses use VERB cblr-1720 792 7 for for ADP cblr-1720 792 8 deciding decide VERB cblr-1720 792 9 and and CCONJ cblr-1720 792 10 understanding understand VERB cblr-1720 792 11 the the DET cblr-1720 792 12 commitment commitment NOUN cblr-1720 792 13 amounts amount NOUN cblr-1720 792 14 involves involve VERB cblr-1720 792 15 two two NUM cblr-1720 792 16 stages stage NOUN cblr-1720 792 17 : : PUNCT cblr-1720 792 18 ( ( PUNCT cblr-1720 792 19 1 1 X cblr-1720 792 20 ) ) PUNCT cblr-1720 792 21 find find VERB cblr-1720 792 22 the the DET cblr-1720 792 23 credible credible ADJ cblr-1720 792 24 commitment commitment NOUN cblr-1720 792 25 amount amount NOUN cblr-1720 792 26 based base VERB cblr-1720 792 27 on on ADP cblr-1720 792 28 a a DET cblr-1720 792 29 theoretical theoretical ADJ cblr-1720 792 30 model model NOUN cblr-1720 792 31 this this DET cblr-1720 792 32 article article NOUN cblr-1720 792 33 constructs construct VERB cblr-1720 792 34 , , PUNCT cblr-1720 792 35 and and CCONJ cblr-1720 792 36 ( ( PUNCT cblr-1720 792 37 2 2 X cblr-1720 792 38 ) ) PUNCT cblr-1720 792 39 make make VERB cblr-1720 792 40 a a DET cblr-1720 792 41 series series NOUN cblr-1720 792 42 of of ADP cblr-1720 792 43 downward downward ADJ cblr-1720 792 44 adjustments adjustment NOUN cblr-1720 792 45 to to ADP cblr-1720 792 46 such such ADJ cblr-1720 792 47 amount amount NOUN cblr-1720 792 48 . . PUNCT cblr-1720 793 1 a. a. NOUN cblr-1720 793 2 a a DET cblr-1720 793 3 model model NOUN cblr-1720 793 4 for for ADP cblr-1720 793 5 deciding decide VERB cblr-1720 793 6 directors director NOUN cblr-1720 793 7 ’ ’ PART cblr-1720 793 8 stock stock NOUN cblr-1720 793 9 commitment commitment NOUN cblr-1720 793 10 amounts amount VERB cblr-1720 793 11 the the DET cblr-1720 793 12 game game NOUN cblr-1720 793 13 theoretical theoretical ADJ cblr-1720 793 14 model model NOUN cblr-1720 793 15 in in ADP cblr-1720 793 16 the the DET cblr-1720 793 17 appendix appendix NOUN cblr-1720 793 18 provides provide VERB cblr-1720 793 19 a a DET cblr-1720 793 20 framework framework NOUN cblr-1720 793 21 to to PART cblr-1720 793 22 decide decide VERB cblr-1720 793 23 the the DET cblr-1720 793 24 amounts amount NOUN cblr-1720 793 25 of of ADP cblr-1720 793 26 director director NOUN cblr-1720 793 27 stock stock NOUN cblr-1720 793 28 shilon shilon NOUN cblr-1720 793 29 – – PUNCT cblr-1720 794 1 final final ADJ cblr-1720 794 2 570 570 NUM cblr-1720 794 3 columbia columbia PROPN cblr-1720 794 4 business business NOUN cblr-1720 794 5 law law NOUN cblr-1720 794 6 review review NOUN cblr-1720 794 7 [ [ X cblr-1720 794 8 vol vol NOUN cblr-1720 794 9 . . NOUN cblr-1720 794 10 2017 2017 NUM cblr-1720 794 11 commitment commitment NOUN cblr-1720 794 12 that that PRON cblr-1720 794 13 will will AUX cblr-1720 794 14 render render VERB cblr-1720 794 15 it it PRON cblr-1720 794 16 credible.163 credible.163 VERB cblr-1720 794 17 the the DET cblr-1720 794 18 model model NOUN cblr-1720 794 19 builds build VERB cblr-1720 794 20 on on ADP cblr-1720 794 21 well well ADV cblr-1720 794 22 - - PUNCT cblr-1720 794 23 established establish VERB cblr-1720 794 24 signaling signal VERB cblr-1720 794 25 models model NOUN cblr-1720 794 26 in in ADP cblr-1720 794 27 game game NOUN cblr-1720 794 28 theory.164 theory.164 NOUN cblr-1720 794 29 it it PRON cblr-1720 794 30 begins begin VERB cblr-1720 794 31 by by ADP cblr-1720 794 32 identifying identify VERB cblr-1720 794 33 the the DET cblr-1720 794 34 maximal maximal ADJ cblr-1720 794 35 stock stock NOUN cblr-1720 794 36 commitment commitment NOUN cblr-1720 794 37 amount amount NOUN cblr-1720 794 38 of of ADP cblr-1720 794 39 an an DET cblr-1720 794 40 outside outside ADJ cblr-1720 794 41 pivotal pivotal ADJ cblr-1720 794 42 director director NOUN cblr-1720 794 43 , , PUNCT cblr-1720 794 44 who who PRON cblr-1720 794 45 genuinely genuinely ADV cblr-1720 794 46 believes believe VERB cblr-1720 794 47 that that SCONJ cblr-1720 794 48 the the DET cblr-1720 794 49 bid bid NOUN cblr-1720 794 50 price price NOUN cblr-1720 794 51 exactly exactly ADV cblr-1720 794 52 equals equal VERB cblr-1720 794 53 the the DET cblr-1720 794 54 intrinsic intrinsic ADJ cblr-1720 794 55 value value NOUN cblr-1720 794 56 of of ADP cblr-1720 794 57 the the DET cblr-1720 794 58 firm firm NOUN cblr-1720 794 59 ( ( PUNCT cblr-1720 794 60 a a DET cblr-1720 794 61 bid bid NOUN cblr-1720 794 62 for for ADP cblr-1720 794 63 which which PRON cblr-1720 794 64 long long ADJ cblr-1720 794 65 - - PUNCT cblr-1720 794 66 term term NOUN cblr-1720 794 67 shareholder shareholder NOUN cblr-1720 794 68 value value NOUN cblr-1720 794 69 is be AUX cblr-1720 794 70 not not PART cblr-1720 794 71 expected expect VERB cblr-1720 794 72 to to PART cblr-1720 794 73 change change VERB cblr-1720 794 74 ) ) PUNCT cblr-1720 794 75 . . PUNCT cblr-1720 795 1 this this DET cblr-1720 795 2 amount amount NOUN cblr-1720 795 3 is be AUX cblr-1720 795 4 found find VERB cblr-1720 795 5 at at ADP cblr-1720 795 6 the the DET cblr-1720 795 7 point point NOUN cblr-1720 795 8 where where SCONJ cblr-1720 795 9 her her PRON cblr-1720 795 10 total total ADJ cblr-1720 795 11 costs cost NOUN cblr-1720 795 12 equal equal VERB cblr-1720 795 13 her her PRON cblr-1720 795 14 total total ADJ cblr-1720 795 15 benefits benefit NOUN cblr-1720 795 16 from from ADP cblr-1720 795 17 making make VERB cblr-1720 795 18 her her PRON cblr-1720 795 19 commitment commitment NOUN cblr-1720 795 20 per per ADP cblr-1720 795 21 the the DET cblr-1720 795 22 proposed propose VERB cblr-1720 795 23 arrangement arrangement NOUN cblr-1720 795 24 . . PUNCT cblr-1720 796 1 because because SCONJ cblr-1720 796 2 the the DET cblr-1720 796 3 pivotal pivotal ADJ cblr-1720 796 4 director director NOUN cblr-1720 796 5 ’s ’s PART cblr-1720 796 6 stock stock NOUN cblr-1720 796 7 commitment commitment NOUN cblr-1720 796 8 is be AUX cblr-1720 796 9 expected expect VERB cblr-1720 796 10 to to PART cblr-1720 796 11 increase increase VERB cblr-1720 796 12 the the DET cblr-1720 796 13 odds odd NOUN cblr-1720 796 14 that that SCONJ cblr-1720 796 15 the the DET cblr-1720 796 16 takeover takeover NOUN cblr-1720 796 17 will will AUX cblr-1720 796 18 be be AUX cblr-1720 796 19 rejected reject VERB cblr-1720 796 20 , , PUNCT cblr-1720 796 21 the the DET cblr-1720 796 22 director director NOUN cblr-1720 796 23 ’s ’s PART cblr-1720 796 24 benefits benefit NOUN cblr-1720 796 25 from from ADP cblr-1720 796 26 making make VERB cblr-1720 796 27 the the DET cblr-1720 796 28 commitment commitment NOUN cblr-1720 796 29 includes include VERB cblr-1720 796 30 keeping keep VERB cblr-1720 796 31 her her PRON cblr-1720 796 32 pecuniary pecuniary ADJ cblr-1720 796 33 and and CCONJ cblr-1720 796 34 nonpecuniary nonpecuniary ADJ cblr-1720 796 35 benefits benefit NOUN cblr-1720 796 36 related relate VERB cblr-1720 796 37 to to ADP cblr-1720 796 38 her she PRON cblr-1720 796 39 directorship.165 directorship.165 NOUN cblr-1720 796 40 in in ADP cblr-1720 796 41 particular particular ADJ cblr-1720 796 42 , , PUNCT cblr-1720 796 43 by by ADP cblr-1720 796 44 securing secure VERB cblr-1720 796 45 her her PRON cblr-1720 796 46 board board NOUN cblr-1720 796 47 position position NOUN cblr-1720 796 48 , , PUNCT cblr-1720 796 49 she she PRON cblr-1720 796 50 keeps keep VERB cblr-1720 796 51 her her PRON cblr-1720 796 52 future future ADJ cblr-1720 796 53 salaries salary NOUN cblr-1720 796 54 , , PUNCT cblr-1720 796 55 prestige prestige NOUN cblr-1720 796 56 , , PUNCT cblr-1720 796 57 and and CCONJ cblr-1720 796 58 network network NOUN cblr-1720 796 59 . . PUNCT cblr-1720 797 1 given give VERB cblr-1720 797 2 that that DET cblr-1720 797 3 median median ADJ cblr-1720 797 4 pay pay NOUN cblr-1720 797 5 for for ADP cblr-1720 797 6 current current ADJ cblr-1720 797 7 outside outside ADJ cblr-1720 797 8 directors director NOUN cblr-1720 797 9 in in ADP cblr-1720 797 10 s&p s&p PROPN cblr-1720 797 11 500 500 NUM cblr-1720 797 12 firms firm NOUN cblr-1720 797 13 is be AUX cblr-1720 797 14 $ $ SYM cblr-1720 797 15 255,000,166 255,000,166 NUM cblr-1720 797 16 this this DET cblr-1720 797 17 benefit benefit NOUN cblr-1720 797 18 is be AUX cblr-1720 797 19 fairly fairly ADV cblr-1720 797 20 163 163 NUM cblr-1720 797 21 the the DET cblr-1720 797 22 intuitive intuitive ADJ cblr-1720 797 23 explanation explanation NOUN cblr-1720 797 24 in in ADP cblr-1720 797 25 this this DET cblr-1720 797 26 part part NOUN cblr-1720 797 27 generally generally ADV cblr-1720 797 28 follows follow VERB cblr-1720 797 29 the the DET cblr-1720 797 30 logic logic NOUN cblr-1720 797 31 of of ADP cblr-1720 797 32 the the DET cblr-1720 797 33 formal formal ADJ cblr-1720 797 34 model model NOUN cblr-1720 797 35 in in ADP cblr-1720 797 36 the the DET cblr-1720 797 37 appendix appendix NOUN cblr-1720 797 38 , , PUNCT cblr-1720 797 39 but but CCONJ cblr-1720 797 40 it it PRON cblr-1720 797 41 adds add VERB cblr-1720 797 42 a a DET cblr-1720 797 43 preliminary preliminary ADJ cblr-1720 797 44 step step NOUN cblr-1720 797 45 by by ADP cblr-1720 797 46 identifying identify VERB cblr-1720 797 47 the the DET cblr-1720 797 48 “ " PUNCT cblr-1720 797 49 pivotal pivotal ADJ cblr-1720 797 50 director director NOUN cblr-1720 797 51 ” " PUNCT cblr-1720 797 52 commitment commitment NOUN cblr-1720 797 53 amounts amount NOUN cblr-1720 797 54 . . PUNCT cblr-1720 798 1 164 164 NUM cblr-1720 798 2 see see NOUN cblr-1720 798 3 , , PUNCT cblr-1720 798 4 e.g. e.g. ADV cblr-1720 798 5 , , PUNCT cblr-1720 798 6 akerlof akerlof ADJ cblr-1720 798 7 , , PUNCT cblr-1720 798 8 supra supra PROPN cblr-1720 798 9 note note NOUN cblr-1720 798 10 6 6 NUM cblr-1720 798 11 . . NOUN cblr-1720 798 12 165 165 NUM cblr-1720 798 13 because because SCONJ cblr-1720 798 14 the the DET cblr-1720 798 15 stock stock NOUN cblr-1720 798 16 commitment commitment NOUN cblr-1720 798 17 also also ADV cblr-1720 798 18 helps help VERB cblr-1720 798 19 in in ADP cblr-1720 798 20 keeping keep VERB cblr-1720 798 21 the the DET cblr-1720 798 22 executive executive NOUN cblr-1720 798 23 ’s ’s PART cblr-1720 798 24 position position NOUN cblr-1720 798 25 , , PUNCT cblr-1720 798 26 the the DET cblr-1720 798 27 outside outside ADJ cblr-1720 798 28 director director NOUN cblr-1720 798 29 who who PRON cblr-1720 798 30 makes make VERB cblr-1720 798 31 the the DET cblr-1720 798 32 stock stock NOUN cblr-1720 798 33 commitment commitment NOUN cblr-1720 798 34 will will AUX cblr-1720 798 35 not not PART cblr-1720 798 36 only only ADV cblr-1720 798 37 prevent prevent VERB cblr-1720 798 38 her her PRON cblr-1720 798 39 removal removal NOUN cblr-1720 798 40 by by ADP cblr-1720 798 41 the the DET cblr-1720 798 42 bidder bidder NOUN cblr-1720 798 43 , , PUNCT cblr-1720 798 44 but but CCONJ cblr-1720 798 45 also also ADV cblr-1720 798 46 increase increase VERB cblr-1720 798 47 her her PRON cblr-1720 798 48 bond bond NOUN cblr-1720 798 49 with with ADP cblr-1720 798 50 the the DET cblr-1720 798 51 incumbent incumbent ADJ cblr-1720 798 52 executives executive NOUN cblr-1720 798 53 , , PUNCT cblr-1720 798 54 thereby thereby ADV cblr-1720 798 55 improving improve VERB cblr-1720 798 56 the the DET cblr-1720 798 57 odds odd NOUN cblr-1720 798 58 of of ADP cblr-1720 798 59 her her PRON cblr-1720 798 60 placement placement NOUN cblr-1720 798 61 on on ADP cblr-1720 798 62 future future ADJ cblr-1720 798 63 management management NOUN cblr-1720 798 64 slates slate NOUN cblr-1720 798 65 for for ADP cblr-1720 798 66 director director NOUN cblr-1720 798 67 election election NOUN cblr-1720 798 68 . . PUNCT cblr-1720 799 1 166 166 NUM cblr-1720 799 2 see see VERB cblr-1720 799 3 huddleston huddleston PROPN cblr-1720 799 4 , , PUNCT cblr-1720 799 5 supra supra PROPN cblr-1720 799 6 note note PROPN cblr-1720 799 7 143 143 NUM cblr-1720 799 8 ( ( PUNCT cblr-1720 799 9 reporting report VERB cblr-1720 799 10 that that SCONJ cblr-1720 799 11 “ " PUNCT cblr-1720 799 12 the the DET cblr-1720 799 13 median median ADJ cblr-1720 799 14 pay pay VERB cblr-1720 799 15 for for ADP cblr-1720 799 16 an an DET cblr-1720 799 17 independent independent ADJ cblr-1720 799 18 board board NOUN cblr-1720 799 19 member member NOUN cblr-1720 799 20 of of ADP cblr-1720 799 21 an an DET cblr-1720 799 22 s&p s&p PROPN cblr-1720 799 23 500 500 NUM cblr-1720 799 24 company company NOUN cblr-1720 799 25 was be AUX cblr-1720 799 26 $ $ SYM cblr-1720 799 27 255,000 255,000 NUM cblr-1720 799 28 per per ADP cblr-1720 799 29 year year NOUN cblr-1720 799 30 ” " PUNCT cblr-1720 799 31 as as ADP cblr-1720 799 32 of of ADP cblr-1720 799 33 october october PROPN cblr-1720 799 34 2015 2015 NUM cblr-1720 799 35 ) ) PUNCT cblr-1720 799 36 . . PUNCT cblr-1720 800 1 today today NOUN cblr-1720 800 2 , , PUNCT cblr-1720 800 3 it it PRON cblr-1720 800 4 is be AUX cblr-1720 800 5 common common ADJ cblr-1720 800 6 to to PART cblr-1720 800 7 find find VERB cblr-1720 800 8 a a DET cblr-1720 800 9 three three NUM cblr-1720 800 10 - - PUNCT cblr-1720 800 11 tiered tiere VERB cblr-1720 800 12 compensation compensation NOUN cblr-1720 800 13 structure structure NOUN cblr-1720 800 14 for for ADP cblr-1720 800 15 outside outside ADJ cblr-1720 800 16 directors director NOUN cblr-1720 800 17 , , PUNCT cblr-1720 800 18 with with ADP cblr-1720 800 19 audit audit NOUN cblr-1720 800 20 committee committee NOUN cblr-1720 800 21 members member NOUN cblr-1720 800 22 at at ADP cblr-1720 800 23 the the DET cblr-1720 800 24 top top NOUN cblr-1720 800 25 , , PUNCT cblr-1720 800 26 then then ADV cblr-1720 800 27 compensation compensation NOUN cblr-1720 800 28 committee committee NOUN cblr-1720 800 29 directors director NOUN cblr-1720 800 30 , , PUNCT cblr-1720 800 31 and and CCONJ cblr-1720 800 32 all all DET cblr-1720 800 33 remaining remain VERB cblr-1720 800 34 directors director NOUN cblr-1720 800 35 in in ADP cblr-1720 800 36 a a DET cblr-1720 800 37 third third ADJ cblr-1720 800 38 group group NOUN cblr-1720 800 39 . . 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PROPN cblr-1720 801 27 16 16 NUM cblr-1720 801 28 , , PUNCT cblr-1720 801 29 2012 2012 NUM cblr-1720 801 30 ) ) PUNCT cblr-1720 801 31 , , PUNCT cblr-1720 801 32 http://www.compensationforce.com/ http://www.compensationforce.com/ NOUN cblr-1720 801 33 board_of_director_compensation/ board_of_director_compensation/ NOUN cblr-1720 802 1 [ [ X cblr-1720 802 2 https://perma.cc/53zd-btk4 https://perma.cc/53zd-btk4 X cblr-1720 802 3 ] ] X cblr-1720 802 4 . . PUNCT cblr-1720 803 1 because because SCONJ cblr-1720 803 2 the the DET cblr-1720 803 3 stock stock NOUN cblr-1720 803 4 commitment commitment NOUN cblr-1720 803 5 benefits benefit NOUN cblr-1720 803 6 increase increase VERB cblr-1720 803 7 with with ADP cblr-1720 803 8 expectation expectation NOUN cblr-1720 803 9 for for ADP cblr-1720 803 10 future future ADJ cblr-1720 803 11 salaries salary NOUN cblr-1720 803 12 , , PUNCT cblr-1720 803 13 the the DET cblr-1720 803 14 stock stock NOUN cblr-1720 803 15 commitment commitment NOUN cblr-1720 803 16 amount amount NOUN cblr-1720 803 17 for for ADP cblr-1720 803 18 directors director NOUN cblr-1720 803 19 in in ADP cblr-1720 803 20 the the DET cblr-1720 803 21 upper upper ADJ cblr-1720 803 22 tiers tier NOUN cblr-1720 803 23 should should AUX cblr-1720 803 24 be be AUX cblr-1720 803 25 higher high ADJ cblr-1720 803 26 than than ADP cblr-1720 803 27 those those PRON cblr-1720 803 28 for for ADP cblr-1720 803 29 directors director NOUN cblr-1720 803 30 in in ADP cblr-1720 803 31 the the DET cblr-1720 803 32 lower low ADJ cblr-1720 803 33 tiers tier NOUN cblr-1720 803 34 . . PUNCT cblr-1720 804 1 as as SCONJ cblr-1720 804 2 this this DET cblr-1720 804 3 article article NOUN cblr-1720 804 4 demonstrated demonstrate VERB cblr-1720 804 5 above above ADV cblr-1720 804 6 , , PUNCT cblr-1720 804 7 one one NUM cblr-1720 804 8 practical practical ADJ cblr-1720 804 9 way way NOUN cblr-1720 804 10 to to PART cblr-1720 804 11 reflect reflect VERB cblr-1720 804 12 this this PRON cblr-1720 804 13 is be AUX cblr-1720 804 14 by by ADP cblr-1720 804 15 having have VERB cblr-1720 804 16 the the DET cblr-1720 804 17 stock stock NOUN cblr-1720 804 18 commitment commitment NOUN cblr-1720 804 19 framed frame VERB cblr-1720 804 20 as as ADP cblr-1720 804 21 a a DET cblr-1720 804 22 percentage percentage NOUN cblr-1720 804 23 of of ADP cblr-1720 804 24 future future ADJ cblr-1720 804 25 salaries salary NOUN cblr-1720 804 26 . . PUNCT cblr-1720 805 1 shilon shilon NOUN cblr-1720 805 2 – – PUNCT cblr-1720 805 3 final final ADJ cblr-1720 805 4 no no NOUN cblr-1720 805 5 . . PUNCT cblr-1720 805 6 2:511 2:511 NOUN cblr-1720 805 7 ] ] X cblr-1720 805 8 improving improve VERB cblr-1720 805 9 corporate corporate ADJ cblr-1720 805 10 takeover takeover NOUN cblr-1720 805 11 dynamics dynamic NOUN cblr-1720 805 12 571 571 NUM cblr-1720 805 13 significant significant ADJ cblr-1720 805 14 , , PUNCT cblr-1720 805 15 especially especially ADV cblr-1720 805 16 when when SCONJ cblr-1720 805 17 the the DET cblr-1720 805 18 director director NOUN cblr-1720 805 19 has have VERB cblr-1720 805 20 long long ADJ cblr-1720 805 21 - - PUNCT cblr-1720 805 22 term term NOUN cblr-1720 805 23 plans plan NOUN cblr-1720 805 24 to to PART cblr-1720 805 25 serve serve VERB cblr-1720 805 26 on on ADP cblr-1720 805 27 the the DET cblr-1720 805 28 target target NOUN cblr-1720 805 29 board board NOUN cblr-1720 805 30 . . PUNCT cblr-1720 806 1 in in ADP cblr-1720 806 2 addition addition NOUN cblr-1720 806 3 , , PUNCT cblr-1720 806 4 studies study NOUN cblr-1720 806 5 indicate indicate VERB cblr-1720 806 6 that that SCONJ cblr-1720 806 7 the the DET cblr-1720 806 8 roles role NOUN cblr-1720 806 9 of of ADP cblr-1720 806 10 prestige prestige NOUN cblr-1720 806 11 and and CCONJ cblr-1720 806 12 network network NOUN cblr-1720 806 13 in in ADP cblr-1720 806 14 outside outside ADJ cblr-1720 806 15 director director NOUN cblr-1720 806 16 appointments appointment NOUN cblr-1720 806 17 are be AUX cblr-1720 806 18 significant.167 significant.167 ADJ cblr-1720 806 19 because because SCONJ cblr-1720 806 20 the the DET cblr-1720 806 21 director director NOUN cblr-1720 806 22 ’s ’s PART cblr-1720 806 23 service service NOUN cblr-1720 806 24 on on ADP cblr-1720 806 25 the the DET cblr-1720 806 26 board board NOUN cblr-1720 806 27 is be AUX cblr-1720 806 28 likely likely ADJ cblr-1720 806 29 to to PART cblr-1720 806 30 increase increase VERB cblr-1720 806 31 her her PRON cblr-1720 806 32 prestige prestige NOUN cblr-1720 806 33 and and CCONJ cblr-1720 806 34 network network NOUN cblr-1720 806 35 whereas whereas SCONJ cblr-1720 806 36 a a DET cblr-1720 806 37 successful successful ADJ cblr-1720 806 38 takeover takeover NOUN cblr-1720 806 39 stands stand VERB cblr-1720 806 40 to to PART cblr-1720 806 41 harm harm VERB cblr-1720 806 42 them they PRON cblr-1720 806 43 , , PUNCT cblr-1720 806 44 opposing oppose VERB cblr-1720 806 45 the the DET cblr-1720 806 46 takeover takeover NOUN cblr-1720 806 47 and and CCONJ cblr-1720 806 48 making make VERB cblr-1720 806 49 a a DET cblr-1720 806 50 credible credible ADJ cblr-1720 806 51 commitment commitment NOUN cblr-1720 806 52 is be AUX cblr-1720 806 53 likely likely ADJ cblr-1720 806 54 to to PART cblr-1720 806 55 increase increase VERB cblr-1720 806 56 the the DET cblr-1720 806 57 director director NOUN cblr-1720 806 58 ’s ’s PART cblr-1720 806 59 prospects prospect NOUN cblr-1720 806 60 to to PART cblr-1720 806 61 receive receive VERB cblr-1720 806 62 other other ADJ cblr-1720 806 63 directorships directorship NOUN cblr-1720 806 64 . . PUNCT cblr-1720 807 1 yet yet CCONJ cblr-1720 807 2 the the DET cblr-1720 807 3 pivotal pivotal ADJ cblr-1720 807 4 director director NOUN cblr-1720 807 5 ’s ’s PART cblr-1720 807 6 stock stock NOUN cblr-1720 807 7 commitment commitment NOUN cblr-1720 807 8 incurs incur VERB cblr-1720 807 9 a a DET cblr-1720 807 10 series series NOUN cblr-1720 807 11 of of ADP cblr-1720 807 12 costs cost NOUN cblr-1720 807 13 : : PUNCT cblr-1720 807 14 ( ( PUNCT cblr-1720 807 15 1 1 X cblr-1720 807 16 ) ) PUNCT cblr-1720 807 17 the the DET cblr-1720 807 18 opportunity opportunity NOUN cblr-1720 807 19 cost cost NOUN cblr-1720 807 20 of of ADP cblr-1720 807 21 buying buy VERB cblr-1720 807 22 stock stock NOUN cblr-1720 807 23 that that PRON cblr-1720 807 24 is be AUX cblr-1720 807 25 traded trade VERB cblr-1720 807 26 at at ADP cblr-1720 807 27 a a DET cblr-1720 807 28 certain certain ADJ cblr-1720 807 29 low low ADJ cblr-1720 807 30 price price NOUN cblr-1720 807 31 for for ADP cblr-1720 807 32 a a DET cblr-1720 807 33 premium premium NOUN cblr-1720 807 34 ; ; PUNCT cblr-1720 807 35 ( ( PUNCT cblr-1720 807 36 2 2 X cblr-1720 807 37 ) ) PUNCT cblr-1720 807 38 liquidity liquidity NOUN cblr-1720 807 39 costs cost NOUN cblr-1720 807 40 , , PUNCT cblr-1720 807 41 as as SCONJ cblr-1720 807 42 the the DET cblr-1720 807 43 funds fund NOUN cblr-1720 807 44 that that PRON cblr-1720 807 45 the the DET cblr-1720 807 46 director director NOUN cblr-1720 807 47 locks lock VERB cblr-1720 807 48 into into ADP cblr-1720 807 49 their their PRON cblr-1720 807 50 commitment commitment NOUN cblr-1720 807 51 will will AUX cblr-1720 807 52 not not PART cblr-1720 807 53 be be AUX cblr-1720 807 54 available available ADJ cblr-1720 807 55 for for ADP cblr-1720 807 56 any any DET cblr-1720 807 57 other other ADJ cblr-1720 807 58 investment investment NOUN cblr-1720 807 59 or or CCONJ cblr-1720 807 60 consumption consumption NOUN cblr-1720 807 61 activity activity NOUN cblr-1720 807 62 ; ; PUNCT cblr-1720 807 63 and and CCONJ cblr-1720 807 64 ( ( PUNCT cblr-1720 807 65 3 3 X cblr-1720 807 66 ) ) PUNCT cblr-1720 807 67 some some DET cblr-1720 807 68 diversification diversification NOUN cblr-1720 807 69 costs cost NOUN cblr-1720 807 70 , , PUNCT cblr-1720 807 71 because because SCONJ cblr-1720 807 72 the the DET cblr-1720 807 73 director director NOUN cblr-1720 807 74 ’s ’s PART cblr-1720 807 75 stock stock NOUN cblr-1720 807 76 commitment commitment NOUN cblr-1720 807 77 per per ADP cblr-1720 807 78 the the DET cblr-1720 807 79 arrangement arrangement NOUN cblr-1720 807 80 will will AUX cblr-1720 807 81 add add VERB cblr-1720 807 82 to to ADP cblr-1720 807 83 their their PRON cblr-1720 807 84 other other ADJ cblr-1720 807 85 involuntary involuntary ADJ cblr-1720 807 86 , , PUNCT cblr-1720 807 87 firm firm ADJ cblr-1720 807 88 - - PUNCT cblr-1720 807 89 specific specific ADJ cblr-1720 807 90 investments investment NOUN cblr-1720 807 91 , , PUNCT cblr-1720 807 92 such such ADJ cblr-1720 807 93 as as ADP cblr-1720 807 94 restricted restrict VERB cblr-1720 807 95 stock stock NOUN cblr-1720 807 96 compensation compensation NOUN cblr-1720 807 97 and and CCONJ cblr-1720 807 98 sop sop PROPN cblr-1720 807 99 . . PUNCT cblr-1720 808 1 yet yet ADV cblr-1720 808 2 only only ADV cblr-1720 808 3 a a DET cblr-1720 808 4 few few ADJ cblr-1720 808 5 of of ADP cblr-1720 808 6 these these DET cblr-1720 808 7 commitment commitment NOUN cblr-1720 808 8 costs cost NOUN cblr-1720 808 9 and and CCONJ cblr-1720 808 10 benefits benefit NOUN cblr-1720 808 11 are be AUX cblr-1720 808 12 significant significant ADJ cblr-1720 808 13 . . PUNCT cblr-1720 809 1 primarily primarily ADV cblr-1720 809 2 , , PUNCT cblr-1720 809 3 making make VERB cblr-1720 809 4 a a DET cblr-1720 809 5 credible credible ADJ cblr-1720 809 6 commitment commitment NOUN cblr-1720 809 7 will will AUX cblr-1720 809 8 help help VERB cblr-1720 809 9 the the DET cblr-1720 809 10 pivotal pivotal ADJ cblr-1720 809 11 director director NOUN cblr-1720 809 12 keep keep VERB cblr-1720 809 13 her her PRON cblr-1720 809 14 future future ADJ cblr-1720 809 15 salaries salary NOUN cblr-1720 809 16 but but CCONJ cblr-1720 809 17 will will AUX cblr-1720 809 18 also also ADV cblr-1720 809 19 cost cost VERB cblr-1720 809 20 the the DET cblr-1720 809 21 director director NOUN cblr-1720 809 22 the the DET cblr-1720 809 23 bid bid NOUN cblr-1720 809 24 premium premium PROPN cblr-1720 809 25 times time NOUN cblr-1720 809 26 the the DET cblr-1720 809 27 amount amount NOUN cblr-1720 809 28 of of ADP cblr-1720 809 29 commitment commitment NOUN cblr-1720 809 30 stock stock NOUN cblr-1720 809 31 . . PUNCT cblr-1720 810 1 again again ADV cblr-1720 810 2 , , PUNCT cblr-1720 810 3 the the DET cblr-1720 810 4 director director NOUN cblr-1720 810 5 ’s ’s PART cblr-1720 810 6 maximal maximal ADJ cblr-1720 810 7 stock stock NOUN cblr-1720 810 8 commitment commitment NOUN cblr-1720 810 9 is be AUX cblr-1720 810 10 found find VERB cblr-1720 810 11 at at ADP cblr-1720 810 12 the the DET cblr-1720 810 13 point point NOUN cblr-1720 810 14 where where SCONJ cblr-1720 810 15 the the DET cblr-1720 810 16 sum sum NOUN cblr-1720 810 17 of of ADP cblr-1720 810 18 her her PRON cblr-1720 810 19 benefits benefit NOUN cblr-1720 810 20 equals equal VERB cblr-1720 810 21 the the DET cblr-1720 810 22 sum sum NOUN cblr-1720 810 23 of of ADP cblr-1720 810 24 her her PRON cblr-1720 810 25 costs cost NOUN cblr-1720 810 26 . . PUNCT cblr-1720 811 1 for for ADP cblr-1720 811 2 example example NOUN cblr-1720 811 3 , , PUNCT cblr-1720 811 4 if if SCONJ cblr-1720 811 5 committing commit VERB cblr-1720 811 6 to to PART cblr-1720 811 7 buy buy VERB cblr-1720 811 8 100 100 NUM cblr-1720 811 9 shares share NOUN cblr-1720 811 10 at at ADP cblr-1720 811 11 the the DET cblr-1720 811 12 bid bid NOUN cblr-1720 811 13 price price NOUN cblr-1720 811 14 and and CCONJ cblr-1720 811 15 to to PART cblr-1720 811 16 hold hold VERB cblr-1720 811 17 them they PRON cblr-1720 811 18 for for ADP cblr-1720 811 19 three three NUM cblr-1720 811 20 years year NOUN cblr-1720 811 21 costs cost VERB cblr-1720 811 22 the the DET cblr-1720 811 23 director director NOUN cblr-1720 811 24 $ $ SYM cblr-1720 811 25 50 50 NUM cblr-1720 811 26 , , PUNCT cblr-1720 811 27 such such DET cblr-1720 811 28 a a DET cblr-1720 811 29 commitment commitment NOUN cblr-1720 811 30 represents represent VERB cblr-1720 811 31 her her PRON cblr-1720 811 32 maximal maximal ADJ cblr-1720 811 33 commitment commitment NOUN cblr-1720 811 34 level level NOUN cblr-1720 811 35 if if SCONJ cblr-1720 811 36 the the DET cblr-1720 811 37 sum sum NOUN cblr-1720 811 38 of of ADP cblr-1720 811 39 her her PRON cblr-1720 811 40 commitment commitment NOUN cblr-1720 811 41 benefits benefit NOUN cblr-1720 811 42 also also ADV cblr-1720 811 43 equals equal VERB cblr-1720 811 44 $ $ SYM cblr-1720 811 45 50 50 NUM cblr-1720 811 46 . . PUNCT cblr-1720 812 1 after after ADP cblr-1720 812 2 thus thus ADV cblr-1720 812 3 finding find VERB cblr-1720 812 4 the the DET cblr-1720 812 5 maximal maximal ADJ cblr-1720 812 6 stock stock NOUN cblr-1720 812 7 commitment commitment NOUN cblr-1720 812 8 amount amount NOUN cblr-1720 812 9 of of ADP cblr-1720 812 10 the the DET cblr-1720 812 11 pivotal pivotal ADJ cblr-1720 812 12 director director NOUN cblr-1720 812 13 , , PUNCT cblr-1720 812 14 the the DET cblr-1720 812 15 model model NOUN cblr-1720 812 16 demonstrates demonstrate VERB cblr-1720 812 17 that that SCONJ cblr-1720 812 18 only only ADV cblr-1720 812 19 outside outside ADJ cblr-1720 812 20 directors director NOUN cblr-1720 812 21 who who PRON cblr-1720 812 22 are be AUX cblr-1720 812 23 willing willing ADJ cblr-1720 812 24 to to PART cblr-1720 812 25 match match VERB cblr-1720 812 26 such such DET cblr-1720 812 27 a a DET cblr-1720 812 28 stock stock NOUN cblr-1720 812 29 commitment commitment NOUN cblr-1720 812 30 can can AUX cblr-1720 812 31 transmit transmit VERB cblr-1720 812 32 their their PRON cblr-1720 812 33 belief belief NOUN cblr-1720 812 34 that that SCONJ cblr-1720 812 35 the the DET cblr-1720 812 36 bid bid NOUN cblr-1720 812 37 should should AUX cblr-1720 812 38 be be AUX cblr-1720 812 39 rejected reject VERB cblr-1720 812 40 in in ADP cblr-1720 812 41 a a DET cblr-1720 812 42 way way NOUN cblr-1720 812 43 that that PRON cblr-1720 812 44 will will AUX cblr-1720 812 45 be be AUX cblr-1720 812 46 perceived perceive VERB cblr-1720 812 47 as as ADV cblr-1720 812 48 genuine genuine ADJ cblr-1720 812 49 . . PUNCT cblr-1720 813 1 “ " PUNCT cblr-1720 813 2 good good ADJ cblr-1720 813 3 167 167 NUM cblr-1720 813 4 see see NOUN cblr-1720 813 5 tom tom PROPN cblr-1720 813 6 kirchmaier kirchmaier PROPN cblr-1720 813 7 & & CCONJ cblr-1720 813 8 michael michael PROPN cblr-1720 813 9 g. g. PROPN cblr-1720 813 10 kollo kollo PROPN cblr-1720 813 11 , , PUNCT cblr-1720 813 12 the the DET cblr-1720 813 13 role role NOUN cblr-1720 813 14 of of ADP cblr-1720 813 15 prestige prestige NOUN cblr-1720 813 16 and and CCONJ cblr-1720 813 17 networks network NOUN cblr-1720 813 18 in in ADP cblr-1720 813 19 outside outside ADJ cblr-1720 813 20 director director NOUN cblr-1720 813 21 appointments appointment NOUN cblr-1720 813 22 ( ( PUNCT cblr-1720 813 23 aug aug PROPN cblr-1720 813 24 . . PROPN cblr-1720 813 25 20 20 NUM cblr-1720 813 26 , , PUNCT cblr-1720 813 27 2007 2007 NUM cblr-1720 813 28 ) ) PUNCT cblr-1720 813 29 ( ( PUNCT cblr-1720 813 30 unpublished unpublished ADJ cblr-1720 813 31 manuscript manuscript NOUN cblr-1720 813 32 ) ) PUNCT cblr-1720 813 33 ( ( PUNCT cblr-1720 813 34 on on ADP cblr-1720 813 35 file file NOUN cblr-1720 813 36 with with ADP cblr-1720 813 37 the the DET cblr-1720 813 38 london london PROPN cblr-1720 813 39 school school NOUN cblr-1720 813 40 of of ADP cblr-1720 813 41 economics economic NOUN cblr-1720 813 42 ) ) PUNCT cblr-1720 813 43 . . PUNCT cblr-1720 814 1 shilon shilon NOUN cblr-1720 814 2 – – PUNCT cblr-1720 814 3 final final ADJ cblr-1720 814 4 572 572 NUM cblr-1720 814 5 columbia columbia PROPN cblr-1720 814 6 business business NOUN cblr-1720 814 7 law law PROPN cblr-1720 814 8 review review NOUN cblr-1720 814 9 [ [ X cblr-1720 814 10 vol vol NOUN cblr-1720 814 11 . . NOUN cblr-1720 814 12 2017 2017 NUM cblr-1720 814 13 type type NOUN cblr-1720 814 14 directors director NOUN cblr-1720 814 15 ” " PUNCT cblr-1720 814 16 are be AUX cblr-1720 814 17 defined define VERB cblr-1720 814 18 as as ADP cblr-1720 814 19 directors director NOUN cblr-1720 814 20 who who PRON cblr-1720 814 21 genuinely genuinely ADV cblr-1720 814 22 believe believe VERB cblr-1720 814 23 that that SCONJ cblr-1720 814 24 that that SCONJ cblr-1720 814 25 they they PRON cblr-1720 814 26 will will AUX cblr-1720 814 27 do do VERB cblr-1720 814 28 better well ADV cblr-1720 814 29 than than ADP cblr-1720 814 30 the the DET cblr-1720 814 31 bidder bidder NOUN cblr-1720 814 32 in in ADP cblr-1720 814 33 maximizing maximize VERB cblr-1720 814 34 the the DET cblr-1720 814 35 target target NOUN cblr-1720 814 36 ’s ’s PART cblr-1720 814 37 long long ADJ cblr-1720 814 38 - - PUNCT cblr-1720 814 39 term term NOUN cblr-1720 814 40 value.168 value.168 NOUN cblr-1720 814 41 because because SCONJ cblr-1720 814 42 , , PUNCT cblr-1720 814 43 unlike unlike ADP cblr-1720 814 44 the the DET cblr-1720 814 45 pivotal pivotal ADJ cblr-1720 814 46 director director NOUN cblr-1720 814 47 , , PUNCT cblr-1720 814 48 good good ADJ cblr-1720 814 49 type type NOUN cblr-1720 814 50 directors director NOUN cblr-1720 814 51 expect expect VERB cblr-1720 814 52 to to PART cblr-1720 814 53 pocket pocket VERB cblr-1720 814 54 a a DET cblr-1720 814 55 net net ADJ cblr-1720 814 56 profit profit NOUN cblr-1720 814 57 from from ADP cblr-1720 814 58 selling sell VERB cblr-1720 814 59 their their PRON cblr-1720 814 60 committed committed ADJ cblr-1720 814 61 stock stock NOUN cblr-1720 814 62 in in ADP cblr-1720 814 63 the the DET cblr-1720 814 64 long long ADJ cblr-1720 814 65 term term NOUN cblr-1720 814 66 , , PUNCT cblr-1720 814 67 they they PRON cblr-1720 814 68 expect expect VERB cblr-1720 814 69 to to PART cblr-1720 814 70 make make VERB cblr-1720 814 71 a a DET cblr-1720 814 72 total total ADJ cblr-1720 814 73 net net ADJ cblr-1720 814 74 profit profit NOUN cblr-1720 814 75 from from ADP cblr-1720 814 76 matching match VERB cblr-1720 814 77 the the DET cblr-1720 814 78 pivotal pivotal ADJ cblr-1720 814 79 director director NOUN cblr-1720 814 80 ’s ’s PART cblr-1720 814 81 maximal maximal ADJ cblr-1720 814 82 stock stock NOUN cblr-1720 814 83 commitment commitment NOUN cblr-1720 814 84 . . PUNCT cblr-1720 815 1 conversely conversely ADV cblr-1720 815 2 , , PUNCT cblr-1720 815 3 “ " PUNCT cblr-1720 815 4 bad bad ADJ cblr-1720 815 5 type type NOUN cblr-1720 815 6 directors director NOUN cblr-1720 815 7 , , PUNCT cblr-1720 815 8 ” " PUNCT cblr-1720 815 9 or or CCONJ cblr-1720 815 10 directors director NOUN cblr-1720 815 11 who who PRON cblr-1720 815 12 genuinely genuinely ADV cblr-1720 815 13 believe believe VERB cblr-1720 815 14 that that SCONJ cblr-1720 815 15 that that SCONJ cblr-1720 815 16 they they PRON cblr-1720 815 17 will will AUX cblr-1720 815 18 do do VERB cblr-1720 815 19 worse bad ADJ cblr-1720 815 20 than than ADP cblr-1720 815 21 the the DET cblr-1720 815 22 bidder bidder NOUN cblr-1720 815 23 in in ADP cblr-1720 815 24 maximizing maximize VERB cblr-1720 815 25 the the DET cblr-1720 815 26 target target NOUN cblr-1720 815 27 ’s ’s PART cblr-1720 815 28 long long ADJ cblr-1720 815 29 - - PUNCT cblr-1720 815 30 term term NOUN cblr-1720 815 31 value value NOUN cblr-1720 815 32 , , PUNCT cblr-1720 815 33 are be AUX cblr-1720 815 34 likely likely ADJ cblr-1720 815 35 to to PART cblr-1720 815 36 sell sell VERB cblr-1720 815 37 their their PRON cblr-1720 815 38 commitment commitment NOUN cblr-1720 815 39 stock stock NOUN cblr-1720 815 40 at at ADP cblr-1720 815 41 a a DET cblr-1720 815 42 loss loss NOUN cblr-1720 815 43 , , PUNCT cblr-1720 815 44 making make VERB cblr-1720 815 45 it it PRON cblr-1720 815 46 unattractive unattractive ADJ cblr-1720 815 47 for for SCONJ cblr-1720 815 48 them they PRON cblr-1720 815 49 to to PART cblr-1720 815 50 match match VERB cblr-1720 815 51 the the DET cblr-1720 815 52 pivotal pivotal ADJ cblr-1720 815 53 director director NOUN cblr-1720 815 54 ’s ’s PART cblr-1720 815 55 maximal maximal ADJ cblr-1720 815 56 stock stock NOUN cblr-1720 815 57 commitment commitment NOUN cblr-1720 815 58 . . PUNCT cblr-1720 816 1 b. b. PROPN cblr-1720 816 2 downward downward ADJ cblr-1720 816 3 adjustments adjustment NOUN cblr-1720 816 4 after after ADP cblr-1720 816 5 using use VERB cblr-1720 816 6 a a DET cblr-1720 816 7 theoretical theoretical ADJ cblr-1720 816 8 model model NOUN cblr-1720 816 9 to to PART cblr-1720 816 10 find find VERB cblr-1720 816 11 the the DET cblr-1720 816 12 threshold threshold NOUN cblr-1720 816 13 indicative indicative ADJ cblr-1720 816 14 of of ADP cblr-1720 816 15 a a DET cblr-1720 816 16 credible credible ADJ cblr-1720 816 17 commitment commitment NOUN cblr-1720 816 18 amount amount NOUN cblr-1720 816 19 , , PUNCT cblr-1720 816 20 it it PRON cblr-1720 816 21 is be AUX cblr-1720 816 22 important important ADJ cblr-1720 816 23 to to PART cblr-1720 816 24 note note VERB cblr-1720 816 25 that that SCONJ cblr-1720 816 26 in in ADP cblr-1720 816 27 the the DET cblr-1720 816 28 real real ADJ cblr-1720 816 29 world world NOUN cblr-1720 816 30 the the DET cblr-1720 816 31 theoretical theoretical ADJ cblr-1720 816 32 threshold threshold NOUN cblr-1720 816 33 should should AUX cblr-1720 816 34 be be AUX cblr-1720 816 35 adjusted adjust VERB cblr-1720 816 36 downwards downward NOUN cblr-1720 816 37 . . PUNCT cblr-1720 817 1 first first ADV cblr-1720 817 2 , , PUNCT cblr-1720 817 3 because because SCONJ cblr-1720 817 4 my my PRON cblr-1720 817 5 model model NOUN cblr-1720 817 6 ignores ignore VERB cblr-1720 817 7 external external ADJ cblr-1720 817 8 constraints constraint NOUN cblr-1720 817 9 on on ADP cblr-1720 817 10 directors director NOUN cblr-1720 817 11 ’ ' PUNCT cblr-1720 817 12 opportunism opportunism NOUN cblr-1720 817 13 , , PUNCT cblr-1720 817 14 the the DET cblr-1720 817 15 threshold threshold NOUN cblr-1720 817 16 should should AUX cblr-1720 817 17 be be AUX cblr-1720 817 18 adjusted adjust VERB cblr-1720 817 19 downwards downward NOUN cblr-1720 817 20 for for ADP cblr-1720 817 21 targets target NOUN cblr-1720 817 22 with with ADP cblr-1720 817 23 good good ADJ cblr-1720 817 24 corporate corporate ADJ cblr-1720 817 25 governance governance NOUN cblr-1720 817 26 . . PUNCT cblr-1720 818 1 the the DET cblr-1720 818 2 checks check NOUN cblr-1720 818 3 and and CCONJ cblr-1720 818 4 controls control VERB cblr-1720 818 5 that that SCONJ cblr-1720 818 6 such such ADJ cblr-1720 818 7 targets target NOUN cblr-1720 818 8 impose impose VERB cblr-1720 818 9 effectively effectively ADV cblr-1720 818 10 reduce reduce VERB cblr-1720 818 11 the the DET cblr-1720 818 12 risk risk NOUN cblr-1720 818 13 that that SCONJ cblr-1720 818 14 their their PRON cblr-1720 818 15 directors director NOUN cblr-1720 818 16 will will AUX cblr-1720 818 17 behave behave VERB cblr-1720 818 18 opportunistically opportunistically ADV cblr-1720 818 19 . . PUNCT cblr-1720 819 1 therefore therefore ADV cblr-1720 819 2 , , PUNCT cblr-1720 819 3 greater great ADJ cblr-1720 819 4 reliance reliance NOUN cblr-1720 819 5 should should AUX cblr-1720 819 6 be be AUX cblr-1720 819 7 put put VERB cblr-1720 819 8 on on ADP cblr-1720 819 9 those those DET cblr-1720 819 10 directors director NOUN cblr-1720 819 11 , , PUNCT cblr-1720 819 12 and and CCONJ cblr-1720 819 13 their their PRON cblr-1720 819 14 need need NOUN cblr-1720 819 15 to to PART cblr-1720 819 16 commit commit VERB cblr-1720 819 17 stock stock NOUN cblr-1720 819 18 to to PART cblr-1720 819 19 justify justify VERB cblr-1720 819 20 their their PRON cblr-1720 819 21 decision decision NOUN cblr-1720 819 22 to to PART cblr-1720 819 23 reject reject VERB cblr-1720 819 24 a a DET cblr-1720 819 25 bid bid NOUN cblr-1720 819 26 should should AUX cblr-1720 819 27 be be AUX cblr-1720 819 28 reduced reduce VERB cblr-1720 819 29 . . PUNCT cblr-1720 820 1 a a DET cblr-1720 820 2 target target NOUN cblr-1720 820 3 ’s ’s PART cblr-1720 820 4 corporate corporate ADJ cblr-1720 820 5 governance governance NOUN cblr-1720 820 6 quality quality NOUN cblr-1720 820 7 can can AUX cblr-1720 820 8 be be AUX cblr-1720 820 9 assessed assess VERB cblr-1720 820 10 during during ADP cblr-1720 820 11 the the DET cblr-1720 820 12 engagement engagement NOUN cblr-1720 820 13 phase phase NOUN cblr-1720 820 14 mandated mandate VERB cblr-1720 820 15 by by ADP cblr-1720 820 16 the the DET cblr-1720 820 17 arrangement arrangement NOUN cblr-1720 820 18 . . PUNCT cblr-1720 821 1 iss iss PROPN cblr-1720 821 2 developed develop VERB cblr-1720 821 3 a a DET cblr-1720 821 4 comprehensive comprehensive ADJ cblr-1720 821 5 governance governance NOUN cblr-1720 821 6 risk risk NOUN cblr-1720 821 7 tool tool NOUN cblr-1720 821 8 called call VERB cblr-1720 821 9 quickscore quickscore NOUN cblr-1720 821 10 , , PUNCT cblr-1720 821 11 which which PRON cblr-1720 821 12 provides provide VERB cblr-1720 821 13 corporate corporate ADJ cblr-1720 821 14 168 168 NUM cblr-1720 821 15 this this DET cblr-1720 821 16 article article NOUN cblr-1720 821 17 uses use VERB cblr-1720 821 18 “ " PUNCT cblr-1720 821 19 good good ADJ cblr-1720 821 20 type type NOUN cblr-1720 821 21 directors director NOUN cblr-1720 821 22 ” " PUNCT cblr-1720 821 23 and and CCONJ cblr-1720 821 24 “ " PUNCT cblr-1720 821 25 bad bad ADJ cblr-1720 821 26 type type NOUN cblr-1720 821 27 directors director NOUN cblr-1720 821 28 ” " PUNCT cblr-1720 821 29 as as ADP cblr-1720 821 30 an an DET cblr-1720 821 31 analogy analogy NOUN cblr-1720 821 32 to to ADP cblr-1720 821 33 the the DET cblr-1720 821 34 two two NUM cblr-1720 821 35 types type NOUN cblr-1720 821 36 of of ADP cblr-1720 821 37 employees employee NOUN cblr-1720 821 38 — — PUNCT cblr-1720 821 39 good good ADJ cblr-1720 821 40 and and CCONJ cblr-1720 821 41 bad bad ADJ cblr-1720 821 42 — — PUNCT cblr-1720 821 43 that that SCONJ cblr-1720 821 44 michael michael PROPN cblr-1720 821 45 spense spense PROPN cblr-1720 821 46 used use VERB cblr-1720 821 47 in in ADP cblr-1720 821 48 his his PRON cblr-1720 821 49 hypothetical hypothetical ADJ cblr-1720 821 50 example example NOUN cblr-1720 821 51 in in ADP cblr-1720 821 52 his his PRON cblr-1720 821 53 seminal seminal ADJ cblr-1720 821 54 signaling signal VERB cblr-1720 821 55 article article NOUN cblr-1720 821 56 . . PUNCT cblr-1720 822 1 see see VERB cblr-1720 822 2 spence spence NOUN cblr-1720 822 3 , , PUNCT cblr-1720 822 4 supra supra PROPN cblr-1720 822 5 note note NOUN cblr-1720 822 6 6 6 NUM cblr-1720 822 7 . . X cblr-1720 822 8 shilon shilon NOUN cblr-1720 822 9 – – PUNCT cblr-1720 822 10 final final ADJ cblr-1720 822 11 no no NOUN cblr-1720 822 12 . . PUNCT cblr-1720 823 1 2:511 2:511 NOUN cblr-1720 823 2 ] ] X cblr-1720 823 3 improving improve VERB cblr-1720 823 4 corporate corporate ADJ cblr-1720 823 5 takeover takeover NOUN cblr-1720 823 6 dynamics dynamic NOUN cblr-1720 823 7 573 573 NUM cblr-1720 823 8 governance governance NOUN cblr-1720 823 9 scores score NOUN cblr-1720 823 10 to to PART cblr-1720 823 11 firms.169 firms.169 VERB cblr-1720 823 12 other other ADJ cblr-1720 823 13 corporate corporate ADJ cblr-1720 823 14 governance governance NOUN cblr-1720 823 15 indicators indicator NOUN cblr-1720 823 16 should should AUX cblr-1720 823 17 be be AUX cblr-1720 823 18 considered consider VERB cblr-1720 823 19 as as ADV cblr-1720 823 20 well well ADV cblr-1720 823 21 . . PUNCT cblr-1720 824 1 for for ADP cblr-1720 824 2 example example NOUN cblr-1720 824 3 , , PUNCT cblr-1720 824 4 “ " PUNCT cblr-1720 824 5 say say ADJ cblr-1720 824 6 - - PUNCT cblr-1720 824 7 onpay onpay NOUN cblr-1720 824 8 ” " PUNCT cblr-1720 824 9 results result NOUN cblr-1720 824 10 can can AUX cblr-1720 824 11 indicate indicate VERB cblr-1720 824 12 overall overall ADJ cblr-1720 824 13 shareholder shareholder NOUN cblr-1720 824 14 satisfaction satisfaction NOUN cblr-1720 824 15 with with ADP cblr-1720 824 16 the the DET cblr-1720 824 17 target target NOUN cblr-1720 824 18 ’s ’s PART cblr-1720 824 19 corporate corporate ADJ cblr-1720 824 20 governance governance NOUN cblr-1720 824 21 ; ; PUNCT cblr-1720 824 22 specifically specifically ADV cblr-1720 824 23 , , PUNCT cblr-1720 824 24 a a DET cblr-1720 824 25 favorable favorable ADJ cblr-1720 824 26 vote vote NOUN cblr-1720 824 27 of of ADP cblr-1720 824 28 over over ADP cblr-1720 824 29 90 90 NUM cblr-1720 824 30 % % NOUN cblr-1720 824 31 of of ADP cblr-1720 824 32 the the DET cblr-1720 824 33 shareholders shareholder NOUN cblr-1720 824 34 can can AUX cblr-1720 824 35 indicate indicate VERB cblr-1720 824 36 good good ADJ cblr-1720 824 37 corporate corporate ADJ cblr-1720 824 38 governance.170 governance.170 NOUN cblr-1720 824 39 the the DET cblr-1720 824 40 twenty twenty NUM cblr-1720 824 41 - - PUNCT cblr-1720 824 42 four four NUM cblr-1720 824 43 provisions provision NOUN cblr-1720 824 44 included include VERB cblr-1720 824 45 in in ADP cblr-1720 824 46 the the DET cblr-1720 824 47 gompers gomper NOUN cblr-1720 824 48 , , PUNCT cblr-1720 824 49 ishii ishii PROPN cblr-1720 824 50 , , PUNCT cblr-1720 824 51 and and CCONJ cblr-1720 824 52 metrick metrick ADJ cblr-1720 824 53 corporate corporate ADJ cblr-1720 824 54 governance governance NOUN cblr-1720 824 55 index,171 index,171 ADV cblr-1720 824 56 or or CCONJ cblr-1720 824 57 the the DET cblr-1720 824 58 six six NUM cblr-1720 824 59 - - PUNCT cblr-1720 824 60 factor factor NOUN cblr-1720 824 61 entrenchment entrenchment NOUN cblr-1720 824 62 index index NOUN cblr-1720 824 63 developed develop VERB cblr-1720 824 64 by by ADP cblr-1720 824 65 bebchuk bebchuk PROPN cblr-1720 824 66 , , PUNCT cblr-1720 824 67 cohen cohen PROPN cblr-1720 824 68 , , PUNCT cblr-1720 824 69 and and CCONJ cblr-1720 824 70 ferrell,172 ferrell,172 NOUN cblr-1720 824 71 can can AUX cblr-1720 824 72 also also ADV cblr-1720 824 73 aid aid VERB cblr-1720 824 74 in in ADP cblr-1720 824 75 the the DET cblr-1720 824 76 assessment assessment NOUN cblr-1720 824 77 . . PUNCT cblr-1720 825 1 there there PRON cblr-1720 825 2 are be VERB cblr-1720 825 3 three three NUM cblr-1720 825 4 other other ADJ cblr-1720 825 5 reasons reason NOUN cblr-1720 825 6 for for ADP cblr-1720 825 7 adjusting adjust VERB cblr-1720 825 8 the the DET cblr-1720 825 9 threshold threshold NOUN cblr-1720 825 10 for for ADP cblr-1720 825 11 directors director NOUN cblr-1720 825 12 ’ ' PUNCT cblr-1720 825 13 credible credible ADJ cblr-1720 825 14 stock stock NOUN cblr-1720 825 15 commitment commitment NOUN cblr-1720 825 16 downwards downward NOUN cblr-1720 825 17 . . PUNCT cblr-1720 826 1 first first ADV cblr-1720 826 2 , , PUNCT cblr-1720 826 3 because because SCONJ cblr-1720 826 4 — — PUNCT cblr-1720 826 5 unlike unlike ADP cblr-1720 826 6 in in ADP cblr-1720 826 7 my my PRON cblr-1720 826 8 mathematical mathematical ADJ cblr-1720 826 9 model model NOUN cblr-1720 826 10 — — PUNCT cblr-1720 826 11 directors director NOUN cblr-1720 826 12 are be AUX cblr-1720 826 13 typically typically ADV cblr-1720 826 14 risk risk NOUN cblr-1720 826 15 - - PUNCT cblr-1720 826 16 averse averse ADJ cblr-1720 826 17 and and CCONJ cblr-1720 826 18 the the DET cblr-1720 826 19 future future ADJ cblr-1720 826 20 value value NOUN cblr-1720 826 21 of of ADP cblr-1720 826 22 targets target NOUN cblr-1720 826 23 is be AUX cblr-1720 826 24 uncertain uncertain ADJ cblr-1720 826 25 , , PUNCT cblr-1720 826 26 outside outside ADJ cblr-1720 826 27 directors director NOUN cblr-1720 826 28 will will AUX cblr-1720 826 29 discount discount VERB cblr-1720 826 30 their their PRON cblr-1720 826 31 stock stock NOUN cblr-1720 826 32 commitments commitment NOUN cblr-1720 826 33 . . PUNCT cblr-1720 827 1 second second ADJ cblr-1720 827 2 , , PUNCT cblr-1720 827 3 outside outside ADJ cblr-1720 827 4 directors director NOUN cblr-1720 827 5 ’ ' PUNCT cblr-1720 827 6 stock stock NOUN cblr-1720 827 7 commitments commitment NOUN cblr-1720 827 8 are be AUX cblr-1720 827 9 not not PART cblr-1720 827 10 an an DET cblr-1720 827 11 exclusive exclusive ADJ cblr-1720 827 12 factor factor NOUN cblr-1720 827 13 in in ADP cblr-1720 827 14 the the DET cblr-1720 827 15 court court NOUN cblr-1720 827 16 ’s ’s PART cblr-1720 827 17 determination determination NOUN cblr-1720 827 18 , , PUNCT cblr-1720 827 19 a a DET cblr-1720 827 20 fact fact NOUN cblr-1720 827 21 that that PRON cblr-1720 827 22 reduces reduce VERB cblr-1720 827 23 a a DET cblr-1720 827 24 director director NOUN cblr-1720 827 25 ’s ’s PART cblr-1720 827 26 potential potential ADJ cblr-1720 827 27 benefits benefit NOUN cblr-1720 827 28 from from ADP cblr-1720 827 29 making make VERB cblr-1720 827 30 the the DET cblr-1720 827 31 commitment commitment NOUN cblr-1720 827 32 while while SCONJ cblr-1720 827 33 not not PART cblr-1720 827 34 changing change VERB cblr-1720 827 35 its its PRON cblr-1720 827 36 costs cost NOUN cblr-1720 827 37 . . PUNCT cblr-1720 828 1 finally finally ADV cblr-1720 828 2 , , PUNCT cblr-1720 828 3 169 169 NUM cblr-1720 828 4 quickscore quickscore NOUN cblr-1720 828 5 allows allow VERB cblr-1720 828 6 investors investor NOUN cblr-1720 828 7 to to PART cblr-1720 828 8 assess assess VERB cblr-1720 828 9 their their PRON cblr-1720 828 10 firms firm NOUN cblr-1720 828 11 ’ ' PUNCT cblr-1720 828 12 level level NOUN cblr-1720 828 13 of of ADP cblr-1720 828 14 corporate corporate ADJ cblr-1720 828 15 governance governance NOUN cblr-1720 828 16 risk risk NOUN cblr-1720 828 17 . . PUNCT cblr-1720 829 1 scores score NOUN cblr-1720 829 2 are be AUX cblr-1720 829 3 based base VERB cblr-1720 829 4 on on ADP cblr-1720 829 5 each each DET cblr-1720 829 6 company company NOUN cblr-1720 829 7 ’s ’s PART cblr-1720 829 8 policy policy NOUN cblr-1720 829 9 relative relative ADJ cblr-1720 829 10 to to ADP cblr-1720 829 11 what what PRON cblr-1720 829 12 iss iss PROPN cblr-1720 829 13 views view VERB cblr-1720 829 14 as as ADP cblr-1720 829 15 “ " PUNCT cblr-1720 829 16 best good ADJ cblr-1720 829 17 practice practice NOUN cblr-1720 829 18 ” " PUNCT cblr-1720 829 19 in in ADP cblr-1720 829 20 the the DET cblr-1720 829 21 relevant relevant ADJ cblr-1720 829 22 global global ADJ cblr-1720 829 23 market market NOUN cblr-1720 829 24 . . PUNCT cblr-1720 830 1 answers answer NOUN cblr-1720 830 2 are be AUX cblr-1720 830 3 converted convert VERB cblr-1720 830 4 into into ADP cblr-1720 830 5 numerical numerical ADJ cblr-1720 830 6 values value NOUN cblr-1720 830 7 using use VERB cblr-1720 830 8 a a DET cblr-1720 830 9 grading grade VERB cblr-1720 830 10 system system NOUN cblr-1720 830 11 determined determine VERB cblr-1720 830 12 by by ADP cblr-1720 830 13 iss iss PROPN cblr-1720 830 14 , , PUNCT cblr-1720 830 15 and and CCONJ cblr-1720 830 16 the the DET cblr-1720 830 17 results result NOUN cblr-1720 830 18 are be AUX cblr-1720 830 19 converted convert VERB cblr-1720 830 20 into into ADP cblr-1720 830 21 overall overall ADJ cblr-1720 830 22 scores score NOUN cblr-1720 830 23 and and CCONJ cblr-1720 830 24 levels level NOUN cblr-1720 830 25 of of ADP cblr-1720 830 26 concern concern NOUN cblr-1720 830 27 ( ( PUNCT cblr-1720 830 28 e.g. e.g. ADV cblr-1720 830 29 , , PUNCT cblr-1720 830 30 low low ADJ cblr-1720 830 31 , , PUNCT cblr-1720 830 32 medium medium ADJ cblr-1720 830 33 , , PUNCT cblr-1720 830 34 and and CCONJ cblr-1720 830 35 high high ADJ cblr-1720 830 36 ) ) PUNCT cblr-1720 830 37 in in ADP cblr-1720 830 38 each each PRON cblr-1720 830 39 of of ADP cblr-1720 830 40 four four NUM cblr-1720 830 41 areas area NOUN cblr-1720 830 42 . . PUNCT cblr-1720 831 1 generally generally ADV cblr-1720 831 2 , , PUNCT cblr-1720 831 3 quickscore quickscore PROPN cblr-1720 831 4 ’s ’s ADV cblr-1720 831 5 scoring scoring NOUN cblr-1720 831 6 for for ADP cblr-1720 831 7 a a DET cblr-1720 831 8 question question NOUN cblr-1720 831 9 uses use VERB cblr-1720 831 10 a a DET cblr-1720 831 11 scale scale NOUN cblr-1720 831 12 of of ADP cblr-1720 831 13 minus minus ADV cblr-1720 831 14 5 5 NUM cblr-1720 831 15 to to PART cblr-1720 831 16 5 5 NUM cblr-1720 831 17 , , PUNCT cblr-1720 831 18 with with ADP cblr-1720 831 19 0 0 NUM cblr-1720 831 20 being be AUX cblr-1720 831 21 neutral neutral ADJ cblr-1720 831 22 . . PUNCT cblr-1720 832 1 scores score NOUN cblr-1720 832 2 are be AUX cblr-1720 832 3 then then ADV cblr-1720 832 4 normalized normalize VERB cblr-1720 832 5 on on ADP cblr-1720 832 6 a a DET cblr-1720 832 7 100 100 NUM cblr-1720 832 8 - - PUNCT cblr-1720 832 9 point point NOUN cblr-1720 832 10 scale scale NOUN cblr-1720 832 11 ( ( PUNCT cblr-1720 832 12 e.g. e.g. ADV cblr-1720 832 13 , , PUNCT cblr-1720 832 14 0 0 NUM cblr-1720 832 15 to to PART cblr-1720 832 16 100 100 NUM cblr-1720 832 17 ) ) PUNCT cblr-1720 832 18 . . PUNCT cblr-1720 833 1 see see VERB cblr-1720 833 2 institutional institutional ADJ cblr-1720 833 3 shareholder shareholder NOUN cblr-1720 833 4 servs servs PROPN cblr-1720 833 5 . . PUNCT cblr-1720 833 6 inc inc PROPN cblr-1720 833 7 . . PROPN cblr-1720 833 8 , , PUNCT cblr-1720 833 9 supra supra PROPN cblr-1720 833 10 note note PROPN cblr-1720 833 11 159 159 NUM cblr-1720 833 12 ; ; PUNCT cblr-1720 833 13 gary gary PROPN cblr-1720 833 14 hewitt hewitt PROPN cblr-1720 833 15 , , PUNCT cblr-1720 833 16 institutional institutional ADJ cblr-1720 833 17 s’holder s’holder PROPN cblr-1720 833 18 servs servs PROPN cblr-1720 833 19 . . PUNCT cblr-1720 833 20 inc inc PROPN cblr-1720 833 21 . . PROPN cblr-1720 833 22 , , PUNCT cblr-1720 833 23 governance governance NOUN cblr-1720 833 24 risk risk NOUN cblr-1720 833 25 indicators indicator NOUN cblr-1720 833 26 2.0 2.0 NUM cblr-1720 833 27 ( ( PUNCT cblr-1720 833 28 2012 2012 NUM cblr-1720 833 29 ) ) PUNCT cblr-1720 833 30 , , PUNCT cblr-1720 833 31 http://www.issgovernance.com/file/files/grid2.0_technical http://www.issgovernance.com/file/files/grid2.0_technical ADJ cblr-1720 833 32 document document NOUN cblr-1720 833 33 20120306.pdf 20120306.pdf NOUN cblr-1720 834 1 [ [ X cblr-1720 834 2 https://perma.cc/m9ba-c8tt https://perma.cc/m9ba-c8tt X cblr-1720 834 3 ] ] X cblr-1720 834 4 . . PUNCT cblr-1720 834 5 170 170 NUM cblr-1720 834 6 during during ADP cblr-1720 834 7 the the DET cblr-1720 834 8 2011–2014 2011–2014 NUM cblr-1720 834 9 proxy proxy NOUN cblr-1720 834 10 seasons season NOUN cblr-1720 834 11 , , PUNCT cblr-1720 834 12 75 75 NUM cblr-1720 834 13 % % NOUN cblr-1720 834 14 of of ADP cblr-1720 834 15 companies company NOUN cblr-1720 834 16 received receive VERB cblr-1720 834 17 over over ADP cblr-1720 834 18 90 90 NUM cblr-1720 834 19 % % NOUN cblr-1720 834 20 favorable favorable ADJ cblr-1720 834 21 votes vote NOUN cblr-1720 834 22 from from ADP cblr-1720 834 23 their their PRON cblr-1720 834 24 shareholders shareholder NOUN cblr-1720 834 25 . . PUNCT cblr-1720 835 1 see see VERB cblr-1720 835 2 joseph joseph PROPN cblr-1720 835 3 e. e. PROPN cblr-1720 835 4 bachelder bachelder PROPN cblr-1720 835 5 iii iii PROPN cblr-1720 835 6 , , PUNCT cblr-1720 835 7 a a DET cblr-1720 835 8 say say NOUN cblr-1720 835 9 on on ADP cblr-1720 835 10 “ " PUNCT cblr-1720 835 11 say say VERB cblr-1720 835 12 - - PUNCT cblr-1720 835 13 on on ADP cblr-1720 835 14 - - PUNCT cblr-1720 835 15 pay pay NOUN cblr-1720 835 16 ” " PUNCT cblr-1720 835 17 : : PUNCT cblr-1720 835 18 assessing assess VERB cblr-1720 835 19 impact impact NOUN cblr-1720 835 20 after after ADP cblr-1720 835 21 four four NUM cblr-1720 835 22 years year NOUN cblr-1720 835 23 , , PUNCT cblr-1720 835 24 harv harv PROPN cblr-1720 835 25 . . PUNCT cblr-1720 836 1 l. l. PROPN cblr-1720 836 2 sch sch PROPN cblr-1720 836 3 . . PROPN cblr-1720 837 1 f. f. PROPN cblr-1720 837 2 corp corp PROPN cblr-1720 837 3 . . PROPN cblr-1720 837 4 gov gov PROPN cblr-1720 837 5 . . PROPN cblr-1720 837 6 & & CCONJ cblr-1720 837 7 fin fin PROPN cblr-1720 837 8 . . PUNCT cblr-1720 838 1 reg reg PROPN cblr-1720 838 2 . . PUNCT cblr-1720 839 1 ( ( PUNCT cblr-1720 839 2 apr apr NOUN cblr-1720 839 3 . . PROPN cblr-1720 839 4 3 3 NUM cblr-1720 839 5 , , PUNCT cblr-1720 839 6 2015 2015 NUM cblr-1720 839 7 ) ) PUNCT cblr-1720 839 8 , , PUNCT cblr-1720 839 9 https://corpgov.law.harvard.edu/2015/04/03/a-say-on-say-on-pay-assessingimpact-after-four-years/ https://corpgov.law.harvard.edu/2015/04/03/a-say-on-say-on-pay-assessingimpact-after-four-years/ VERB cblr-1720 839 10 [ [ X cblr-1720 839 11 https://perma.cc/j7fq-uwyg https://perma.cc/j7fq-uwyg X cblr-1720 839 12 ] ] X cblr-1720 839 13 . . PUNCT cblr-1720 840 1 171 171 NUM cblr-1720 840 2 see see VERB cblr-1720 840 3 gompers gomper NOUN cblr-1720 840 4 et et PROPN cblr-1720 840 5 al al PROPN cblr-1720 840 6 . . PROPN cblr-1720 840 7 , , PUNCT cblr-1720 840 8 supra supra PROPN cblr-1720 840 9 note note NOUN cblr-1720 840 10 78 78 NUM cblr-1720 840 11 . . PUNCT cblr-1720 841 1 172 172 NUM cblr-1720 841 2 see see VERB cblr-1720 841 3 lucian lucian PROPN cblr-1720 841 4 bebchuk bebchuk PROPN cblr-1720 841 5 et et PROPN cblr-1720 841 6 al al PROPN cblr-1720 841 7 . . PROPN cblr-1720 841 8 , , PUNCT cblr-1720 841 9 what what PRON cblr-1720 841 10 matters matter VERB cblr-1720 841 11 in in ADP cblr-1720 841 12 corporate corporate ADJ cblr-1720 841 13 governance governance NOUN cblr-1720 841 14 ? ? PUNCT cblr-1720 841 15 , , PUNCT cblr-1720 841 16 22 22 NUM cblr-1720 841 17 rev rev VERB cblr-1720 841 18 . . PROPN cblr-1720 841 19 fin fin NOUN cblr-1720 841 20 . . PUNCT cblr-1720 841 21 stud stud PROPN cblr-1720 841 22 . . PUNCT cblr-1720 842 1 783 783 NUM cblr-1720 842 2 ( ( PUNCT cblr-1720 842 3 2008 2008 NUM cblr-1720 842 4 ) ) PUNCT cblr-1720 842 5 . . PUNCT cblr-1720 843 1 shilon shilon NOUN cblr-1720 843 2 – – PUNCT cblr-1720 843 3 final final ADJ cblr-1720 843 4 574 574 NUM cblr-1720 843 5 columbia columbia PROPN cblr-1720 843 6 business business NOUN cblr-1720 843 7 law law NOUN cblr-1720 843 8 review review NOUN cblr-1720 843 9 [ [ X cblr-1720 843 10 vol vol NOUN cblr-1720 843 11 . . NOUN cblr-1720 843 12 2017 2017 NUM cblr-1720 843 13 outside outside ADP cblr-1720 843 14 directors director NOUN cblr-1720 843 15 ’ ' PUNCT cblr-1720 843 16 available available ADJ cblr-1720 843 17 cash cash NOUN cblr-1720 843 18 for for ADP cblr-1720 843 19 making make VERB cblr-1720 843 20 their their PRON cblr-1720 843 21 stock stock NOUN cblr-1720 843 22 commitments commitment NOUN cblr-1720 843 23 is be AUX cblr-1720 843 24 limited limited ADJ cblr-1720 843 25 . . PUNCT cblr-1720 844 1 most most ADJ cblr-1720 844 2 of of ADP cblr-1720 844 3 their their PRON cblr-1720 844 4 pay pay NOUN cblr-1720 844 5 is be AUX cblr-1720 844 6 in in ADP cblr-1720 844 7 the the DET cblr-1720 844 8 form form NOUN cblr-1720 844 9 of of ADP cblr-1720 844 10 restricted restricted ADJ cblr-1720 844 11 stock stock NOUN cblr-1720 844 12 , , PUNCT cblr-1720 844 13 and and CCONJ cblr-1720 844 14 even even ADV cblr-1720 844 15 stock stock NOUN cblr-1720 844 16 that that PRON cblr-1720 844 17 is be AUX cblr-1720 844 18 no no ADV cblr-1720 844 19 longer long ADV cblr-1720 844 20 restricted restrict VERB cblr-1720 844 21 might might AUX cblr-1720 844 22 be be AUX cblr-1720 844 23 subject subject ADJ cblr-1720 844 24 to to ADP cblr-1720 844 25 sops sop NOUN cblr-1720 844 26 . . PUNCT cblr-1720 845 1 therefore therefore ADV cblr-1720 845 2 , , PUNCT cblr-1720 845 3 as as SCONJ cblr-1720 845 4 this this DET cblr-1720 845 5 article article NOUN cblr-1720 845 6 demonstrates demonstrate VERB cblr-1720 845 7 in in ADP cblr-1720 845 8 the the DET cblr-1720 845 9 sample sample NOUN cblr-1720 845 10 board board NOUN cblr-1720 845 11 resolution resolution NOUN cblr-1720 845 12 above above ADV cblr-1720 845 13 , , PUNCT cblr-1720 845 14 the the DET cblr-1720 845 15 commitment commitment NOUN cblr-1720 845 16 can can AUX cblr-1720 845 17 practically practically ADV cblr-1720 845 18 be be AUX cblr-1720 845 19 applied apply VERB cblr-1720 845 20 only only ADV cblr-1720 845 21 to to ADP cblr-1720 845 22 a a DET cblr-1720 845 23 certain certain ADJ cblr-1720 845 24 percentage percentage NOUN cblr-1720 845 25 of of ADP cblr-1720 845 26 the the DET cblr-1720 845 27 directors director NOUN cblr-1720 845 28 ’ ’ PART cblr-1720 845 29 cash cash NOUN cblr-1720 845 30 compensation compensation NOUN cblr-1720 845 31 component component NOUN cblr-1720 845 32 . . PUNCT cblr-1720 846 1 7 7 X cblr-1720 846 2 . . X cblr-1720 846 3 special special ADJ cblr-1720 846 4 cases case NOUN cblr-1720 846 5 that that PRON cblr-1720 846 6 justify justify VERB cblr-1720 846 7 partial partial ADJ cblr-1720 846 8 or or CCONJ cblr-1720 846 9 no no DET cblr-1720 846 10 applicability applicability NOUN cblr-1720 846 11 of of ADP cblr-1720 846 12 the the DET cblr-1720 846 13 arrangement arrangement NOUN cblr-1720 846 14 the the DET cblr-1720 846 15 preceding precede VERB cblr-1720 846 16 section section NOUN cblr-1720 846 17 has have AUX cblr-1720 846 18 shown show VERB cblr-1720 846 19 that that SCONJ cblr-1720 846 20 it it PRON cblr-1720 846 21 is be AUX cblr-1720 846 22 generally generally ADV cblr-1720 846 23 possible possible ADJ cblr-1720 846 24 to to PART cblr-1720 846 25 decide decide VERB cblr-1720 846 26 the the DET cblr-1720 846 27 stock stock NOUN cblr-1720 846 28 commitment commitment NOUN cblr-1720 846 29 amounts amount VERB cblr-1720 846 30 that that SCONJ cblr-1720 846 31 directors director NOUN cblr-1720 846 32 should should AUX cblr-1720 846 33 make make VERB cblr-1720 846 34 . . PUNCT cblr-1720 847 1 this this DET cblr-1720 847 2 section section NOUN cblr-1720 847 3 argues argue VERB cblr-1720 847 4 that that SCONJ cblr-1720 847 5 there there PRON cblr-1720 847 6 are be VERB cblr-1720 847 7 nevertheless nevertheless ADV cblr-1720 847 8 special special ADJ cblr-1720 847 9 cases case NOUN cblr-1720 847 10 in in ADP cblr-1720 847 11 which which PRON cblr-1720 847 12 a a DET cblr-1720 847 13 partial partial ADJ cblr-1720 847 14 or or CCONJ cblr-1720 847 15 full full ADJ cblr-1720 847 16 exemption exemption NOUN cblr-1720 847 17 from from ADP cblr-1720 847 18 the the DET cblr-1720 847 19 arrangement arrangement NOUN cblr-1720 847 20 is be AUX cblr-1720 847 21 warranted warrant VERB cblr-1720 847 22 — — PUNCT cblr-1720 847 23 in in ADP cblr-1720 847 24 particular particular ADJ cblr-1720 847 25 , , PUNCT cblr-1720 847 26 cases case NOUN cblr-1720 847 27 of of ADP cblr-1720 847 28 multiple multiple ADJ cblr-1720 847 29 simultaneous simultaneous ADJ cblr-1720 847 30 or or CCONJ cblr-1720 847 31 sequential sequential ADJ cblr-1720 847 32 bids bid NOUN cblr-1720 847 33 , , PUNCT cblr-1720 847 34 cases case NOUN cblr-1720 847 35 of of ADP cblr-1720 847 36 nuisance nuisance ADJ cblr-1720 847 37 and and CCONJ cblr-1720 847 38 opportunistic opportunistic ADJ cblr-1720 847 39 bids bid NOUN cblr-1720 847 40 , , PUNCT cblr-1720 847 41 and and CCONJ cblr-1720 847 42 instances instance NOUN cblr-1720 847 43 in in ADP cblr-1720 847 44 which which PRON cblr-1720 847 45 independent independent ADJ cblr-1720 847 46 directors director NOUN cblr-1720 847 47 stand stand VERB cblr-1720 847 48 to to PART cblr-1720 847 49 retire retire VERB cblr-1720 847 50 . . PUNCT cblr-1720 848 1 a. a. NOUN cblr-1720 848 2 multiple multiple PROPN cblr-1720 848 3 offers offer VERB cblr-1720 848 4 the the DET cblr-1720 848 5 case case NOUN cblr-1720 848 6 of of ADP cblr-1720 848 7 target target NOUN cblr-1720 848 8 firms firm NOUN cblr-1720 848 9 that that PRON cblr-1720 848 10 face face VERB cblr-1720 848 11 multiple multiple ADJ cblr-1720 848 12 takeover takeover NOUN cblr-1720 848 13 attempts attempt NOUN cblr-1720 848 14 , , PUNCT cblr-1720 848 15 simultaneous simultaneous ADJ cblr-1720 848 16 or or CCONJ cblr-1720 848 17 sequential sequential ADJ cblr-1720 848 18 , , PUNCT cblr-1720 848 19 requires require VERB cblr-1720 848 20 special special ADJ cblr-1720 848 21 attention attention NOUN cblr-1720 848 22 because because SCONJ cblr-1720 848 23 applying apply VERB cblr-1720 848 24 the the DET cblr-1720 848 25 arrangement arrangement NOUN cblr-1720 848 26 strictly strictly ADV cblr-1720 848 27 to to ADP cblr-1720 848 28 each each DET cblr-1720 848 29 bid bid NOUN cblr-1720 848 30 separately separately ADV cblr-1720 848 31 might might AUX cblr-1720 848 32 cause cause VERB cblr-1720 848 33 outside outside ADJ cblr-1720 848 34 directors director NOUN cblr-1720 848 35 to to PART cblr-1720 848 36 run run VERB cblr-1720 848 37 out out ADP cblr-1720 848 38 of of ADP cblr-1720 848 39 cash cash NOUN cblr-1720 848 40 , , PUNCT cblr-1720 848 41 rendering render VERB cblr-1720 848 42 them they PRON cblr-1720 848 43 unable unable ADJ cblr-1720 848 44 to to PART cblr-1720 848 45 commit commit VERB cblr-1720 848 46 shares share NOUN cblr-1720 848 47 against against ADP cblr-1720 848 48 all all PRON cblr-1720 848 49 of of ADP cblr-1720 848 50 the the DET cblr-1720 848 51 bids bid NOUN cblr-1720 848 52 . . PUNCT cblr-1720 849 1 it it PRON cblr-1720 849 2 can can AUX cblr-1720 849 3 also also ADV cblr-1720 849 4 create create VERB cblr-1720 849 5 an an DET cblr-1720 849 6 unreasonable unreasonable ADJ cblr-1720 849 7 burden burden NOUN cblr-1720 849 8 on on ADP cblr-1720 849 9 outside outside ADJ cblr-1720 849 10 directors director NOUN cblr-1720 849 11 in in ADP cblr-1720 849 12 firms firm NOUN cblr-1720 849 13 that that PRON cblr-1720 849 14 face face VERB cblr-1720 849 15 multiple multiple ADJ cblr-1720 849 16 takeover takeover NOUN cblr-1720 849 17 attempts attempt NOUN cblr-1720 849 18 and and CCONJ cblr-1720 849 19 might might AUX cblr-1720 849 20 discourage discourage VERB cblr-1720 849 21 talented talented ADJ cblr-1720 849 22 directors director NOUN cblr-1720 849 23 from from ADP cblr-1720 849 24 serving serve VERB cblr-1720 849 25 in in ADP cblr-1720 849 26 such such ADJ cblr-1720 849 27 firms firm NOUN cblr-1720 849 28 — — PUNCT cblr-1720 849 29 firms firm NOUN cblr-1720 849 30 that that PRON cblr-1720 849 31 might might AUX cblr-1720 849 32 really really ADV cblr-1720 849 33 need need VERB cblr-1720 849 34 them they PRON cblr-1720 849 35 . . PUNCT cblr-1720 850 1 in in ADP cblr-1720 850 2 the the DET cblr-1720 850 3 case case NOUN cblr-1720 850 4 of of ADP cblr-1720 850 5 multiple multiple ADJ cblr-1720 850 6 simultaneous simultaneous ADJ cblr-1720 850 7 bids bid NOUN cblr-1720 850 8 , , PUNCT cblr-1720 850 9 or or CCONJ cblr-1720 850 10 bids bid NOUN cblr-1720 850 11 in in ADP cblr-1720 850 12 a a DET cblr-1720 850 13 “ " PUNCT cblr-1720 850 14 bidding bidding NOUN cblr-1720 850 15 war war NOUN cblr-1720 850 16 , , PUNCT cblr-1720 850 17 ” " PUNCT cblr-1720 850 18 the the DET cblr-1720 850 19 solution solution NOUN cblr-1720 850 20 put put VERB cblr-1720 850 21 forth forth ADP cblr-1720 850 22 by by ADP cblr-1720 850 23 this this DET cblr-1720 850 24 article article NOUN cblr-1720 850 25 is be AUX cblr-1720 850 26 to to PART cblr-1720 850 27 allow allow VERB cblr-1720 850 28 boards board NOUN cblr-1720 850 29 to to PART cblr-1720 850 30 use use VERB cblr-1720 850 31 the the DET cblr-1720 850 32 arrangement arrangement NOUN cblr-1720 850 33 only only ADV cblr-1720 850 34 against against ADP cblr-1720 850 35 the the DET cblr-1720 850 36 most most ADV cblr-1720 850 37 attractive attractive ADJ cblr-1720 850 38 bid bid NOUN cblr-1720 850 39 . . PUNCT cblr-1720 851 1 because because SCONJ cblr-1720 851 2 a a DET cblr-1720 851 3 director director NOUN cblr-1720 851 4 ’s ’s PART cblr-1720 851 5 credible credible ADJ cblr-1720 851 6 stock stock NOUN cblr-1720 851 7 commitment commitment NOUN cblr-1720 851 8 against against ADP cblr-1720 851 9 the the DET cblr-1720 851 10 most most ADV cblr-1720 851 11 attractive attractive ADJ cblr-1720 851 12 bid bid NOUN cblr-1720 851 13 shows show VERB cblr-1720 851 14 that that SCONJ cblr-1720 851 15 all all DET cblr-1720 851 16 other other ADJ cblr-1720 851 17 bids bid NOUN cblr-1720 851 18 are be AUX cblr-1720 851 19 unattractive unattractive ADJ cblr-1720 851 20 , , PUNCT cblr-1720 851 21 that that DET cblr-1720 851 22 commitment commitment NOUN cblr-1720 851 23 should should AUX cblr-1720 851 24 suffice suffice VERB cblr-1720 851 25 for for ADP cblr-1720 851 26 courts court NOUN cblr-1720 851 27 and and CCONJ cblr-1720 851 28 shareholders shareholder NOUN cblr-1720 851 29 . . PUNCT cblr-1720 852 1 indeed indeed ADV cblr-1720 852 2 , , PUNCT cblr-1720 852 3 deciding decide VERB cblr-1720 852 4 which which DET cblr-1720 852 5 bid bid NOUN cblr-1720 852 6 is be AUX cblr-1720 852 7 the the DET cblr-1720 852 8 most most ADV cblr-1720 852 9 favorable favorable ADJ cblr-1720 852 10 for for ADP cblr-1720 852 11 shareholders shareholder NOUN cblr-1720 852 12 might might AUX cblr-1720 852 13 require require VERB cblr-1720 852 14 some some DET cblr-1720 852 15 discretion discretion NOUN cblr-1720 852 16 because because SCONJ cblr-1720 852 17 some some DET cblr-1720 852 18 bids bid NOUN cblr-1720 852 19 involve involve VERB cblr-1720 852 20 noncash noncash NOUN cblr-1720 852 21 components component NOUN cblr-1720 852 22 . . PUNCT cblr-1720 853 1 shilon shilon NOUN cblr-1720 853 2 – – PUNCT cblr-1720 853 3 final final ADJ cblr-1720 853 4 no no NOUN cblr-1720 853 5 . . PUNCT cblr-1720 853 6 2:511 2:511 NOUN cblr-1720 853 7 ] ] X cblr-1720 853 8 improving improve VERB cblr-1720 853 9 corporate corporate ADJ cblr-1720 853 10 takeover takeover NOUN cblr-1720 853 11 dynamics dynamic NOUN cblr-1720 853 12 575 575 NUM cblr-1720 853 13 but but CCONJ cblr-1720 853 14 boards board NOUN cblr-1720 853 15 and and CCONJ cblr-1720 853 16 courts court NOUN cblr-1720 853 17 , , PUNCT cblr-1720 853 18 assisted assist VERB cblr-1720 853 19 by by ADP cblr-1720 853 20 investment investment NOUN cblr-1720 853 21 bankers banker NOUN cblr-1720 853 22 , , PUNCT cblr-1720 853 23 make make VERB cblr-1720 853 24 such such ADJ cblr-1720 853 25 judgments judgment NOUN cblr-1720 853 26 routinely routinely ADV cblr-1720 853 27 . . PUNCT cblr-1720 854 1 also also ADV cblr-1720 854 2 , , PUNCT cblr-1720 854 3 target target NOUN cblr-1720 854 4 boards board NOUN cblr-1720 854 5 have have VERB cblr-1720 854 6 an an DET cblr-1720 854 7 incentive incentive NOUN cblr-1720 854 8 to to PART cblr-1720 854 9 correctly correctly ADV cblr-1720 854 10 evaluate evaluate VERB cblr-1720 854 11 which which DET cblr-1720 854 12 bid bid NOUN cblr-1720 854 13 is be AUX cblr-1720 854 14 most most ADV cblr-1720 854 15 attractive attractive ADJ cblr-1720 854 16 because because SCONJ cblr-1720 854 17 otherwise otherwise ADV cblr-1720 854 18 they they PRON cblr-1720 854 19 run run VERB cblr-1720 854 20 the the DET cblr-1720 854 21 risk risk NOUN cblr-1720 854 22 that that SCONJ cblr-1720 854 23 courts court NOUN cblr-1720 854 24 and and CCONJ cblr-1720 854 25 shareholders shareholder NOUN cblr-1720 854 26 will will AUX cblr-1720 854 27 perceive perceive VERB cblr-1720 854 28 their their PRON cblr-1720 854 29 stock stock NOUN cblr-1720 854 30 commitment commitment NOUN cblr-1720 854 31 as as ADP cblr-1720 854 32 too too ADV cblr-1720 854 33 weak weak ADJ cblr-1720 854 34 . . PUNCT cblr-1720 855 1 in in ADP cblr-1720 855 2 the the DET cblr-1720 855 3 case case NOUN cblr-1720 855 4 of of ADP cblr-1720 855 5 multiple multiple ADJ cblr-1720 855 6 sequential sequential ADJ cblr-1720 855 7 bids bid NOUN cblr-1720 855 8 — — PUNCT cblr-1720 855 9 bids bid NOUN cblr-1720 855 10 that that PRON cblr-1720 855 11 are be AUX cblr-1720 855 12 filed file VERB cblr-1720 855 13 after after ADP cblr-1720 855 14 a a DET cblr-1720 855 15 previous previous ADJ cblr-1720 855 16 bid bid NOUN cblr-1720 855 17 has have AUX cblr-1720 855 18 failed fail VERB cblr-1720 855 19 but but CCONJ cblr-1720 855 20 before before SCONJ cblr-1720 855 21 the the DET cblr-1720 855 22 holding hold VERB cblr-1720 855 23 period period NOUN cblr-1720 855 24 of of ADP cblr-1720 855 25 the the DET cblr-1720 855 26 shares share NOUN cblr-1720 855 27 that that PRON cblr-1720 855 28 directors director NOUN cblr-1720 855 29 committed commit VERB cblr-1720 855 30 in in ADP cblr-1720 855 31 opposition opposition NOUN cblr-1720 855 32 to to ADP cblr-1720 855 33 it it PRON cblr-1720 855 34 has have AUX cblr-1720 855 35 expired expire VERB cblr-1720 855 36 — — PUNCT cblr-1720 855 37 the the DET cblr-1720 855 38 proposed propose VERB cblr-1720 855 39 arrangement arrangement NOUN cblr-1720 855 40 recommends recommend VERB cblr-1720 855 41 allowing allow VERB cblr-1720 855 42 target target NOUN cblr-1720 855 43 directors director NOUN cblr-1720 855 44 who who PRON cblr-1720 855 45 wish wish VERB cblr-1720 855 46 to to PART cblr-1720 855 47 commit commit VERB cblr-1720 855 48 shares share NOUN cblr-1720 855 49 against against ADP cblr-1720 855 50 the the DET cblr-1720 855 51 new new ADJ cblr-1720 855 52 bid bid NOUN cblr-1720 855 53 to to PART cblr-1720 855 54 sell sell VERB cblr-1720 855 55 such such ADJ cblr-1720 855 56 previously previously ADV cblr-1720 855 57 committed commit VERB cblr-1720 855 58 stock stock NOUN cblr-1720 855 59 despite despite SCONJ cblr-1720 855 60 the the DET cblr-1720 855 61 fact fact NOUN cblr-1720 855 62 that that SCONJ cblr-1720 855 63 its its PRON cblr-1720 855 64 holding hold VERB cblr-1720 855 65 period period NOUN cblr-1720 855 66 has have AUX cblr-1720 855 67 not not PART cblr-1720 855 68 lapsed lapse VERB cblr-1720 855 69 yet yet ADV cblr-1720 855 70 . . PUNCT cblr-1720 856 1 such such ADJ cblr-1720 856 2 potential potential ADJ cblr-1720 856 3 sale sale NOUN cblr-1720 856 4 would would AUX cblr-1720 856 5 prevent prevent VERB cblr-1720 856 6 opportunistic opportunistic ADJ cblr-1720 856 7 bidders bidder NOUN cblr-1720 856 8 from from ADP cblr-1720 856 9 taking take VERB cblr-1720 856 10 advantage advantage NOUN cblr-1720 856 11 of of ADP cblr-1720 856 12 the the DET cblr-1720 856 13 liquidity liquidity NOUN cblr-1720 856 14 shortage shortage NOUN cblr-1720 856 15 that that PRON cblr-1720 856 16 target target NOUN cblr-1720 856 17 directors director NOUN cblr-1720 856 18 might might AUX cblr-1720 856 19 otherwise otherwise ADV cblr-1720 856 20 suffer suffer VERB cblr-1720 856 21 when when SCONJ cblr-1720 856 22 facing face VERB cblr-1720 856 23 sequential sequential ADJ cblr-1720 856 24 bids bid NOUN cblr-1720 856 25 . . PUNCT cblr-1720 857 1 directors director NOUN cblr-1720 857 2 should should AUX cblr-1720 857 3 use use VERB cblr-1720 857 4 the the DET cblr-1720 857 5 proposed propose VERB cblr-1720 857 6 arrangement arrangement NOUN cblr-1720 857 7 against against ADP cblr-1720 857 8 a a DET cblr-1720 857 9 new new ADJ cblr-1720 857 10 bid bid NOUN cblr-1720 857 11 even even ADV cblr-1720 857 12 if if SCONJ cblr-1720 857 13 it it PRON cblr-1720 857 14 is be AUX cblr-1720 857 15 not not PART cblr-1720 857 16 as as ADV cblr-1720 857 17 favorable favorable ADJ cblr-1720 857 18 as as ADP cblr-1720 857 19 the the DET cblr-1720 857 20 bid bid NOUN cblr-1720 857 21 they they PRON cblr-1720 857 22 previously previously ADV cblr-1720 857 23 opposed oppose VERB cblr-1720 857 24 . . PUNCT cblr-1720 858 1 the the DET cblr-1720 858 2 need need NOUN cblr-1720 858 3 for for ADP cblr-1720 858 4 their their PRON cblr-1720 858 5 new new ADJ cblr-1720 858 6 commitment commitment NOUN cblr-1720 858 7 comes come VERB cblr-1720 858 8 from from ADP cblr-1720 858 9 the the DET cblr-1720 858 10 concern concern NOUN cblr-1720 858 11 that that SCONJ cblr-1720 858 12 , , PUNCT cblr-1720 858 13 between between ADP cblr-1720 858 14 the the DET cblr-1720 858 15 time time NOUN cblr-1720 858 16 of of ADP cblr-1720 858 17 the the DET cblr-1720 858 18 previous previous ADJ cblr-1720 858 19 bid bid NOUN cblr-1720 858 20 and and CCONJ cblr-1720 858 21 the the DET cblr-1720 858 22 time time NOUN cblr-1720 858 23 of of ADP cblr-1720 858 24 the the DET cblr-1720 858 25 new new ADJ cblr-1720 858 26 bid bid NOUN cblr-1720 858 27 , , PUNCT cblr-1720 858 28 market market NOUN cblr-1720 858 29 conditions condition NOUN cblr-1720 858 30 might might AUX cblr-1720 858 31 have have AUX cblr-1720 858 32 worsened worsen VERB cblr-1720 858 33 , , PUNCT cblr-1720 858 34 directors director NOUN cblr-1720 858 35 ’ ’ PART cblr-1720 858 36 expectations expectation NOUN cblr-1720 858 37 for for ADP cblr-1720 858 38 intrinsic intrinsic ADJ cblr-1720 858 39 value value NOUN cblr-1720 858 40 might might AUX cblr-1720 858 41 have have AUX cblr-1720 858 42 lowered lower VERB cblr-1720 858 43 , , PUNCT cblr-1720 858 44 and and CCONJ cblr-1720 858 45 the the DET cblr-1720 858 46 stock stock NOUN cblr-1720 858 47 price price NOUN cblr-1720 858 48 might might AUX cblr-1720 858 49 have have AUX cblr-1720 858 50 dropped drop VERB cblr-1720 858 51 . . PUNCT cblr-1720 859 1 because because SCONJ cblr-1720 859 2 of of ADP cblr-1720 859 3 the the DET cblr-1720 859 4 distinct distinct ADJ cblr-1720 859 5 solutions solution NOUN cblr-1720 859 6 that that SCONJ cblr-1720 859 7 the the DET cblr-1720 859 8 arrangement arrangement NOUN cblr-1720 859 9 provides provide VERB cblr-1720 859 10 for for ADP cblr-1720 859 11 nuisance nuisance ADJ cblr-1720 859 12 and and CCONJ cblr-1720 859 13 opportunistic opportunistic ADJ cblr-1720 859 14 bids bid NOUN cblr-1720 859 15 , , PUNCT cblr-1720 859 16 it it PRON cblr-1720 859 17 is be AUX cblr-1720 859 18 not not PART cblr-1720 859 19 expected expect VERB cblr-1720 859 20 that that SCONJ cblr-1720 859 21 such such DET cblr-1720 859 22 a a DET cblr-1720 859 23 requirement requirement NOUN cblr-1720 859 24 would would AUX cblr-1720 859 25 be be AUX cblr-1720 859 26 excessively excessively ADV cblr-1720 859 27 burdensome burdensome ADJ cblr-1720 859 28 . . PUNCT cblr-1720 860 1 b. b. PROPN cblr-1720 860 2 nuisance nuisance PROPN cblr-1720 860 3 and and CCONJ cblr-1720 860 4 opportunistic opportunistic ADJ cblr-1720 860 5 bids bid NOUN cblr-1720 860 6 because because SCONJ cblr-1720 860 7 opportunistic opportunistic ADJ cblr-1720 860 8 bidders bidder NOUN cblr-1720 860 9 might might AUX cblr-1720 860 10 try try VERB cblr-1720 860 11 to to PART cblr-1720 860 12 file file VERB cblr-1720 860 13 nuisance nuisance ADJ cblr-1720 860 14 bids bid NOUN cblr-1720 860 15 just just ADV cblr-1720 860 16 to to PART cblr-1720 860 17 disrupt disrupt VERB cblr-1720 860 18 the the DET cblr-1720 860 19 target target NOUN cblr-1720 860 20 and and CCONJ cblr-1720 860 21 impose impose VERB cblr-1720 860 22 costs cost NOUN cblr-1720 860 23 on on ADP cblr-1720 860 24 its its PRON cblr-1720 860 25 outside outside ADJ cblr-1720 860 26 directors director NOUN cblr-1720 860 27 , , PUNCT cblr-1720 860 28 the the DET cblr-1720 860 29 arrangement arrangement NOUN cblr-1720 860 30 suggests suggest VERB cblr-1720 860 31 exempting exempt VERB cblr-1720 860 32 target target NOUN cblr-1720 860 33 directors director NOUN cblr-1720 860 34 from from ADP cblr-1720 860 35 making make VERB cblr-1720 860 36 stock stock NOUN cblr-1720 860 37 commitments commitment NOUN cblr-1720 860 38 against against ADP cblr-1720 860 39 such such ADJ cblr-1720 860 40 bidders bidder NOUN cblr-1720 860 41 . . PUNCT cblr-1720 861 1 in in ADP cblr-1720 861 2 particular particular ADJ cblr-1720 861 3 , , PUNCT cblr-1720 861 4 it it PRON cblr-1720 861 5 recommends recommend VERB cblr-1720 861 6 that that SCONJ cblr-1720 861 7 target target NOUN cblr-1720 861 8 boards board NOUN cblr-1720 861 9 be be AUX cblr-1720 861 10 exempted exempt VERB cblr-1720 861 11 from from ADP cblr-1720 861 12 using use VERB cblr-1720 861 13 the the DET cblr-1720 861 14 arrangement arrangement NOUN cblr-1720 861 15 in in ADP cblr-1720 861 16 order order NOUN cblr-1720 861 17 to to PART cblr-1720 861 18 show show VERB cblr-1720 861 19 their their PRON cblr-1720 861 20 opposition opposition NOUN cblr-1720 861 21 to to ADP cblr-1720 861 22 bids bid NOUN cblr-1720 861 23 that that PRON cblr-1720 861 24 are be AUX cblr-1720 861 25 not not PART cblr-1720 861 26 fully fully ADV cblr-1720 861 27 financed finance VERB cblr-1720 861 28 or or CCONJ cblr-1720 861 29 are be AUX cblr-1720 861 30 reversible reversible ADJ cblr-1720 861 31 . . PUNCT cblr-1720 862 1 courts court NOUN cblr-1720 862 2 , , PUNCT cblr-1720 862 3 in in ADP cblr-1720 862 4 turn turn NOUN cblr-1720 862 5 , , PUNCT cblr-1720 862 6 should should AUX cblr-1720 862 7 be be AUX cblr-1720 862 8 prevented prevent VERB cblr-1720 862 9 from from ADP cblr-1720 862 10 drawing draw VERB cblr-1720 862 11 negative negative ADJ cblr-1720 862 12 inferences inference NOUN cblr-1720 862 13 about about ADP cblr-1720 862 14 the the DET cblr-1720 862 15 directors director NOUN cblr-1720 862 16 ’ ’ PART cblr-1720 862 17 decision decision NOUN cblr-1720 862 18 to to PART cblr-1720 862 19 shilon shilon NOUN cblr-1720 862 20 – – PUNCT cblr-1720 863 1 final final ADJ cblr-1720 863 2 576 576 NUM cblr-1720 863 3 columbia columbia PROPN cblr-1720 863 4 business business NOUN cblr-1720 863 5 law law PROPN cblr-1720 863 6 review review NOUN cblr-1720 863 7 [ [ X cblr-1720 863 8 vol vol NOUN cblr-1720 863 9 . . PUNCT cblr-1720 863 10 2017 2017 NUM cblr-1720 863 11 avoid avoid VERB cblr-1720 863 12 making make VERB cblr-1720 863 13 a a DET cblr-1720 863 14 stock stock NOUN cblr-1720 863 15 commitment commitment NOUN cblr-1720 863 16 under under ADP cblr-1720 863 17 such such ADJ cblr-1720 863 18 circumstances circumstance NOUN cblr-1720 863 19 . . PUNCT cblr-1720 864 1 the the DET cblr-1720 864 2 arrangement arrangement NOUN cblr-1720 864 3 further far ADV cblr-1720 864 4 suggests suggest VERB cblr-1720 864 5 that that SCONJ cblr-1720 864 6 if if SCONJ cblr-1720 864 7 the the DET cblr-1720 864 8 majority majority NOUN cblr-1720 864 9 of of ADP cblr-1720 864 10 outside outside ADJ cblr-1720 864 11 directors director NOUN cblr-1720 864 12 perceive perceive VERB cblr-1720 864 13 a a DET cblr-1720 864 14 bid bid NOUN cblr-1720 864 15 to to PART cblr-1720 864 16 be be AUX cblr-1720 864 17 opportunistic opportunistic ADJ cblr-1720 864 18 and and CCONJ cblr-1720 864 19 meritless meritless NOUN cblr-1720 864 20 , , PUNCT cblr-1720 864 21 the the DET cblr-1720 864 22 board board NOUN cblr-1720 864 23 should should AUX cblr-1720 864 24 be be AUX cblr-1720 864 25 allowed allow VERB cblr-1720 864 26 to to PART cblr-1720 864 27 call call VERB cblr-1720 864 28 a a DET cblr-1720 864 29 special special ADJ cblr-1720 864 30 shareholder shareholder NOUN cblr-1720 864 31 meeting meeting NOUN cblr-1720 864 32 to to PART cblr-1720 864 33 approve approve VERB cblr-1720 864 34 exemption exemption NOUN cblr-1720 864 35 from from ADP cblr-1720 864 36 the the DET cblr-1720 864 37 arrangement arrangement NOUN cblr-1720 864 38 . . PUNCT cblr-1720 865 1 but but CCONJ cblr-1720 865 2 to to PART cblr-1720 865 3 prevent prevent VERB cblr-1720 865 4 misuse misuse NOUN cblr-1720 865 5 by by ADP cblr-1720 865 6 boards board NOUN cblr-1720 865 7 — — PUNCT cblr-1720 865 8 as as SCONJ cblr-1720 865 9 would would AUX cblr-1720 865 10 occur occur VERB cblr-1720 865 11 , , PUNCT cblr-1720 865 12 for for ADP cblr-1720 865 13 example example NOUN cblr-1720 865 14 , , PUNCT cblr-1720 865 15 by by ADP cblr-1720 865 16 bundling bundle VERB cblr-1720 865 17 such such ADJ cblr-1720 865 18 decisions decision NOUN cblr-1720 865 19 with with ADP cblr-1720 865 20 measures measure NOUN cblr-1720 865 21 that that PRON cblr-1720 865 22 enjoy enjoy VERB cblr-1720 865 23 shareholder shareholder NOUN cblr-1720 865 24 support173 support173 PROPN cblr-1720 865 25 — — PUNCT cblr-1720 865 26 it it PRON cblr-1720 865 27 recommends recommend VERB cblr-1720 865 28 that that SCONJ cblr-1720 865 29 such such ADJ cblr-1720 865 30 shareholder shareholder NOUN cblr-1720 865 31 exemption exemption NOUN cblr-1720 865 32 may may AUX cblr-1720 865 33 only only ADV cblr-1720 865 34 be be AUX cblr-1720 865 35 requested request VERB cblr-1720 865 36 on on ADP cblr-1720 865 37 a a DET cblr-1720 865 38 case case NOUN cblr-1720 865 39 - - PUNCT cblr-1720 865 40 by by ADP cblr-1720 865 41 - - PUNCT cblr-1720 865 42 case case NOUN cblr-1720 865 43 basis basis NOUN cblr-1720 865 44 ( ( PUNCT cblr-1720 865 45 i.e. i.e. X cblr-1720 865 46 , , PUNCT cblr-1720 865 47 boards board NOUN cblr-1720 865 48 should should AUX cblr-1720 865 49 not not PART cblr-1720 865 50 be be AUX cblr-1720 865 51 allowed allow VERB cblr-1720 865 52 to to PART cblr-1720 865 53 initiate initiate VERB cblr-1720 865 54 charter charter NOUN cblr-1720 865 55 or or CCONJ cblr-1720 865 56 bylaw bylaw NOUN cblr-1720 865 57 provisions provision NOUN cblr-1720 865 58 exempting exempt VERB cblr-1720 865 59 themselves themselves PRON cblr-1720 865 60 from from ADP cblr-1720 865 61 the the DET cblr-1720 865 62 prescribed prescribed ADJ cblr-1720 865 63 arrangement arrangement NOUN cblr-1720 865 64 except except SCONJ cblr-1720 865 65 for for ADP cblr-1720 865 66 case case NOUN cblr-1720 865 67 - - PUNCT cblr-1720 865 68 specific specific ADJ cblr-1720 865 69 shareholder shareholder NOUN cblr-1720 865 70 - - PUNCT cblr-1720 865 71 approved approve VERB cblr-1720 865 72 instances instance NOUN cblr-1720 865 73 ) ) PUNCT cblr-1720 865 74 . . PUNCT cblr-1720 866 1 c. c. NOUN cblr-1720 866 2 directors director NOUN cblr-1720 866 3 who who PRON cblr-1720 866 4 retire retire VERB cblr-1720 866 5 soon soon ADV cblr-1720 866 6 after after ADP cblr-1720 866 7 the the DET cblr-1720 866 8 takeover takeover NOUN cblr-1720 866 9 attempt attempt NOUN cblr-1720 866 10 the the DET cblr-1720 866 11 case case NOUN cblr-1720 866 12 of of ADP cblr-1720 866 13 directors director NOUN cblr-1720 866 14 who who PRON cblr-1720 866 15 will will AUX cblr-1720 866 16 retire retire VERB cblr-1720 866 17 soon soon ADV cblr-1720 866 18 after after SCONJ cblr-1720 866 19 a a DET cblr-1720 866 20 failed fail VERB cblr-1720 866 21 takeover takeover NOUN cblr-1720 866 22 requires require VERB cblr-1720 866 23 special special ADJ cblr-1720 866 24 treatment treatment NOUN cblr-1720 866 25 . . PUNCT cblr-1720 867 1 the the DET cblr-1720 867 2 main main ADJ cblr-1720 867 3 personal personal ADJ cblr-1720 867 4 benefit benefit NOUN cblr-1720 867 5 for for ADP cblr-1720 867 6 directors director NOUN cblr-1720 867 7 who who PRON cblr-1720 867 8 make make VERB cblr-1720 867 9 a a DET cblr-1720 867 10 stock stock NOUN cblr-1720 867 11 commitment commitment NOUN cblr-1720 867 12 in in ADP cblr-1720 867 13 opposition opposition NOUN cblr-1720 867 14 to to ADP cblr-1720 867 15 a a DET cblr-1720 867 16 takeover takeover NOUN cblr-1720 867 17 — — PUNCT cblr-1720 867 18 improving improve VERB cblr-1720 867 19 the the DET cblr-1720 867 20 chance chance NOUN cblr-1720 867 21 of of ADP cblr-1720 867 22 keeping keep VERB cblr-1720 867 23 their their PRON cblr-1720 867 24 jobs job NOUN cblr-1720 867 25 — — PUNCT cblr-1720 867 26 disappears disappear VERB cblr-1720 867 27 if if SCONJ cblr-1720 867 28 they they PRON cblr-1720 867 29 plan plan VERB cblr-1720 867 30 to to PART cblr-1720 867 31 leave leave VERB cblr-1720 867 32 the the DET cblr-1720 867 33 firm firm NOUN cblr-1720 867 34 anyway anyway ADV cblr-1720 867 35 . . PUNCT cblr-1720 868 1 therefore therefore ADV cblr-1720 868 2 , , PUNCT cblr-1720 868 3 the the DET cblr-1720 868 4 arrangement arrangement NOUN cblr-1720 868 5 suggests suggest VERB cblr-1720 868 6 that that SCONJ cblr-1720 868 7 when when SCONJ cblr-1720 868 8 a a DET cblr-1720 868 9 director director NOUN cblr-1720 868 10 commits commit VERB cblr-1720 868 11 to to ADP cblr-1720 868 12 not not PART cblr-1720 868 13 running run VERB cblr-1720 868 14 for for ADP cblr-1720 868 15 the the DET cblr-1720 868 16 next next ADJ cblr-1720 868 17 election election NOUN cblr-1720 868 18 , , PUNCT cblr-1720 868 19 that that DET cblr-1720 868 20 director director NOUN cblr-1720 868 21 should should AUX cblr-1720 868 22 be be AUX cblr-1720 868 23 exempted exempt VERB cblr-1720 868 24 from from ADP cblr-1720 868 25 committing commit VERB cblr-1720 868 26 stock stock NOUN cblr-1720 868 27 against against ADP cblr-1720 868 28 the the DET cblr-1720 868 29 takeover takeover NOUN cblr-1720 868 30 . . PUNCT cblr-1720 869 1 with with ADP cblr-1720 869 2 such such DET cblr-1720 869 3 a a DET cblr-1720 869 4 guarantee guarantee NOUN cblr-1720 869 5 in in ADP cblr-1720 869 6 place place NOUN cblr-1720 869 7 , , PUNCT cblr-1720 869 8 courts court NOUN cblr-1720 869 9 and and CCONJ cblr-1720 869 10 shareholders shareholder NOUN cblr-1720 869 11 will will AUX cblr-1720 869 12 know know VERB cblr-1720 869 13 not not PART cblr-1720 869 14 to to PART cblr-1720 869 15 confuse confuse VERB cblr-1720 869 16 the the DET cblr-1720 869 17 director director NOUN cblr-1720 869 18 ’s ’s PART cblr-1720 869 19 lack lack NOUN cblr-1720 869 20 of of ADP cblr-1720 869 21 commitment commitment NOUN cblr-1720 869 22 with with ADP cblr-1720 869 23 a a DET cblr-1720 869 24 genuine genuine ADJ cblr-1720 869 25 support support NOUN cblr-1720 869 26 of of ADP cblr-1720 869 27 the the DET cblr-1720 869 28 bid bid NOUN cblr-1720 869 29 . . PUNCT cblr-1720 870 1 in in ADP cblr-1720 870 2 addition addition NOUN cblr-1720 870 3 , , PUNCT cblr-1720 870 4 the the DET cblr-1720 870 5 director director NOUN cblr-1720 870 6 ’s ’s PART cblr-1720 870 7 oral oral ADJ cblr-1720 870 8 statements statement NOUN cblr-1720 870 9 about about ADP cblr-1720 870 10 the the DET cblr-1720 870 11 desirability desirability NOUN cblr-1720 870 12 of of ADP cblr-1720 870 13 the the DET cblr-1720 870 14 bid bid NOUN cblr-1720 870 15 will will AUX cblr-1720 870 16 be be AUX cblr-1720 870 17 given give VERB cblr-1720 870 18 more more ADJ cblr-1720 870 19 credibility credibility NOUN cblr-1720 870 20 , , PUNCT cblr-1720 870 21 given give VERB cblr-1720 870 22 that that SCONJ cblr-1720 870 23 the the DET cblr-1720 870 24 director director NOUN cblr-1720 870 25 has have AUX cblr-1720 870 26 no no DET cblr-1720 870 27 apparent apparent ADJ cblr-1720 870 28 self self NOUN cblr-1720 870 29 - - PUNCT cblr-1720 870 30 interest interest NOUN cblr-1720 870 31 in in ADP cblr-1720 870 32 rejecting reject VERB cblr-1720 870 33 or or CCONJ cblr-1720 870 34 accepting accept VERB cblr-1720 870 35 the the DET cblr-1720 870 36 bid bid NOUN cblr-1720 870 37 . . PUNCT cblr-1720 871 1 to to PART cblr-1720 871 2 be be AUX cblr-1720 871 3 sure sure ADJ cblr-1720 871 4 , , PUNCT cblr-1720 871 5 the the DET cblr-1720 871 6 case case NOUN cblr-1720 871 7 of of ADP cblr-1720 871 8 directors director NOUN cblr-1720 871 9 who who PRON cblr-1720 871 10 know know VERB cblr-1720 871 11 that that SCONJ cblr-1720 871 12 they they PRON cblr-1720 871 13 will will AUX cblr-1720 871 14 retire retire VERB cblr-1720 871 15 soon soon ADV cblr-1720 871 16 is be AUX cblr-1720 871 17 different different ADJ cblr-1720 871 18 from from ADP cblr-1720 871 19 that that PRON cblr-1720 871 20 of of ADP cblr-1720 871 21 directors director NOUN cblr-1720 871 22 who who PRON cblr-1720 871 23 will will AUX cblr-1720 871 24 retire retire VERB cblr-1720 871 25 soon soon ADV cblr-1720 871 26 but but CCONJ cblr-1720 871 27 are be AUX cblr-1720 871 28 unaware unaware ADJ cblr-1720 871 29 of of ADP cblr-1720 871 30 it it PRON cblr-1720 871 31 when when SCONJ cblr-1720 871 32 making make VERB cblr-1720 871 33 their their PRON cblr-1720 871 34 stock stock NOUN cblr-1720 871 35 commitment commitment NOUN cblr-1720 871 36 . . PUNCT cblr-1720 872 1 for for ADP cblr-1720 872 2 directors director NOUN cblr-1720 872 3 who who PRON cblr-1720 872 4 do do AUX cblr-1720 872 5 intend intend VERB cblr-1720 872 6 , , PUNCT cblr-1720 872 7 at at ADP cblr-1720 872 8 the the DET cblr-1720 872 9 time time NOUN cblr-1720 872 10 of of ADP cblr-1720 872 11 the the DET cblr-1720 872 12 173 173 NUM cblr-1720 872 13 see see VERB cblr-1720 872 14 generally generally ADV cblr-1720 872 15 lucian lucian ADJ cblr-1720 872 16 a. a. PROPN cblr-1720 872 17 bebchuk bebchuk PROPN cblr-1720 872 18 & & CCONJ cblr-1720 872 19 ehud ehud PROPN cblr-1720 872 20 kamar kamar PROPN cblr-1720 872 21 , , PUNCT cblr-1720 872 22 bundling bundle VERB cblr-1720 872 23 and and CCONJ cblr-1720 872 24 entrenchment entrenchment NOUN cblr-1720 872 25 , , PUNCT cblr-1720 872 26 123 123 NUM cblr-1720 872 27 harv harv NOUN cblr-1720 872 28 . . PUNCT cblr-1720 873 1 l. l. PROPN cblr-1720 873 2 rev rev PROPN cblr-1720 873 3 . . PROPN cblr-1720 873 4 1551 1551 NUM cblr-1720 873 5 ( ( PUNCT cblr-1720 873 6 2010 2010 NUM cblr-1720 873 7 ) ) PUNCT cblr-1720 873 8 . . PUNCT cblr-1720 874 1 shilon shilon NOUN cblr-1720 874 2 – – PUNCT cblr-1720 874 3 final final ADJ cblr-1720 874 4 no no NOUN cblr-1720 874 5 . . PUNCT cblr-1720 875 1 2:511 2:511 NOUN cblr-1720 875 2 ] ] X cblr-1720 875 3 improving improve VERB cblr-1720 875 4 corporate corporate ADJ cblr-1720 875 5 takeover takeover NOUN cblr-1720 875 6 dynamics dynamic NOUN cblr-1720 875 7 577 577 NUM cblr-1720 875 8 takeover takeover NOUN cblr-1720 875 9 , , PUNCT cblr-1720 875 10 to to PART cblr-1720 875 11 stay stay VERB cblr-1720 875 12 with with ADP cblr-1720 875 13 the the DET cblr-1720 875 14 firm firm NOUN cblr-1720 875 15 but but CCONJ cblr-1720 875 16 who who PRON cblr-1720 875 17 end end VERB cblr-1720 875 18 up up ADP cblr-1720 875 19 leaving leave VERB cblr-1720 875 20 before before SCONJ cblr-1720 875 21 the the DET cblr-1720 875 22 holding hold VERB cblr-1720 875 23 period period NOUN cblr-1720 875 24 of of ADP cblr-1720 875 25 their their PRON cblr-1720 875 26 committed commit VERB cblr-1720 875 27 stock stock NOUN cblr-1720 875 28 expires expire VERB cblr-1720 875 29 , , PUNCT cblr-1720 875 30 this this DET cblr-1720 875 31 article article NOUN cblr-1720 875 32 suggests suggest VERB cblr-1720 875 33 that that SCONJ cblr-1720 875 34 they they PRON cblr-1720 875 35 fully fully ADV cblr-1720 875 36 abide abide VERB cblr-1720 875 37 by by ADP cblr-1720 875 38 arrangement arrangement NOUN cblr-1720 875 39 at at ADP cblr-1720 875 40 the the DET cblr-1720 875 41 time time NOUN cblr-1720 875 42 of of ADP cblr-1720 875 43 the the DET cblr-1720 875 44 takeover takeover NOUN cblr-1720 875 45 . . PUNCT cblr-1720 876 1 however however ADV cblr-1720 876 2 , , PUNCT cblr-1720 876 3 they they PRON cblr-1720 876 4 should should AUX cblr-1720 876 5 be be AUX cblr-1720 876 6 allowed allow VERB cblr-1720 876 7 to to PART cblr-1720 876 8 sell sell VERB cblr-1720 876 9 their their PRON cblr-1720 876 10 committed committed ADJ cblr-1720 876 11 stock stock NOUN cblr-1720 876 12 once once SCONJ cblr-1720 876 13 they they PRON cblr-1720 876 14 leave leave VERB cblr-1720 876 15 the the DET cblr-1720 876 16 firm firm NOUN cblr-1720 876 17 because because SCONJ cblr-1720 876 18 it it PRON cblr-1720 876 19 is be AUX cblr-1720 876 20 unfair unfair ADJ cblr-1720 876 21 to to PART cblr-1720 876 22 expose expose VERB cblr-1720 876 23 them they PRON cblr-1720 876 24 to to ADP cblr-1720 876 25 the the DET cblr-1720 876 26 consequences consequence NOUN cblr-1720 876 27 of of ADP cblr-1720 876 28 other other ADJ cblr-1720 876 29 peoples people NOUN cblr-1720 876 30 ’ ’ PART cblr-1720 876 31 decisions decision NOUN cblr-1720 876 32 once once SCONJ cblr-1720 876 33 they they PRON cblr-1720 876 34 can can AUX cblr-1720 876 35 no no ADV cblr-1720 876 36 longer long ADV cblr-1720 876 37 influence influence VERB cblr-1720 876 38 them they PRON cblr-1720 876 39 . . PUNCT cblr-1720 877 1 also also ADV cblr-1720 877 2 , , PUNCT cblr-1720 877 3 such such ADJ cblr-1720 877 4 relief relief NOUN cblr-1720 877 5 is be AUX cblr-1720 877 6 consistent consistent ADJ cblr-1720 877 7 with with ADP cblr-1720 877 8 restrictions restriction NOUN cblr-1720 877 9 on on ADP cblr-1720 877 10 shares share NOUN cblr-1720 877 11 held hold VERB cblr-1720 877 12 under under ADP cblr-1720 877 13 director director NOUN cblr-1720 877 14 sops.174 sops.174 PROPN cblr-1720 877 15 8 8 NUM cblr-1720 877 16 . . PUNCT cblr-1720 877 17 integrating integrate VERB cblr-1720 877 18 the the DET cblr-1720 877 19 arrangement arrangement NOUN cblr-1720 877 20 into into ADP cblr-1720 877 21 delaware delaware PROPN cblr-1720 877 22 ’s ’s PART cblr-1720 877 23 takeover takeover NOUN cblr-1720 877 24 doctrine doctrine NOUN cblr-1720 877 25 in in ADP cblr-1720 877 26 principle principle NOUN cblr-1720 877 27 , , PUNCT cblr-1720 877 28 once once ADV cblr-1720 877 29 the the DET cblr-1720 877 30 legal legal ADJ cblr-1720 877 31 impediments impediment NOUN cblr-1720 877 32 specified specify VERB cblr-1720 877 33 in in ADP cblr-1720 877 34 section section NOUN cblr-1720 877 35 a a PRON cblr-1720 877 36 of of ADP cblr-1720 877 37 this this DET cblr-1720 877 38 part part NOUN cblr-1720 877 39 are be AUX cblr-1720 877 40 removed remove VERB cblr-1720 877 41 , , PUNCT cblr-1720 877 42 target target NOUN cblr-1720 877 43 directors director NOUN cblr-1720 877 44 may may AUX cblr-1720 877 45 use use VERB cblr-1720 877 46 the the DET cblr-1720 877 47 proposed propose VERB cblr-1720 877 48 arrangement arrangement NOUN cblr-1720 877 49 voluntarily voluntarily ADV cblr-1720 877 50 , , PUNCT cblr-1720 877 51 without without SCONJ cblr-1720 877 52 it it PRON cblr-1720 877 53 being be AUX cblr-1720 877 54 formally formally ADV cblr-1720 877 55 adopted adopt VERB cblr-1720 877 56 by by ADP cblr-1720 877 57 any any DET cblr-1720 877 58 legal legal ADJ cblr-1720 877 59 standard standard NOUN cblr-1720 877 60 . . PUNCT cblr-1720 878 1 still still ADV cblr-1720 878 2 , , PUNCT cblr-1720 878 3 in in ADP cblr-1720 878 4 order order NOUN cblr-1720 878 5 for for SCONJ cblr-1720 878 6 the the DET cblr-1720 878 7 arrangement arrangement NOUN cblr-1720 878 8 to to PART cblr-1720 878 9 work work VERB cblr-1720 878 10 properly properly ADV cblr-1720 878 11 the the DET cblr-1720 878 12 delaware delaware PROPN cblr-1720 878 13 courts court NOUN cblr-1720 878 14 should should AUX cblr-1720 878 15 formally formally ADV cblr-1720 878 16 integrate integrate VERB cblr-1720 878 17 it it PRON cblr-1720 878 18 into into ADP cblr-1720 878 19 their their PRON cblr-1720 878 20 takeover takeover NOUN cblr-1720 878 21 doctrine doctrine NOUN cblr-1720 878 22 . . PUNCT cblr-1720 879 1 otherwise otherwise ADV cblr-1720 879 2 , , PUNCT cblr-1720 879 3 target target NOUN cblr-1720 879 4 boards board NOUN cblr-1720 879 5 would would AUX cblr-1720 879 6 not not PART cblr-1720 879 7 be be AUX cblr-1720 879 8 expected expect VERB cblr-1720 879 9 to to PART cblr-1720 879 10 use use VERB cblr-1720 879 11 the the DET cblr-1720 879 12 arrangement arrangement NOUN cblr-1720 879 13 voluntarily voluntarily ADV cblr-1720 879 14 . . PUNCT cblr-1720 880 1 currently currently ADV cblr-1720 880 2 , , PUNCT cblr-1720 880 3 as as SCONJ cblr-1720 880 4 described describe VERB cblr-1720 880 5 in in ADP cblr-1720 880 6 section section PROPN cblr-1720 880 7 v.b v.b PROPN cblr-1720 880 8 , , PUNCT cblr-1720 880 9 target target NOUN cblr-1720 880 10 boards board NOUN cblr-1720 880 11 are be AUX cblr-1720 880 12 often often ADV cblr-1720 880 13 able able ADJ cblr-1720 880 14 to to PART cblr-1720 880 15 “ " PUNCT cblr-1720 880 16 just just ADV cblr-1720 880 17 say say VERB cblr-1720 880 18 no no INTJ cblr-1720 880 19 ” " PUNCT cblr-1720 880 20 and and CCONJ cblr-1720 880 21 avoid avoid VERB cblr-1720 880 22 effective effective ADJ cblr-1720 880 23 judicial judicial ADJ cblr-1720 880 24 review review NOUN cblr-1720 880 25 , , PUNCT cblr-1720 880 26 which which PRON cblr-1720 880 27 leaves leave VERB cblr-1720 880 28 them they PRON cblr-1720 880 29 without without ADP cblr-1720 880 30 any any DET cblr-1720 880 31 incentives incentive NOUN cblr-1720 880 32 to to PART cblr-1720 880 33 incur incur VERB cblr-1720 880 34 the the DET cblr-1720 880 35 personal personal ADJ cblr-1720 880 36 costs cost NOUN cblr-1720 880 37 of of ADP cblr-1720 880 38 the the DET cblr-1720 880 39 arrangement arrangement NOUN cblr-1720 880 40 to to PART cblr-1720 880 41 potentially potentially ADV cblr-1720 880 42 improve improve VERB cblr-1720 880 43 their their PRON cblr-1720 880 44 persuasive persuasive ADJ cblr-1720 880 45 power power NOUN cblr-1720 880 46 in in ADP cblr-1720 880 47 court court NOUN cblr-1720 880 48 . . PUNCT cblr-1720 881 1 also also ADV cblr-1720 881 2 , , PUNCT cblr-1720 881 3 in in ADP cblr-1720 881 4 those those DET cblr-1720 881 5 rare rare ADJ cblr-1720 881 6 cases case NOUN cblr-1720 881 7 when when SCONJ cblr-1720 881 8 target target NOUN cblr-1720 881 9 boards board NOUN cblr-1720 881 10 stand stand VERB cblr-1720 881 11 to to PART cblr-1720 881 12 lose lose VERB cblr-1720 881 13 the the DET cblr-1720 881 14 trial trial NOUN cblr-1720 881 15 , , PUNCT cblr-1720 881 16 they they PRON cblr-1720 881 17 might might AUX cblr-1720 881 18 not not PART cblr-1720 881 19 use use VERB cblr-1720 881 20 the the DET cblr-1720 881 21 arrangement arrangement NOUN cblr-1720 881 22 effectively effectively ADV cblr-1720 881 23 because because SCONJ cblr-1720 881 24 of of ADP cblr-1720 881 25 uncertainty uncertainty NOUN cblr-1720 881 26 about about ADP cblr-1720 881 27 the the DET cblr-1720 881 28 weight weight NOUN cblr-1720 881 29 that that PRON cblr-1720 881 30 judges judge NOUN cblr-1720 881 31 might might AUX cblr-1720 881 32 give give VERB cblr-1720 881 33 it it PRON cblr-1720 881 34 . . PUNCT cblr-1720 882 1 for for ADP cblr-1720 882 2 example example NOUN cblr-1720 882 3 , , PUNCT cblr-1720 882 4 because because SCONJ cblr-1720 882 5 it it PRON cblr-1720 882 6 has have AUX cblr-1720 882 7 not not PART cblr-1720 882 8 been be AUX cblr-1720 882 9 formally formally ADV cblr-1720 882 10 integrated integrate VERB cblr-1720 882 11 into into ADP cblr-1720 882 12 legal legal ADJ cblr-1720 882 13 doctrine doctrine NOUN cblr-1720 882 14 , , PUNCT cblr-1720 882 15 target target NOUN cblr-1720 882 16 boards board NOUN cblr-1720 882 17 might might AUX cblr-1720 882 18 mistakenly mistakenly ADV cblr-1720 882 19 assume assume VERB cblr-1720 882 20 that that SCONJ cblr-1720 882 21 the the DET cblr-1720 882 22 court court NOUN cblr-1720 882 23 will will AUX cblr-1720 882 24 give give VERB cblr-1720 882 25 the the DET cblr-1720 882 26 arrangement arrangement NOUN cblr-1720 882 27 only only ADV cblr-1720 882 28 minor minor ADJ cblr-1720 882 29 weight weight NOUN cblr-1720 882 30 . . PUNCT cblr-1720 883 1 this this PRON cblr-1720 883 2 , , PUNCT cblr-1720 883 3 in in ADP cblr-1720 883 4 turn turn NOUN cblr-1720 883 5 , , PUNCT cblr-1720 883 6 will will AUX cblr-1720 883 7 induce induce VERB cblr-1720 883 8 the the DET cblr-1720 883 9 directors director NOUN cblr-1720 883 10 to to PART cblr-1720 883 11 commit commit VERB cblr-1720 883 12 too too ADV cblr-1720 883 13 low low ADJ cblr-1720 883 14 , , PUNCT cblr-1720 883 15 or or CCONJ cblr-1720 883 16 not not PART cblr-1720 883 17 commit commit VERB cblr-1720 883 18 at at ADV cblr-1720 883 19 all all ADV cblr-1720 883 20 , , PUNCT cblr-1720 883 21 thereby thereby ADV cblr-1720 883 22 suggesting suggest VERB cblr-1720 883 23 to to ADP cblr-1720 883 24 the the DET cblr-1720 883 25 court court NOUN cblr-1720 883 26 that that SCONJ cblr-1720 883 27 the the DET cblr-1720 883 28 directors director NOUN cblr-1720 883 29 do do AUX cblr-1720 883 30 not not PART cblr-1720 883 31 genuinely genuinely ADV cblr-1720 883 32 believe believe VERB cblr-1720 883 33 that that SCONJ cblr-1720 883 34 the the DET cblr-1720 883 35 bid bid NOUN cblr-1720 883 36 should should AUX cblr-1720 883 37 be be AUX cblr-1720 883 38 rejected reject VERB cblr-1720 883 39 . . PUNCT cblr-1720 884 1 174 174 NUM cblr-1720 884 2 see see VERB cblr-1720 884 3 shilon shilon NOUN cblr-1720 884 4 , , PUNCT cblr-1720 884 5 supra supra PROPN cblr-1720 884 6 note note NOUN cblr-1720 884 7 59 59 NUM cblr-1720 884 8 ( ( PUNCT cblr-1720 884 9 explaining explain VERB cblr-1720 884 10 that that SCONJ cblr-1720 884 11 , , PUNCT cblr-1720 884 12 save save VERB cblr-1720 884 13 for for ADP cblr-1720 884 14 financial financial ADJ cblr-1720 884 15 firms firm NOUN cblr-1720 884 16 , , PUNCT cblr-1720 884 17 shares share NOUN cblr-1720 884 18 held hold VERB cblr-1720 884 19 under under ADP cblr-1720 884 20 sops sop NOUN cblr-1720 884 21 may may AUX cblr-1720 884 22 be be AUX cblr-1720 884 23 sold sell VERB cblr-1720 884 24 immediately immediately ADV cblr-1720 884 25 after after SCONJ cblr-1720 884 26 the the DET cblr-1720 884 27 manager manager NOUN cblr-1720 884 28 leaves leave VERB cblr-1720 884 29 the the DET cblr-1720 884 30 firm firm NOUN cblr-1720 884 31 ) ) PUNCT cblr-1720 884 32 . . PUNCT cblr-1720 885 1 shilon shilon NOUN cblr-1720 885 2 – – PUNCT cblr-1720 885 3 final final ADJ cblr-1720 885 4 578 578 NUM cblr-1720 885 5 columbia columbia PROPN cblr-1720 885 6 business business NOUN cblr-1720 885 7 law law NOUN cblr-1720 885 8 review review NOUN cblr-1720 885 9 [ [ X cblr-1720 885 10 vol vol NOUN cblr-1720 885 11 . . NOUN cblr-1720 885 12 2017 2017 NUM cblr-1720 885 13 thus thus ADV cblr-1720 885 14 , , PUNCT cblr-1720 885 15 courts court NOUN cblr-1720 885 16 should should AUX cblr-1720 885 17 integrate integrate VERB cblr-1720 885 18 the the DET cblr-1720 885 19 arrangement arrangement NOUN cblr-1720 885 20 into into ADP cblr-1720 885 21 their their PRON cblr-1720 885 22 takeover takeover NOUN cblr-1720 885 23 doctrine doctrine NOUN cblr-1720 885 24 and and CCONJ cblr-1720 885 25 do do VERB cblr-1720 885 26 so so ADV cblr-1720 885 27 specifically specifically ADV cblr-1720 885 28 by by ADP cblr-1720 885 29 giving give VERB cblr-1720 885 30 the the DET cblr-1720 885 31 directors director NOUN cblr-1720 885 32 ’ ’ PART cblr-1720 885 33 stock stock NOUN cblr-1720 885 34 commitments commitment NOUN cblr-1720 885 35 significant significant ADJ cblr-1720 885 36 weight weight NOUN cblr-1720 885 37 in in ADP cblr-1720 885 38 adjudicating adjudicate VERB cblr-1720 885 39 substantive substantive ADJ cblr-1720 885 40 coercion coercion NOUN cblr-1720 885 41 — — PUNCT cblr-1720 885 42 that that ADV cblr-1720 885 43 is is ADV cblr-1720 885 44 , , PUNCT cblr-1720 885 45 when when SCONJ cblr-1720 885 46 they they PRON cblr-1720 885 47 decide decide VERB cblr-1720 885 48 whether whether SCONJ cblr-1720 885 49 the the DET cblr-1720 885 50 unsolicited unsolicited ADJ cblr-1720 885 51 bid bid NOUN cblr-1720 885 52 price price NOUN cblr-1720 885 53 is be AUX cblr-1720 885 54 too too ADV cblr-1720 885 55 low low ADJ cblr-1720 885 56 , , PUNCT cblr-1720 885 57 which which PRON cblr-1720 885 58 is be AUX cblr-1720 885 59 the the DET cblr-1720 885 60 first first ADJ cblr-1720 885 61 step step NOUN cblr-1720 885 62 in in ADP cblr-1720 885 63 proving prove VERB cblr-1720 885 64 substantive substantive ADJ cblr-1720 885 65 coercion coercion NOUN cblr-1720 885 66 . . PUNCT cblr-1720 886 1 in in ADP cblr-1720 886 2 addition addition NOUN cblr-1720 886 3 , , PUNCT cblr-1720 886 4 the the DET cblr-1720 886 5 directors director NOUN cblr-1720 886 6 ’ ’ PART cblr-1720 886 7 stock stock NOUN cblr-1720 886 8 commitment commitment NOUN cblr-1720 886 9 will will AUX cblr-1720 886 10 be be AUX cblr-1720 886 11 significant significant ADJ cblr-1720 886 12 in in ADP cblr-1720 886 13 substantiating substantiate VERB cblr-1720 886 14 the the DET cblr-1720 886 15 other other ADJ cblr-1720 886 16 elements element NOUN cblr-1720 886 17 required require VERB cblr-1720 886 18 to to PART cblr-1720 886 19 prove prove VERB cblr-1720 886 20 substantive substantive ADJ cblr-1720 886 21 coercion coercion NOUN cblr-1720 886 22 . . PUNCT cblr-1720 887 1 specifically specifically ADV cblr-1720 887 2 , , PUNCT cblr-1720 887 3 in in ADP cblr-1720 887 4 addition addition NOUN cblr-1720 887 5 to to ADP cblr-1720 887 6 showing show VERB cblr-1720 887 7 that that SCONJ cblr-1720 887 8 the the DET cblr-1720 887 9 bid bid NOUN cblr-1720 887 10 price price NOUN cblr-1720 887 11 is be AUX cblr-1720 887 12 too too ADV cblr-1720 887 13 low low ADJ cblr-1720 887 14 , , PUNCT cblr-1720 887 15 the the DET cblr-1720 887 16 board board NOUN cblr-1720 887 17 should should AUX cblr-1720 887 18 demonstrate demonstrate VERB cblr-1720 887 19 ( ( PUNCT cblr-1720 887 20 1 1 NUM cblr-1720 887 21 ) ) PUNCT cblr-1720 887 22 that that SCONJ cblr-1720 887 23 the the DET cblr-1720 887 24 shareholders shareholder NOUN cblr-1720 887 25 will will AUX cblr-1720 887 26 accept accept VERB cblr-1720 887 27 the the DET cblr-1720 887 28 offer offer NOUN cblr-1720 887 29 because because SCONJ cblr-1720 887 30 of of ADP cblr-1720 887 31 “ " PUNCT cblr-1720 887 32 ignorance ignorance NOUN cblr-1720 887 33 or or CCONJ cblr-1720 887 34 mistaken mistaken ADJ cblr-1720 887 35 belief belief NOUN cblr-1720 887 36 ” " PUNCT cblr-1720 887 37 regarding regard VERB cblr-1720 887 38 the the DET cblr-1720 887 39 board board NOUN cblr-1720 887 40 ’s ’s PART cblr-1720 887 41 assessment assessment NOUN cblr-1720 887 42 of of ADP cblr-1720 887 43 the the DET cblr-1720 887 44 long long ADJ cblr-1720 887 45 - - PUNCT cblr-1720 887 46 term term NOUN cblr-1720 887 47 value value NOUN cblr-1720 887 48 of of ADP cblr-1720 887 49 the the DET cblr-1720 887 50 target target NOUN cblr-1720 887 51 stock175 stock175 PROPN cblr-1720 887 52 ( ( PUNCT cblr-1720 887 53 ignorance ignorance NOUN cblr-1720 887 54 that that PRON cblr-1720 887 55 has have AUX cblr-1720 887 56 been be AUX cblr-1720 887 57 bolstered bolster VERB cblr-1720 887 58 by by ADP cblr-1720 887 59 the the DET cblr-1720 887 60 magnitude magnitude NOUN cblr-1720 887 61 of of ADP cblr-1720 887 62 soft soft ADJ cblr-1720 887 63 , , PUNCT cblr-1720 887 64 secret secret ADJ cblr-1720 887 65 , , PUNCT cblr-1720 887 66 and and CCONJ cblr-1720 887 67 other other ADJ cblr-1720 887 68 inside inside ADJ cblr-1720 887 69 information information NOUN cblr-1720 887 70 that that PRON cblr-1720 887 71 has have AUX cblr-1720 887 72 contributed contribute VERB cblr-1720 887 73 to to ADP cblr-1720 887 74 the the DET cblr-1720 887 75 level level NOUN cblr-1720 887 76 of of ADP cblr-1720 887 77 the the DET cblr-1720 887 78 directors director NOUN cblr-1720 887 79 ’ ’ PART cblr-1720 887 80 stock stock NOUN cblr-1720 887 81 commitment);176 commitment);176 PROPN cblr-1720 887 82 and and CCONJ cblr-1720 887 83 ( ( PUNCT cblr-1720 887 84 2 2 X cblr-1720 887 85 ) ) PUNCT cblr-1720 887 86 that that SCONJ cblr-1720 887 87 the the DET cblr-1720 887 88 specific specific ADJ cblr-1720 887 89 defensive defensive ADJ cblr-1720 887 90 tactics tactic NOUN cblr-1720 887 91 taken take VERB cblr-1720 887 92 by by ADP cblr-1720 887 93 the the DET cblr-1720 887 94 board board NOUN cblr-1720 887 95 are be AUX cblr-1720 887 96 reasonable reasonable ADJ cblr-1720 887 97 in in ADP cblr-1720 887 98 relation relation NOUN cblr-1720 887 99 to to ADP cblr-1720 887 100 the the DET cblr-1720 887 101 threat threat NOUN cblr-1720 887 102 posed.177 posed.177 NOUN cblr-1720 887 103 here here ADV cblr-1720 887 104 , , PUNCT cblr-1720 887 105 the the DET cblr-1720 887 106 intensity intensity NOUN cblr-1720 887 107 of of ADP cblr-1720 887 108 the the DET cblr-1720 887 109 directors director NOUN cblr-1720 887 110 ’ ’ PART cblr-1720 887 111 stock stock NOUN cblr-1720 887 112 commitment commitment NOUN cblr-1720 887 113 indicates indicate VERB cblr-1720 887 114 the the DET cblr-1720 887 115 severity severity NOUN cblr-1720 887 116 of of ADP cblr-1720 887 117 the the DET cblr-1720 887 118 threat threat NOUN cblr-1720 887 119 and and CCONJ cblr-1720 887 120 , , PUNCT cblr-1720 887 121 hence hence ADV cblr-1720 887 122 , , PUNCT cblr-1720 887 123 the the DET cblr-1720 887 124 proportionality proportionality NOUN cblr-1720 887 125 of of ADP cblr-1720 887 126 the the DET cblr-1720 887 127 defensive defensive ADJ cblr-1720 887 128 tactics tactic NOUN cblr-1720 887 129 that that PRON cblr-1720 887 130 were be AUX cblr-1720 887 131 placed place VERB cblr-1720 887 132 in in ADP cblr-1720 887 133 response response NOUN cblr-1720 887 134 to to ADP cblr-1720 887 135 it it PRON cblr-1720 887 136 . . PUNCT cblr-1720 888 1 yet yet ADV cblr-1720 888 2 , , PUNCT cblr-1720 888 3 while while SCONJ cblr-1720 888 4 courts court NOUN cblr-1720 888 5 should should AUX cblr-1720 888 6 give give VERB cblr-1720 888 7 significant significant ADJ cblr-1720 888 8 weight weight NOUN cblr-1720 888 9 to to ADP cblr-1720 888 10 the the DET cblr-1720 888 11 directors director NOUN cblr-1720 888 12 ’ ’ PART cblr-1720 888 13 stock stock NOUN cblr-1720 888 14 commitment commitment NOUN cblr-1720 888 15 , , PUNCT cblr-1720 888 16 they they PRON cblr-1720 888 17 should should AUX cblr-1720 888 18 not not PART cblr-1720 888 19 perceive perceive VERB cblr-1720 888 20 that that DET cblr-1720 888 21 commitment commitment NOUN cblr-1720 888 22 as as ADP cblr-1720 888 23 conclusive conclusive ADJ cblr-1720 888 24 evidence evidence NOUN cblr-1720 888 25 of of ADP cblr-1720 888 26 the the DET cblr-1720 888 27 directors director NOUN cblr-1720 888 28 ’ ’ PART cblr-1720 888 29 credibility credibility NOUN cblr-1720 888 30 vis vis X cblr-1720 888 31 - - PUNCT cblr-1720 888 32 à à X cblr-1720 888 33 - - PUNCT cblr-1720 888 34 vis vis X cblr-1720 888 35 their their PRON cblr-1720 888 36 assessment assessment NOUN cblr-1720 888 37 of of ADP cblr-1720 888 38 the the DET cblr-1720 888 39 hostile hostile ADJ cblr-1720 888 40 bid bid NOUN cblr-1720 888 41 . . PUNCT cblr-1720 889 1 first first ADV cblr-1720 889 2 , , PUNCT cblr-1720 889 3 just just ADV cblr-1720 889 4 like like ADP cblr-1720 889 5 with with ADP cblr-1720 889 6 most most ADJ cblr-1720 889 7 legal legal ADJ cblr-1720 889 8 standards standard NOUN cblr-1720 889 9 , , PUNCT cblr-1720 889 10 there there PRON cblr-1720 889 11 is be VERB cblr-1720 889 12 no no DET cblr-1720 889 13 absolute absolute ADJ cblr-1720 889 14 certainty certainty NOUN cblr-1720 889 15 in in ADP cblr-1720 889 16 determining determine VERB cblr-1720 889 17 the the DET cblr-1720 889 18 exact exact ADJ cblr-1720 889 19 amounts amount NOUN cblr-1720 889 20 that that PRON cblr-1720 889 21 render render VERB cblr-1720 889 22 such such ADJ cblr-1720 889 23 commitments commitment NOUN cblr-1720 889 24 credible credible ADJ cblr-1720 889 25 . . PUNCT cblr-1720 890 1 the the DET cblr-1720 890 2 model model NOUN cblr-1720 890 3 developed develop VERB cblr-1720 890 4 herein herein NOUN cblr-1720 890 5 narrows narrow VERB cblr-1720 890 6 down down ADP cblr-1720 890 7 the the DET cblr-1720 890 8 controversy controversy NOUN cblr-1720 890 9 to to ADP cblr-1720 890 10 potential potential ADJ cblr-1720 890 11 disagreements disagreement NOUN cblr-1720 890 12 on on ADP cblr-1720 890 13 assumptions assumption NOUN cblr-1720 890 14 and and CCONJ cblr-1720 890 15 measurement measurement NOUN cblr-1720 890 16 of of ADP cblr-1720 890 17 certain certain ADJ cblr-1720 890 18 variables variable NOUN cblr-1720 890 19 , , PUNCT cblr-1720 890 20 but but CCONJ cblr-1720 890 21 it it PRON cblr-1720 890 22 175 175 NUM cblr-1720 890 23 see see VERB cblr-1720 890 24 unitrin unitrin PROPN cblr-1720 890 25 , , PUNCT cblr-1720 890 26 inc inc PROPN cblr-1720 890 27 . . PROPN cblr-1720 891 1 v. v. PROPN cblr-1720 891 2 am be AUX cblr-1720 891 3 . . PUNCT cblr-1720 892 1 gen gen PROPN cblr-1720 892 2 . . PROPN cblr-1720 892 3 corp corp PROPN cblr-1720 892 4 . . PROPN cblr-1720 892 5 , , PUNCT cblr-1720 892 6 651 651 NUM cblr-1720 892 7 a.2d a.2d SYM cblr-1720 892 8 1361 1361 NUM cblr-1720 892 9 , , PUNCT cblr-1720 892 10 1384 1384 NUM cblr-1720 892 11 ( ( PUNCT cblr-1720 892 12 del del PROPN cblr-1720 892 13 . . PROPN cblr-1720 892 14 1995 1995 NUM cblr-1720 892 15 ) ) PUNCT cblr-1720 892 16 . . PUNCT cblr-1720 893 1 176 176 NUM cblr-1720 893 2 in in ADP cblr-1720 893 3 addition addition NOUN cblr-1720 893 4 , , PUNCT cblr-1720 893 5 target target NOUN cblr-1720 893 6 boards board NOUN cblr-1720 893 7 may may AUX cblr-1720 893 8 use use VERB cblr-1720 893 9 the the DET cblr-1720 893 10 analysis analysis NOUN cblr-1720 893 11 discussed discuss VERB cblr-1720 893 12 supra supra NOUN cblr-1720 893 13 in in ADP cblr-1720 893 14 section section NOUN cblr-1720 893 15 v.b v.b PROPN cblr-1720 893 16 . . PROPN cblr-1720 893 17 to to PART cblr-1720 893 18 show show VERB cblr-1720 893 19 that that SCONJ cblr-1720 893 20 shareholder shareholder NOUN cblr-1720 893 21 choice choice NOUN cblr-1720 893 22 is be AUX cblr-1720 893 23 expected expect VERB cblr-1720 893 24 to to PART cblr-1720 893 25 deviate deviate VERB cblr-1720 893 26 from from ADP cblr-1720 893 27 maximizing maximize VERB cblr-1720 893 28 long long ADJ cblr-1720 893 29 - - PUNCT cblr-1720 893 30 term term NOUN cblr-1720 893 31 firm firm ADJ cblr-1720 893 32 value value NOUN cblr-1720 893 33 even even ADV cblr-1720 893 34 if if SCONJ cblr-1720 893 35 the the DET cblr-1720 893 36 target target NOUN cblr-1720 893 37 ’s ’s PART cblr-1720 893 38 intrinsic intrinsic ADJ cblr-1720 893 39 value value NOUN cblr-1720 893 40 is be AUX cblr-1720 893 41 known know VERB cblr-1720 893 42 to to ADP cblr-1720 893 43 the the DET cblr-1720 893 44 shareholders shareholder NOUN cblr-1720 893 45 . . PUNCT cblr-1720 894 1 177 177 NUM cblr-1720 894 2 see see VERB cblr-1720 894 3 supra supra PROPN cblr-1720 894 4 note note PROPN cblr-1720 894 5 86 86 NUM cblr-1720 894 6 . . PUNCT cblr-1720 895 1 shilon shilon NOUN cblr-1720 895 2 – – PUNCT cblr-1720 895 3 final final ADJ cblr-1720 895 4 no no NOUN cblr-1720 895 5 . . PUNCT cblr-1720 896 1 2:511 2:511 NOUN cblr-1720 896 2 ] ] X cblr-1720 897 1 improving improve VERB cblr-1720 897 2 corporate corporate ADJ cblr-1720 897 3 takeover takeover NOUN cblr-1720 897 4 dynamics dynamic NOUN cblr-1720 897 5 579 579 NUM cblr-1720 897 6 can can AUX cblr-1720 897 7 not not PART cblr-1720 897 8 extinguish extinguish VERB cblr-1720 897 9 all all DET cblr-1720 897 10 uncertainties uncertainty NOUN cblr-1720 897 11 or or CCONJ cblr-1720 897 12 disagreements disagreement NOUN cblr-1720 897 13 . . PUNCT cblr-1720 898 1 second second ADJ cblr-1720 898 2 , , PUNCT cblr-1720 898 3 in in ADP cblr-1720 898 4 addition addition NOUN cblr-1720 898 5 to to ADP cblr-1720 898 6 factors factor NOUN cblr-1720 898 7 that that SCONJ cblr-1720 898 8 target target NOUN cblr-1720 898 9 boards board NOUN cblr-1720 898 10 are be AUX cblr-1720 898 11 tasked task VERB cblr-1720 898 12 to to PART cblr-1720 898 13 evaluate evaluate VERB cblr-1720 898 14 , , PUNCT cblr-1720 898 15 courts court NOUN cblr-1720 898 16 should should AUX cblr-1720 898 17 consider consider VERB cblr-1720 898 18 systemic systemic ADJ cblr-1720 898 19 , , PUNCT cblr-1720 898 20 macroeconomic macroeconomic ADJ cblr-1720 898 21 , , PUNCT cblr-1720 898 22 and and CCONJ cblr-1720 898 23 legal legal ADJ cblr-1720 898 24 policy policy NOUN cblr-1720 898 25 matters matter NOUN cblr-1720 898 26 . . PUNCT cblr-1720 899 1 9 9 X cblr-1720 899 2 . . X cblr-1720 899 3 enforceability enforceability NOUN cblr-1720 899 4 for for ADP cblr-1720 899 5 a a DET cblr-1720 899 6 director director NOUN cblr-1720 899 7 ’s ’s PART cblr-1720 899 8 stock stock NOUN cblr-1720 899 9 commitment commitment NOUN cblr-1720 899 10 to to PART cblr-1720 899 11 have have VERB cblr-1720 899 12 credibility credibility NOUN cblr-1720 899 13 regarding regard VERB cblr-1720 899 14 his his PRON cblr-1720 899 15 assessment assessment NOUN cblr-1720 899 16 of of ADP cblr-1720 899 17 the the DET cblr-1720 899 18 hostile hostile ADJ cblr-1720 899 19 bid bid NOUN cblr-1720 899 20 , , PUNCT cblr-1720 899 21 that that DET cblr-1720 899 22 commitment commitment NOUN cblr-1720 899 23 must must AUX cblr-1720 899 24 be be AUX cblr-1720 899 25 enforceable enforceable ADJ cblr-1720 899 26 . . PUNCT cblr-1720 900 1 because because SCONJ cblr-1720 900 2 the the DET cblr-1720 900 3 commitment commitment NOUN cblr-1720 900 4 is be AUX cblr-1720 900 5 made make VERB cblr-1720 900 6 as as ADP cblr-1720 900 7 a a DET cblr-1720 900 8 binding bind VERB cblr-1720 900 9 board board NOUN cblr-1720 900 10 resolution resolution NOUN cblr-1720 900 11 , , PUNCT cblr-1720 900 12 the the DET cblr-1720 900 13 target target NOUN cblr-1720 900 14 has have VERB cblr-1720 900 15 the the DET cblr-1720 900 16 right right NOUN cblr-1720 900 17 to to PART cblr-1720 900 18 sue sue VERB cblr-1720 900 19 directors director NOUN cblr-1720 900 20 who who PRON cblr-1720 900 21 does do AUX cblr-1720 900 22 not not PART cblr-1720 900 23 execute execute VERB cblr-1720 900 24 their their PRON cblr-1720 900 25 stock stock NOUN cblr-1720 900 26 commitment commitment NOUN cblr-1720 900 27 . . PUNCT cblr-1720 901 1 if if SCONJ cblr-1720 901 2 it it PRON cblr-1720 901 3 does do VERB cblr-1720 901 4 not not PART cblr-1720 901 5 , , PUNCT cblr-1720 901 6 all all DET cblr-1720 901 7 shareholders shareholder NOUN cblr-1720 901 8 who who PRON cblr-1720 901 9 own own VERB cblr-1720 901 10 shares share NOUN cblr-1720 901 11 contemporaneously contemporaneously ADV cblr-1720 901 12 with with ADP cblr-1720 901 13 the the DET cblr-1720 901 14 lawsuit lawsuit NOUN cblr-1720 901 15 and and CCONJ cblr-1720 901 16 at at ADP cblr-1720 901 17 the the DET cblr-1720 901 18 time time NOUN cblr-1720 901 19 that that SCONJ cblr-1720 901 20 the the DET cblr-1720 901 21 commitment commitment NOUN cblr-1720 901 22 was be AUX cblr-1720 901 23 made make VERB cblr-1720 901 24 are be AUX cblr-1720 901 25 entitled entitle VERB cblr-1720 901 26 to to PART cblr-1720 901 27 sue sue VERB cblr-1720 901 28 that that DET cblr-1720 901 29 director director NOUN cblr-1720 901 30 in in ADP cblr-1720 901 31 a a DET cblr-1720 901 32 derivative derivative ADJ cblr-1720 901 33 suit.178 suit.178 NOUN cblr-1720 901 34 typically typically ADV cblr-1720 901 35 , , PUNCT cblr-1720 901 36 the the DET cblr-1720 901 37 bidder bidder NOUN cblr-1720 901 38 will will AUX cblr-1720 901 39 be be AUX cblr-1720 901 40 entitled entitle VERB cblr-1720 901 41 to to PART cblr-1720 901 42 use use VERB cblr-1720 901 43 this this DET cblr-1720 901 44 right right NOUN cblr-1720 901 45 as as ADP cblr-1720 901 46 a a DET cblr-1720 901 47 shareholder shareholder NOUN cblr-1720 901 48 as as ADV cblr-1720 901 49 well well ADV cblr-1720 901 50 . . PUNCT cblr-1720 902 1 this this PRON cblr-1720 902 2 is be AUX cblr-1720 902 3 because because SCONJ cblr-1720 902 4 ( ( PUNCT cblr-1720 902 5 1 1 NUM cblr-1720 902 6 ) ) PUNCT cblr-1720 902 7 , , PUNCT cblr-1720 902 8 the the DET cblr-1720 902 9 bidder bidder NOUN cblr-1720 902 10 would would AUX cblr-1720 902 11 have have AUX cblr-1720 902 12 accumulated accumulate VERB cblr-1720 902 13 up up ADP cblr-1720 902 14 to to PART cblr-1720 902 15 5 5 NUM cblr-1720 902 16 % % NOUN cblr-1720 902 17 of of ADP cblr-1720 902 18 the the DET cblr-1720 902 19 target target NOUN cblr-1720 902 20 shares share NOUN cblr-1720 902 21 when when SCONJ cblr-1720 902 22 the the DET cblr-1720 902 23 director director NOUN cblr-1720 902 24 ’s ’s PART cblr-1720 902 25 stock stock NOUN cblr-1720 902 26 commitment commitment NOUN cblr-1720 902 27 was be AUX cblr-1720 902 28 made,179 made,179 PROPN cblr-1720 902 29 and and CCONJ cblr-1720 902 30 ( ( PUNCT cblr-1720 902 31 2 2 X cblr-1720 902 32 ) ) PUNCT cblr-1720 902 33 the the DET cblr-1720 902 34 bidder bidder NOUN cblr-1720 902 35 would would AUX cblr-1720 902 36 still still ADV cblr-1720 902 37 be be AUX cblr-1720 902 38 a a DET cblr-1720 902 39 shareholder shareholder NOUN cblr-1720 902 40 at at ADP cblr-1720 902 41 the the DET cblr-1720 902 42 time time NOUN cblr-1720 902 43 of of ADP cblr-1720 902 44 the the DET cblr-1720 902 45 lawsuit lawsuit NOUN cblr-1720 902 46 because because SCONJ cblr-1720 902 47 the the DET cblr-1720 902 48 director director NOUN cblr-1720 902 49 ’s ’s PART cblr-1720 902 50 commitment commitment NOUN cblr-1720 902 51 would would AUX cblr-1720 902 52 have have AUX cblr-1720 902 53 been be AUX cblr-1720 902 54 executed execute VERB cblr-1720 902 55 right right ADV cblr-1720 902 56 after after ADP cblr-1720 902 57 the the DET cblr-1720 902 58 failure failure NOUN cblr-1720 902 59 of of ADP cblr-1720 902 60 the the DET cblr-1720 902 61 bid bid NOUN cblr-1720 902 62 . . PUNCT cblr-1720 903 1 it it PRON cblr-1720 903 2 should should AUX cblr-1720 903 3 be be AUX cblr-1720 903 4 stressed stress VERB cblr-1720 903 5 that that SCONJ cblr-1720 903 6 the the DET cblr-1720 903 7 author author NOUN cblr-1720 903 8 believes believe VERB cblr-1720 903 9 the the DET cblr-1720 903 10 arrangement arrangement NOUN cblr-1720 903 11 is be AUX cblr-1720 903 12 desirable desirable ADJ cblr-1720 903 13 in in ADP cblr-1720 903 14 each each PRON cblr-1720 903 15 of of ADP cblr-1720 903 16 its its PRON cblr-1720 903 17 elements element NOUN cblr-1720 903 18 ; ; PUNCT cblr-1720 903 19 its its PRON cblr-1720 903 20 adoption adoption NOUN cblr-1720 903 21 is be AUX cblr-1720 903 22 not not PART cblr-1720 903 23 contingent contingent ADJ cblr-1720 903 24 upon upon SCONJ cblr-1720 903 25 every every DET cblr-1720 903 26 element element NOUN cblr-1720 903 27 ’s ’s PART cblr-1720 903 28 incorporation incorporation NOUN cblr-1720 903 29 . . PUNCT cblr-1720 904 1 readers reader NOUN cblr-1720 904 2 may may AUX cblr-1720 904 3 conclude conclude VERB cblr-1720 904 4 that that SCONJ cblr-1720 904 5 they they PRON cblr-1720 904 6 support support VERB cblr-1720 904 7 directors director NOUN cblr-1720 904 8 ’ ’ PART cblr-1720 904 9 stock stock NOUN cblr-1720 904 10 commitment commitment NOUN cblr-1720 904 11 in in ADP cblr-1720 904 12 takeovers takeover NOUN cblr-1720 904 13 but but CCONJ cblr-1720 904 14 might might AUX cblr-1720 904 15 object object VERB cblr-1720 904 16 to to ADP cblr-1720 904 17 one one NUM cblr-1720 904 18 or or CCONJ cblr-1720 904 19 more more ADJ cblr-1720 904 20 of of ADP cblr-1720 904 21 the the DET cblr-1720 904 22 elements element NOUN cblr-1720 904 23 proposed propose VERB cblr-1720 904 24 . . PUNCT cblr-1720 905 1 for for ADP cblr-1720 905 2 example example NOUN cblr-1720 905 3 , , PUNCT cblr-1720 905 4 they they PRON cblr-1720 905 5 might might AUX cblr-1720 905 6 suggest suggest VERB cblr-1720 905 7 that that SCONJ cblr-1720 905 8 the the DET cblr-1720 905 9 directors director NOUN cblr-1720 905 10 ’ ’ PART cblr-1720 905 11 stock stock NOUN cblr-1720 905 12 commitments commitment NOUN cblr-1720 905 13 be be AUX cblr-1720 905 14 addressed address VERB cblr-1720 905 15 directly directly ADV cblr-1720 905 16 to to ADP cblr-1720 905 17 shareholders180 shareholders180 PROPN cblr-1720 905 18 or or CCONJ cblr-1720 905 19 that that SCONJ cblr-1720 905 20 boards board NOUN cblr-1720 905 21 be be AUX cblr-1720 905 22 allowed allow VERB cblr-1720 905 23 to to PART cblr-1720 905 24 commit commit VERB cblr-1720 905 25 to to PART cblr-1720 905 26 buy buy VERB cblr-1720 905 27 shares share NOUN cblr-1720 905 28 for for ADP cblr-1720 905 29 more more ADJ cblr-1720 905 30 than than ADP cblr-1720 905 31 the the DET cblr-1720 905 32 bid bid NOUN cblr-1720 905 33 price price NOUN cblr-1720 905 34 . . PUNCT cblr-1720 906 1 still still ADV cblr-1720 906 2 , , PUNCT cblr-1720 906 3 this this DET cblr-1720 906 4 arrangement arrangement NOUN cblr-1720 906 5 can can AUX cblr-1720 906 6 be be AUX cblr-1720 906 7 useful useful ADJ cblr-1720 906 8 in in ADP cblr-1720 906 9 furthering further VERB cblr-1720 906 10 the the DET cblr-1720 906 11 discussion discussion NOUN cblr-1720 906 12 on on ADP cblr-1720 906 13 incorporating incorporate VERB cblr-1720 906 14 178 178 NUM cblr-1720 906 15 see see NOUN cblr-1720 906 16 fed fed PROPN cblr-1720 906 17 . . PUNCT cblr-1720 907 1 r. r. PROPN cblr-1720 907 2 civ civ PROPN cblr-1720 907 3 . . PUNCT cblr-1720 908 1 p. p. NOUN cblr-1720 908 2 23.1(b)(1 23.1(b)(1 NUM cblr-1720 908 3 ) ) PUNCT cblr-1720 908 4 ( ( PUNCT cblr-1720 908 5 2016 2016 NUM cblr-1720 908 6 ) ) PUNCT cblr-1720 908 7 . . PUNCT cblr-1720 909 1 179 179 NUM cblr-1720 909 2 because because SCONJ cblr-1720 909 3 of of ADP cblr-1720 909 4 the the DET cblr-1720 909 5 bidder bidder NOUN cblr-1720 909 6 ’s ’s PART cblr-1720 909 7 incentive incentive NOUN cblr-1720 909 8 to to PART cblr-1720 909 9 purchase purchase VERB cblr-1720 909 10 shares share NOUN cblr-1720 909 11 at at ADP cblr-1720 909 12 a a DET cblr-1720 909 13 low low ADJ cblr-1720 909 14 price price NOUN cblr-1720 909 15 before before SCONJ cblr-1720 909 16 she she PRON cblr-1720 909 17 launches launch VERB cblr-1720 909 18 the the DET cblr-1720 909 19 bid bid NOUN cblr-1720 909 20 , , PUNCT cblr-1720 909 21 she she PRON cblr-1720 909 22 will will AUX cblr-1720 909 23 typically typically ADV cblr-1720 909 24 acquire acquire VERB cblr-1720 909 25 up up ADP cblr-1720 909 26 to to PART cblr-1720 909 27 5 5 NUM cblr-1720 909 28 % % NOUN cblr-1720 909 29 of of ADP cblr-1720 909 30 the the DET cblr-1720 909 31 target target NOUN cblr-1720 909 32 stock stock NOUN cblr-1720 909 33 , , PUNCT cblr-1720 909 34 the the DET cblr-1720 909 35 maximum maximum ADJ cblr-1720 909 36 amount amount NOUN cblr-1720 909 37 she she PRON cblr-1720 909 38 is be AUX cblr-1720 909 39 allowed allow VERB cblr-1720 909 40 to to PART cblr-1720 909 41 acquire acquire VERB cblr-1720 909 42 before before ADP cblr-1720 909 43 making make VERB cblr-1720 909 44 a a DET cblr-1720 909 45 tender tender NOUN cblr-1720 909 46 offer offer NOUN cblr-1720 909 47 . . PUNCT cblr-1720 910 1 180 180 NUM cblr-1720 910 2 see see VERB cblr-1720 910 3 bebchuk bebchuk NOUN cblr-1720 910 4 , , PUNCT cblr-1720 910 5 supra supra PROPN cblr-1720 910 6 note note NOUN cblr-1720 910 7 4 4 NUM cblr-1720 910 8 . . X cblr-1720 910 9 shilon shilon NOUN cblr-1720 910 10 – – PUNCT cblr-1720 910 11 final final ADJ cblr-1720 910 12 580 580 NUM cblr-1720 910 13 columbia columbia PROPN cblr-1720 910 14 business business NOUN cblr-1720 910 15 law law PROPN cblr-1720 910 16 review review NOUN cblr-1720 911 1 [ [ X cblr-1720 911 2 vol vol NOUN cblr-1720 911 3 . . NOUN cblr-1720 911 4 2017 2017 NUM cblr-1720 911 5 managerial managerial ADJ cblr-1720 911 6 stock stock NOUN cblr-1720 911 7 commitments commitment NOUN cblr-1720 911 8 in in ADP cblr-1720 911 9 opposition opposition NOUN cblr-1720 911 10 to to ADP cblr-1720 911 11 hostile hostile ADJ cblr-1720 911 12 takeovers takeover NOUN cblr-1720 911 13 . . PUNCT cblr-1720 912 1 vii vii PROPN cblr-1720 912 2 . . PUNCT cblr-1720 913 1 the the DET cblr-1720 913 2 potential potential ADJ cblr-1720 913 3 benefits benefit NOUN cblr-1720 913 4 of of ADP cblr-1720 913 5 the the DET cblr-1720 913 6 proposed propose VERB cblr-1720 913 7 arrangement arrangement NOUN cblr-1720 913 8 the the DET cblr-1720 913 9 preceding precede VERB cblr-1720 913 10 part part NOUN cblr-1720 913 11 proposes propose VERB cblr-1720 913 12 an an DET cblr-1720 913 13 arrangement arrangement NOUN cblr-1720 913 14 to to PART cblr-1720 913 15 allow allow VERB cblr-1720 913 16 outside outside ADJ cblr-1720 913 17 directors director NOUN cblr-1720 913 18 of of ADP cblr-1720 913 19 target target NOUN cblr-1720 913 20 firms firm NOUN cblr-1720 913 21 to to PART cblr-1720 913 22 communicate communicate VERB cblr-1720 913 23 their their PRON cblr-1720 913 24 opposition opposition NOUN cblr-1720 913 25 to to ADP cblr-1720 913 26 a a DET cblr-1720 913 27 takeover takeover NOUN cblr-1720 913 28 bid bid NOUN cblr-1720 913 29 by by ADP cblr-1720 913 30 committing commit VERB cblr-1720 913 31 to to PART cblr-1720 913 32 buy buy VERB cblr-1720 913 33 from from ADP cblr-1720 913 34 the the DET cblr-1720 913 35 target target NOUN cblr-1720 913 36 — — PUNCT cblr-1720 913 37 if if SCONJ cblr-1720 913 38 the the DET cblr-1720 913 39 bid bid NOUN cblr-1720 913 40 fails fail VERB cblr-1720 913 41 — — PUNCT cblr-1720 913 42 a a DET cblr-1720 913 43 certain certain ADJ cblr-1720 913 44 amount amount NOUN cblr-1720 913 45 of of ADP cblr-1720 913 46 target target NOUN cblr-1720 913 47 stock stock NOUN cblr-1720 913 48 at at ADP cblr-1720 913 49 the the DET cblr-1720 913 50 bid bid NOUN cblr-1720 913 51 price price NOUN cblr-1720 913 52 and and CCONJ cblr-1720 913 53 hold hold VERB cblr-1720 913 54 it it PRON cblr-1720 913 55 for for ADP cblr-1720 913 56 a a DET cblr-1720 913 57 specified specified ADJ cblr-1720 913 58 period period NOUN cblr-1720 913 59 . . PUNCT cblr-1720 914 1 the the DET cblr-1720 914 2 arrangement arrangement NOUN cblr-1720 914 3 explicitly explicitly ADV cblr-1720 914 4 requires require VERB cblr-1720 914 5 that that SCONJ cblr-1720 914 6 the the DET cblr-1720 914 7 stock stock NOUN cblr-1720 914 8 commitment commitment NOUN cblr-1720 914 9 be be AUX cblr-1720 914 10 made make VERB cblr-1720 914 11 concurrently concurrently ADV cblr-1720 914 12 with with ADP cblr-1720 914 13 the the DET cblr-1720 914 14 board board NOUN cblr-1720 914 15 decision decision NOUN cblr-1720 914 16 to to PART cblr-1720 914 17 reject reject VERB cblr-1720 914 18 the the DET cblr-1720 914 19 bid bid NOUN cblr-1720 914 20 and and CCONJ cblr-1720 914 21 after after ADP cblr-1720 914 22 meaningful meaningful ADJ cblr-1720 914 23 engagement engagement NOUN cblr-1720 914 24 with with ADP cblr-1720 914 25 the the DET cblr-1720 914 26 target target NOUN cblr-1720 914 27 ’s ’s PART cblr-1720 914 28 major major ADJ cblr-1720 914 29 , , PUNCT cblr-1720 914 30 long long ADJ cblr-1720 914 31 - - PUNCT cblr-1720 914 32 term term NOUN cblr-1720 914 33 shareholders shareholder NOUN cblr-1720 914 34 . . PUNCT cblr-1720 915 1 it it PRON cblr-1720 915 2 also also ADV cblr-1720 915 3 offers offer VERB cblr-1720 915 4 a a DET cblr-1720 915 5 practical practical ADJ cblr-1720 915 6 way way NOUN cblr-1720 915 7 to to PART cblr-1720 915 8 decide decide VERB cblr-1720 915 9 stock stock NOUN cblr-1720 915 10 commitment commitment NOUN cblr-1720 915 11 amounts amount NOUN cblr-1720 915 12 by by ADP cblr-1720 915 13 recognizing recognize VERB cblr-1720 915 14 that that SCONJ cblr-1720 915 15 some some DET cblr-1720 915 16 cases case NOUN cblr-1720 915 17 require require VERB cblr-1720 915 18 tailored tailored ADJ cblr-1720 915 19 solutions solution NOUN cblr-1720 915 20 . . PUNCT cblr-1720 916 1 this this DET cblr-1720 916 2 part part NOUN cblr-1720 916 3 discusses discuss VERB cblr-1720 916 4 the the DET cblr-1720 916 5 potential potential ADJ cblr-1720 916 6 benefits benefit NOUN cblr-1720 916 7 of of ADP cblr-1720 916 8 the the DET cblr-1720 916 9 proposed propose VERB cblr-1720 916 10 arrangement arrangement NOUN cblr-1720 916 11 regarding regard VERB cblr-1720 916 12 the the DET cblr-1720 916 13 information information NOUN cblr-1720 916 14 and and CCONJ cblr-1720 916 15 incentives incentive NOUN cblr-1720 916 16 of of ADP cblr-1720 916 17 every every DET cblr-1720 916 18 player player NOUN cblr-1720 916 19 , , PUNCT cblr-1720 916 20 as as ADV cblr-1720 916 21 well well ADV cblr-1720 916 22 as as ADP cblr-1720 916 23 the the DET cblr-1720 916 24 systemic systemic ADJ cblr-1720 916 25 benefits benefit NOUN cblr-1720 916 26 involving involve VERB cblr-1720 916 27 enhanced enhance VERB cblr-1720 916 28 long long ADJ cblr-1720 916 29 - - PUNCT cblr-1720 916 30 term term NOUN cblr-1720 916 31 focus focus NOUN cblr-1720 916 32 by by ADP cblr-1720 916 33 public public ADJ cblr-1720 916 34 firms firm NOUN cblr-1720 916 35 and and CCONJ cblr-1720 916 36 shareholders shareholder NOUN cblr-1720 916 37 as as ADV cblr-1720 916 38 well well ADV cblr-1720 916 39 as as ADP cblr-1720 916 40 the the DET cblr-1720 916 41 use use NOUN cblr-1720 916 42 of of ADP cblr-1720 916 43 market market NOUN cblr-1720 916 44 solutions solution NOUN cblr-1720 916 45 over over ADP cblr-1720 916 46 judicial judicial ADJ cblr-1720 916 47 intervention intervention NOUN cblr-1720 916 48 . . PUNCT cblr-1720 917 1 a. a. NOUN cblr-1720 917 2 information information PROPN cblr-1720 917 3 improvements improvement VERB cblr-1720 917 4 part part NOUN cblr-1720 917 5 iii iii NUM cblr-1720 917 6 explained explain VERB cblr-1720 917 7 why why SCONJ cblr-1720 917 8 courts court NOUN cblr-1720 917 9 have have AUX cblr-1720 917 10 failed fail VERB cblr-1720 917 11 to to PART cblr-1720 917 12 receive receive VERB cblr-1720 917 13 soft soft ADJ cblr-1720 917 14 , , PUNCT cblr-1720 917 15 proprietary proprietary ADJ cblr-1720 917 16 , , PUNCT cblr-1720 917 17 and and CCONJ cblr-1720 917 18 other other ADJ cblr-1720 917 19 inside inside ADJ cblr-1720 917 20 information information NOUN cblr-1720 917 21 about about ADP cblr-1720 917 22 the the DET cblr-1720 917 23 desirability desirability NOUN cblr-1720 917 24 of of ADP cblr-1720 917 25 the the DET cblr-1720 917 26 bid bid NOUN cblr-1720 917 27 . . PUNCT cblr-1720 918 1 section section PROPN cblr-1720 918 2 v.a v.a PROPN cblr-1720 918 3 discussed discuss VERB cblr-1720 918 4 why why SCONJ cblr-1720 918 5 shareholders shareholder NOUN cblr-1720 918 6 lack lack VERB cblr-1720 918 7 the the DET cblr-1720 918 8 necessary necessary ADJ cblr-1720 918 9 information information NOUN cblr-1720 918 10 and and CCONJ cblr-1720 918 11 expertise expertise NOUN cblr-1720 918 12 to to PART cblr-1720 918 13 evaluate evaluate VERB cblr-1720 918 14 hostile hostile ADJ cblr-1720 918 15 bids bid NOUN cblr-1720 918 16 . . PUNCT cblr-1720 919 1 under under ADP cblr-1720 919 2 the the DET cblr-1720 919 3 proposed propose VERB cblr-1720 919 4 arrangement arrangement NOUN cblr-1720 919 5 , , PUNCT cblr-1720 919 6 however however ADV cblr-1720 919 7 , , PUNCT cblr-1720 919 8 such such ADJ cblr-1720 919 9 valuable valuable ADJ cblr-1720 919 10 information information NOUN cblr-1720 919 11 is be AUX cblr-1720 919 12 credibly credibly ADV cblr-1720 919 13 transmitted transmit VERB cblr-1720 919 14 from from ADP cblr-1720 919 15 target target NOUN cblr-1720 919 16 boards board NOUN cblr-1720 919 17 to to ADP cblr-1720 919 18 shareholders shareholder NOUN cblr-1720 919 19 and and CCONJ cblr-1720 919 20 courts court NOUN cblr-1720 919 21 . . PUNCT cblr-1720 920 1 instead instead ADV cblr-1720 920 2 of of ADP cblr-1720 920 3 following follow VERB cblr-1720 920 4 the the DET cblr-1720 920 5 current current ADJ cblr-1720 920 6 doctrinal doctrinal ADJ cblr-1720 920 7 approach approach NOUN cblr-1720 920 8 , , PUNCT cblr-1720 920 9 which which PRON cblr-1720 920 10 unsuccessfully unsuccessfully ADV cblr-1720 920 11 tries try VERB cblr-1720 920 12 to to PART cblr-1720 920 13 verify verify VERB cblr-1720 920 14 each each DET cblr-1720 920 15 piece piece NOUN cblr-1720 920 16 of of ADP cblr-1720 920 17 material material NOUN cblr-1720 920 18 information information NOUN cblr-1720 920 19 , , PUNCT cblr-1720 920 20 the the DET cblr-1720 920 21 arrangement arrangement NOUN cblr-1720 920 22 induces induce VERB cblr-1720 920 23 outside outside ADP cblr-1720 920 24 directors director NOUN cblr-1720 920 25 to to PART cblr-1720 920 26 transmit transmit VERB cblr-1720 920 27 their their PRON cblr-1720 920 28 bottom bottom ADJ cblr-1720 920 29 - - PUNCT cblr-1720 920 30 line line NOUN cblr-1720 920 31 understanding understanding NOUN cblr-1720 920 32 about about ADP cblr-1720 920 33 the the DET cblr-1720 920 34 desirability desirability NOUN cblr-1720 920 35 of of ADP cblr-1720 920 36 the the DET cblr-1720 920 37 bid bid NOUN cblr-1720 920 38 . . PUNCT cblr-1720 921 1 the the DET cblr-1720 921 2 game game NOUN cblr-1720 921 3 theory theory NOUN cblr-1720 921 4 model model NOUN cblr-1720 921 5 in in ADP cblr-1720 921 6 the the DET cblr-1720 921 7 appendix appendix NOUN cblr-1720 921 8 shows show VERB cblr-1720 921 9 that that SCONJ cblr-1720 921 10 directors director NOUN cblr-1720 921 11 will will AUX cblr-1720 921 12 be be AUX cblr-1720 921 13 motivated motivate VERB cblr-1720 921 14 to to PART cblr-1720 921 15 transmit transmit VERB cblr-1720 921 16 such such ADJ cblr-1720 921 17 information information NOUN cblr-1720 921 18 truthfully truthfully ADV cblr-1720 921 19 . . PUNCT cblr-1720 922 1 shilon shilon NOUN cblr-1720 922 2 – – PUNCT cblr-1720 922 3 final final ADJ cblr-1720 922 4 no no NOUN cblr-1720 922 5 . . PUNCT cblr-1720 923 1 2:511 2:511 NOUN cblr-1720 923 2 ] ] X cblr-1720 923 3 improving improve VERB cblr-1720 923 4 corporate corporate ADJ cblr-1720 923 5 takeover takeover NOUN cblr-1720 923 6 dynamics dynamic NOUN cblr-1720 923 7 581 581 NUM cblr-1720 923 8 because because SCONJ cblr-1720 923 9 the the DET cblr-1720 923 10 arrangement arrangement NOUN cblr-1720 923 11 requires require VERB cblr-1720 923 12 directors director NOUN cblr-1720 923 13 to to PART cblr-1720 923 14 transmit transmit VERB cblr-1720 923 15 their their PRON cblr-1720 923 16 genuine genuine ADJ cblr-1720 923 17 understanding understanding NOUN cblr-1720 923 18 about about ADP cblr-1720 923 19 the the DET cblr-1720 923 20 bid bid NOUN cblr-1720 923 21 when when SCONJ cblr-1720 923 22 they they PRON cblr-1720 923 23 respond respond VERB cblr-1720 923 24 to to ADP cblr-1720 923 25 it it PRON cblr-1720 923 26 , , PUNCT cblr-1720 923 27 it it PRON cblr-1720 923 28 ensures ensure VERB cblr-1720 923 29 that that SCONJ cblr-1720 923 30 such such ADJ cblr-1720 923 31 information information NOUN cblr-1720 923 32 is be AUX cblr-1720 923 33 disseminated disseminate VERB cblr-1720 923 34 to to ADP cblr-1720 923 35 all all DET cblr-1720 923 36 market market NOUN cblr-1720 923 37 participants participant NOUN cblr-1720 923 38 even even ADV cblr-1720 923 39 before before SCONJ cblr-1720 923 40 courts court NOUN cblr-1720 923 41 become become VERB cblr-1720 923 42 involved involve VERB cblr-1720 923 43 . . PUNCT cblr-1720 924 1 it it PRON cblr-1720 924 2 also also ADV cblr-1720 924 3 empowers empower VERB cblr-1720 924 4 the the DET cblr-1720 924 5 target target NOUN cblr-1720 924 6 ’s ’s PART cblr-1720 924 7 long long ADJ cblr-1720 924 8 - - PUNCT cblr-1720 924 9 term term NOUN cblr-1720 924 10 shareholders shareholder NOUN cblr-1720 924 11 by by ADP cblr-1720 924 12 giving give VERB cblr-1720 924 13 them they PRON cblr-1720 924 14 a a DET cblr-1720 924 15 formal formal ADJ cblr-1720 924 16 role role NOUN cblr-1720 924 17 in in ADP cblr-1720 924 18 the the DET cblr-1720 924 19 decisionmaking decisionmake VERB cblr-1720 924 20 process process NOUN cblr-1720 924 21 . . PUNCT cblr-1720 925 1 further far ADV cblr-1720 925 2 , , PUNCT cblr-1720 925 3 stock stock NOUN cblr-1720 925 4 markets market NOUN cblr-1720 925 5 are be AUX cblr-1720 925 6 expected expect VERB cblr-1720 925 7 to to PART cblr-1720 925 8 be be AUX cblr-1720 925 9 responsive responsive ADJ cblr-1720 925 10 to to ADP cblr-1720 925 11 the the DET cblr-1720 925 12 directors director NOUN cblr-1720 925 13 ’ ’ PART cblr-1720 925 14 stock stock NOUN cblr-1720 925 15 commitments commitment NOUN cblr-1720 925 16 , , PUNCT cblr-1720 925 17 and and CCONJ cblr-1720 925 18 if if SCONJ cblr-1720 925 19 those those DET cblr-1720 925 20 markets market NOUN cblr-1720 925 21 are be AUX cblr-1720 925 22 efficient efficient ADJ cblr-1720 925 23 , , PUNCT cblr-1720 925 24 they they PRON cblr-1720 925 25 will will AUX cblr-1720 925 26 reflect reflect VERB cblr-1720 925 27 such such ADJ cblr-1720 925 28 information information NOUN cblr-1720 925 29 instantaneously instantaneously ADV cblr-1720 925 30 after after SCONJ cblr-1720 925 31 the the DET cblr-1720 925 32 commitments commitment NOUN cblr-1720 925 33 are be AUX cblr-1720 925 34 made make VERB cblr-1720 925 35 . . PUNCT cblr-1720 926 1 if if SCONJ cblr-1720 926 2 markets market NOUN cblr-1720 926 3 perceive perceive VERB cblr-1720 926 4 the the DET cblr-1720 926 5 stock stock NOUN cblr-1720 926 6 commitments commitment NOUN cblr-1720 926 7 credibly credibly ADV cblr-1720 926 8 so so SCONJ cblr-1720 926 9 that that SCONJ cblr-1720 926 10 the the DET cblr-1720 926 11 chance chance NOUN cblr-1720 926 12 of of ADP cblr-1720 926 13 the the DET cblr-1720 926 14 current current ADJ cblr-1720 926 15 takeover takeover NOUN cblr-1720 926 16 bid bid NOUN cblr-1720 926 17 to to PART cblr-1720 926 18 be be AUX cblr-1720 926 19 completed complete VERB cblr-1720 926 20 is be AUX cblr-1720 926 21 low low ADJ cblr-1720 926 22 , , PUNCT cblr-1720 926 23 market market NOUN cblr-1720 926 24 prices price NOUN cblr-1720 926 25 will will AUX cblr-1720 926 26 signal signal VERB cblr-1720 926 27 that that SCONJ cblr-1720 926 28 market market NOUN cblr-1720 926 29 expectation expectation NOUN cblr-1720 926 30 to to ADP cblr-1720 926 31 the the DET cblr-1720 926 32 bidder bidder NOUN cblr-1720 926 33 , , PUNCT cblr-1720 926 34 which which PRON cblr-1720 926 35 will will AUX cblr-1720 926 36 motivate motivate VERB cblr-1720 926 37 the the DET cblr-1720 926 38 bidder bidder NOUN cblr-1720 926 39 to to PART cblr-1720 926 40 either either CCONJ cblr-1720 926 41 withdraw withdraw VERB cblr-1720 926 42 his his PRON cblr-1720 926 43 bid bid NOUN cblr-1720 926 44 or or CCONJ cblr-1720 926 45 improve improve VERB cblr-1720 926 46 it it PRON cblr-1720 926 47 considerably considerably ADV cblr-1720 926 48 . . PUNCT cblr-1720 927 1 importantly importantly ADV cblr-1720 927 2 , , PUNCT cblr-1720 927 3 such such ADJ cblr-1720 927 4 informational informational ADJ cblr-1720 927 5 improvement improvement NOUN cblr-1720 927 6 will will AUX cblr-1720 927 7 be be AUX cblr-1720 927 8 done do VERB cblr-1720 927 9 only only ADV cblr-1720 927 10 in in ADP cblr-1720 927 11 the the DET cblr-1720 927 12 shadow shadow NOUN cblr-1720 927 13 of of ADP cblr-1720 927 14 future future ADJ cblr-1720 927 15 litigation litigation NOUN cblr-1720 927 16 , , PUNCT cblr-1720 927 17 but but CCONJ cblr-1720 927 18 without without ADP cblr-1720 927 19 the the DET cblr-1720 927 20 actual actual ADJ cblr-1720 927 21 need need NOUN cblr-1720 927 22 for for ADP cblr-1720 927 23 it.181 it.181 PRON cblr-1720 927 24 the the DET cblr-1720 927 25 game game NOUN cblr-1720 927 26 theory theory NOUN cblr-1720 927 27 model model NOUN cblr-1720 927 28 also also ADV cblr-1720 927 29 predicts predict VERB cblr-1720 927 30 that that SCONJ cblr-1720 927 31 the the DET cblr-1720 927 32 potential potential ADJ cblr-1720 927 33 improvement improvement NOUN cblr-1720 927 34 in in ADP cblr-1720 927 35 information information NOUN cblr-1720 927 36 access access NOUN cblr-1720 927 37 would would AUX cblr-1720 927 38 improve improve VERB cblr-1720 927 39 asset asset NOUN cblr-1720 927 40 allocation allocation NOUN cblr-1720 927 41 efficiency efficiency NOUN cblr-1720 927 42 . . PUNCT cblr-1720 928 1 currently currently ADV cblr-1720 928 2 , , PUNCT cblr-1720 928 3 bidders bidder NOUN cblr-1720 928 4 have have VERB cblr-1720 928 5 only only ADV cblr-1720 928 6 public public ADJ cblr-1720 928 7 information information NOUN cblr-1720 928 8 about about ADP cblr-1720 928 9 the the DET cblr-1720 928 10 current current ADJ cblr-1720 928 11 value value NOUN cblr-1720 928 12 of of ADP cblr-1720 928 13 the the DET cblr-1720 928 14 target target NOUN cblr-1720 928 15 ’s ’s PART cblr-1720 928 16 assets asset NOUN cblr-1720 928 17 . . PUNCT cblr-1720 929 1 because because SCONJ cblr-1720 929 2 the the DET cblr-1720 929 3 arrangement arrangement NOUN cblr-1720 929 4 will will AUX cblr-1720 929 5 reflect reflect VERB cblr-1720 929 6 the the DET cblr-1720 929 7 target target NOUN cblr-1720 929 8 board board NOUN cblr-1720 929 9 ’s ’s PART cblr-1720 929 10 genuine genuine ADJ cblr-1720 929 11 understanding understanding NOUN cblr-1720 929 12 of of ADP cblr-1720 929 13 the the DET cblr-1720 929 14 intrinsic intrinsic ADJ cblr-1720 929 15 value value NOUN cblr-1720 929 16 of of ADP cblr-1720 929 17 the the DET cblr-1720 929 18 target target NOUN cblr-1720 929 19 , , PUNCT cblr-1720 929 20 it it PRON cblr-1720 929 21 will will AUX cblr-1720 929 22 foster foster VERB cblr-1720 929 23 more more ADV cblr-1720 929 24 informed informed ADJ cblr-1720 929 25 competition competition NOUN cblr-1720 929 26 for for ADP cblr-1720 929 27 its its PRON cblr-1720 929 28 assets asset NOUN cblr-1720 929 29 . . PUNCT cblr-1720 930 1 as as SCONJ cblr-1720 930 2 bidders bidder NOUN cblr-1720 930 3 acquire acquire VERB cblr-1720 930 4 a a DET cblr-1720 930 5 better well ADJ cblr-1720 930 6 understanding understanding NOUN cblr-1720 930 7 of of ADP cblr-1720 930 8 the the DET cblr-1720 930 9 incumbent incumbent NOUN cblr-1720 930 10 managers manager NOUN cblr-1720 930 11 ’ ’ PART cblr-1720 930 12 ability ability NOUN cblr-1720 930 13 to to PART cblr-1720 930 14 appreciate appreciate VERB cblr-1720 930 15 the the DET cblr-1720 930 16 value value NOUN cblr-1720 930 17 of of ADP cblr-1720 930 18 the the DET cblr-1720 930 19 target target NOUN cblr-1720 930 20 ’s ’s PART cblr-1720 930 21 assets asset NOUN cblr-1720 930 22 , , PUNCT cblr-1720 930 23 they they PRON cblr-1720 930 24 will will AUX cblr-1720 930 25 also also ADV cblr-1720 930 26 achieve achieve VERB cblr-1720 930 27 more more ADJ cblr-1720 930 28 certainty certainty NOUN cblr-1720 930 29 about about ADP cblr-1720 930 30 whether whether SCONJ cblr-1720 930 31 they they PRON cblr-1720 930 32 can can AUX cblr-1720 930 33 improve improve VERB cblr-1720 930 34 upon upon SCONJ cblr-1720 930 35 the the DET cblr-1720 930 36 incumbents incumbent NOUN cblr-1720 930 37 ’ ' PUNCT cblr-1720 930 38 use use NOUN cblr-1720 930 39 of of ADP cblr-1720 930 40 the the DET cblr-1720 930 41 assets asset NOUN cblr-1720 930 42 . . PUNCT cblr-1720 931 1 this this PRON cblr-1720 931 2 will will AUX cblr-1720 931 3 allow allow VERB cblr-1720 931 4 them they PRON cblr-1720 931 5 to to PART cblr-1720 931 6 better well ADV cblr-1720 931 7 compete compete VERB cblr-1720 931 8 for for ADP cblr-1720 931 9 the the DET cblr-1720 931 10 control control NOUN cblr-1720 931 11 of of ADP cblr-1720 931 12 those those DET cblr-1720 931 13 assets asset NOUN cblr-1720 931 14 . . PUNCT cblr-1720 932 1 181 181 NUM cblr-1720 932 2 because because SCONJ cblr-1720 932 3 the the DET cblr-1720 932 4 proposed propose VERB cblr-1720 932 5 arrangement arrangement NOUN cblr-1720 932 6 allows allow VERB cblr-1720 932 7 target target NOUN cblr-1720 932 8 boards board NOUN cblr-1720 932 9 to to PART cblr-1720 932 10 use use VERB cblr-1720 932 11 effective effective ADJ cblr-1720 932 12 defensive defensive ADJ cblr-1720 932 13 tactics tactic NOUN cblr-1720 932 14 before before ADP cblr-1720 932 15 litigation litigation NOUN cblr-1720 932 16 ensues ensue NOUN cblr-1720 932 17 , , PUNCT cblr-1720 932 18 and and CCONJ cblr-1720 932 19 because because SCONJ cblr-1720 932 20 the the DET cblr-1720 932 21 stock stock NOUN cblr-1720 932 22 market market NOUN cblr-1720 932 23 response response NOUN cblr-1720 932 24 to to ADP cblr-1720 932 25 the the DET cblr-1720 932 26 directors director NOUN cblr-1720 932 27 ’ ’ PART cblr-1720 932 28 stock stock NOUN cblr-1720 932 29 commitments commitment NOUN cblr-1720 932 30 is be AUX cblr-1720 932 31 expected expect VERB cblr-1720 932 32 to to PART cblr-1720 932 33 reveal reveal VERB cblr-1720 932 34 their their PRON cblr-1720 932 35 credibility credibility NOUN cblr-1720 932 36 , , PUNCT cblr-1720 932 37 the the DET cblr-1720 932 38 probable probable ADJ cblr-1720 932 39 outcome outcome NOUN cblr-1720 932 40 of of ADP cblr-1720 932 41 future future ADJ cblr-1720 932 42 litigation litigation NOUN cblr-1720 932 43 will will AUX cblr-1720 932 44 be be AUX cblr-1720 932 45 known know VERB cblr-1720 932 46 to to ADP cblr-1720 932 47 the the DET cblr-1720 932 48 parties party NOUN cblr-1720 932 49 . . PUNCT cblr-1720 933 1 therefore therefore ADV cblr-1720 933 2 , , PUNCT cblr-1720 933 3 the the DET cblr-1720 933 4 parties party NOUN cblr-1720 933 5 will will AUX cblr-1720 933 6 be be AUX cblr-1720 933 7 better well ADJ cblr-1720 933 8 off off ADP cblr-1720 933 9 taking take VERB cblr-1720 933 10 such such ADJ cblr-1720 933 11 expected expect VERB cblr-1720 933 12 outcome outcome NOUN cblr-1720 933 13 into into ADP cblr-1720 933 14 account account NOUN cblr-1720 933 15 and and CCONJ cblr-1720 933 16 responding respond VERB cblr-1720 933 17 to to ADP cblr-1720 933 18 it it PRON cblr-1720 933 19 without without ADP cblr-1720 933 20 wasting waste VERB cblr-1720 933 21 the the DET cblr-1720 933 22 resources resource NOUN cblr-1720 933 23 to to PART cblr-1720 933 24 engage engage VERB cblr-1720 933 25 in in ADP cblr-1720 933 26 such such ADJ cblr-1720 933 27 litigation litigation NOUN cblr-1720 933 28 . . PUNCT cblr-1720 934 1 shilon shilon NOUN cblr-1720 934 2 – – PUNCT cblr-1720 934 3 final final ADJ cblr-1720 934 4 582 582 NUM cblr-1720 934 5 columbia columbia PROPN cblr-1720 934 6 business business NOUN cblr-1720 934 7 law law NOUN cblr-1720 934 8 review review NOUN cblr-1720 935 1 [ [ X cblr-1720 935 2 vol vol NOUN cblr-1720 935 3 . . NOUN cblr-1720 935 4 2017 2017 NUM cblr-1720 935 5 b. b. PROPN cblr-1720 935 6 incentive incentive PROPN cblr-1720 935 7 improvements improvement NOUN cblr-1720 935 8 this this DET cblr-1720 935 9 section section NOUN cblr-1720 935 10 discusses discuss VERB cblr-1720 935 11 the the DET cblr-1720 935 12 potential potential ADJ cblr-1720 935 13 benefits benefit NOUN cblr-1720 935 14 of of ADP cblr-1720 935 15 the the DET cblr-1720 935 16 proposed propose VERB cblr-1720 935 17 arrangement arrangement NOUN cblr-1720 935 18 . . PUNCT cblr-1720 936 1 it it PRON cblr-1720 936 2 shows show VERB cblr-1720 936 3 that that SCONJ cblr-1720 936 4 those those DET cblr-1720 936 5 benefits benefit NOUN cblr-1720 936 6 are be AUX cblr-1720 936 7 expected expect VERB cblr-1720 936 8 to to PART cblr-1720 936 9 result result VERB cblr-1720 936 10 in in ADP cblr-1720 936 11 both both DET cblr-1720 936 12 ex ex NOUN cblr-1720 936 13 - - NOUN cblr-1720 936 14 ante ante NOUN cblr-1720 936 15 and and CCONJ cblr-1720 936 16 ex ex ADJ cblr-1720 936 17 - - ADJ cblr-1720 936 18 post post ADJ cblr-1720 936 19 improvements improvement NOUN cblr-1720 936 20 . . PUNCT cblr-1720 937 1 1 1 X cblr-1720 937 2 . . X cblr-1720 937 3 ex ex ADJ cblr-1720 937 4 - - ADJ cblr-1720 937 5 post post ADJ cblr-1720 937 6 benefits benefit NOUN cblr-1720 937 7 by by ADP cblr-1720 937 8 ensuring ensure VERB cblr-1720 937 9 that that SCONJ cblr-1720 937 10 directors director NOUN cblr-1720 937 11 would would AUX cblr-1720 937 12 incur incur VERB cblr-1720 937 13 personal personal ADJ cblr-1720 937 14 costs cost NOUN cblr-1720 937 15 when when SCONJ cblr-1720 937 16 they they PRON cblr-1720 937 17 choose choose VERB cblr-1720 937 18 to to PART cblr-1720 937 19 reject reject VERB cblr-1720 937 20 hostile hostile ADJ cblr-1720 937 21 bids bid NOUN cblr-1720 937 22 , , PUNCT cblr-1720 937 23 the the DET cblr-1720 937 24 proposed propose VERB cblr-1720 937 25 arrangement arrangement NOUN cblr-1720 937 26 is be AUX cblr-1720 937 27 expected expect VERB cblr-1720 937 28 to to PART cblr-1720 937 29 reduce reduce VERB cblr-1720 937 30 target target NOUN cblr-1720 937 31 boards board NOUN cblr-1720 937 32 ’ ' PUNCT cblr-1720 937 33 current current ADJ cblr-1720 937 34 tendency tendency NOUN cblr-1720 937 35 to to PART cblr-1720 937 36 reject reject VERB cblr-1720 937 37 such such ADJ cblr-1720 937 38 bids bid NOUN cblr-1720 937 39 excessively.182 excessively.182 PROPN cblr-1720 937 40 in in ADP cblr-1720 937 41 particular particular ADJ cblr-1720 937 42 , , PUNCT cblr-1720 937 43 keeping keep VERB cblr-1720 937 44 private private ADJ cblr-1720 937 45 benefits benefit NOUN cblr-1720 937 46 would would AUX cblr-1720 937 47 become become VERB cblr-1720 937 48 personally personally ADV cblr-1720 937 49 unattractive unattractive ADJ cblr-1720 937 50 for for ADP cblr-1720 937 51 bad bad ADJ cblr-1720 937 52 type type NOUN cblr-1720 937 53 directors director NOUN cblr-1720 937 54 . . PUNCT cblr-1720 938 1 moreover moreover ADV cblr-1720 938 2 , , PUNCT cblr-1720 938 3 by by ADP cblr-1720 938 4 giving give VERB cblr-1720 938 5 judicial judicial ADJ cblr-1720 938 6 weight weight NOUN cblr-1720 938 7 to to ADP cblr-1720 938 8 the the DET cblr-1720 938 9 requirement requirement NOUN cblr-1720 938 10 that that SCONJ cblr-1720 938 11 directors director NOUN cblr-1720 938 12 ’ ’ PART cblr-1720 938 13 final final ADJ cblr-1720 938 14 stock stock NOUN cblr-1720 938 15 commitments commitment NOUN cblr-1720 938 16 be be AUX cblr-1720 938 17 made make VERB cblr-1720 938 18 concurrently concurrently ADV cblr-1720 938 19 with with ADP cblr-1720 938 20 their their PRON cblr-1720 938 21 rejection rejection NOUN cblr-1720 938 22 of of ADP cblr-1720 938 23 the the DET cblr-1720 938 24 bid bid NOUN cblr-1720 938 25 , , PUNCT cblr-1720 938 26 the the DET cblr-1720 938 27 arrangement arrangement NOUN cblr-1720 938 28 encourages encourage VERB cblr-1720 938 29 bad bad ADJ cblr-1720 938 30 type type NOUN cblr-1720 938 31 directors director NOUN cblr-1720 938 32 to to PART cblr-1720 938 33 dismantle dismantle VERB cblr-1720 938 34 their their PRON cblr-1720 938 35 defenses defense NOUN cblr-1720 938 36 early early ADV cblr-1720 938 37 . . PUNCT cblr-1720 939 1 this this PRON cblr-1720 939 2 is be AUX cblr-1720 939 3 because because SCONJ cblr-1720 939 4 bad bad ADJ cblr-1720 939 5 type type NOUN cblr-1720 939 6 directors director NOUN cblr-1720 939 7 are be AUX cblr-1720 939 8 expected expect VERB cblr-1720 939 9 to to PART cblr-1720 939 10 have have VERB cblr-1720 939 11 a a DET cblr-1720 939 12 weak weak ADJ cblr-1720 939 13 defense defense NOUN cblr-1720 939 14 in in ADP cblr-1720 939 15 the the DET cblr-1720 939 16 fiduciary fiduciary ADJ cblr-1720 939 17 duties duty NOUN cblr-1720 939 18 litigation litigation NOUN cblr-1720 939 19 that that PRON cblr-1720 939 20 will will AUX cblr-1720 939 21 follow follow VERB cblr-1720 939 22 , , PUNCT cblr-1720 939 23 and and CCONJ cblr-1720 939 24 they they PRON cblr-1720 939 25 will will AUX cblr-1720 939 26 face face VERB cblr-1720 939 27 personal personal ADJ cblr-1720 939 28 liability liability NOUN cblr-1720 939 29 if if SCONJ cblr-1720 939 30 they they PRON cblr-1720 939 31 do do AUX cblr-1720 939 32 not not PART cblr-1720 939 33 repeal repeal VERB cblr-1720 939 34 their their PRON cblr-1720 939 35 defenses defense NOUN cblr-1720 939 36 beforehand beforehand ADV cblr-1720 939 37 . . PUNCT cblr-1720 940 1 during during ADP cblr-1720 940 2 takeover takeover NOUN cblr-1720 940 3 battles battle NOUN cblr-1720 940 4 , , PUNCT cblr-1720 940 5 the the DET cblr-1720 940 6 arrangement arrangement NOUN cblr-1720 940 7 is be AUX cblr-1720 940 8 expected expect VERB cblr-1720 940 9 to to PART cblr-1720 940 10 affect affect VERB cblr-1720 940 11 bidders bidder NOUN cblr-1720 940 12 in in ADP cblr-1720 940 13 different different ADJ cblr-1720 940 14 ways way NOUN cblr-1720 940 15 . . PUNCT cblr-1720 941 1 those those PRON cblr-1720 941 2 who who PRON cblr-1720 941 3 are be AUX cblr-1720 941 4 not not PART cblr-1720 941 5 expected expect VERB cblr-1720 941 6 to to PART cblr-1720 941 7 do do VERB cblr-1720 941 8 better well ADV cblr-1720 941 9 than than SCONJ cblr-1720 941 10 the the DET cblr-1720 941 11 incumbents incumbent NOUN cblr-1720 941 12 will will AUX cblr-1720 941 13 be be AUX cblr-1720 941 14 motivated motivate VERB cblr-1720 941 15 to to PART cblr-1720 941 16 give give VERB cblr-1720 941 17 up up ADP cblr-1720 941 18 , , PUNCT cblr-1720 941 19 thereby thereby ADV cblr-1720 941 20 saving save VERB cblr-1720 941 21 litigation litigation NOUN cblr-1720 941 22 costs cost NOUN cblr-1720 941 23 and and CCONJ cblr-1720 941 24 disruption disruption NOUN cblr-1720 941 25 to to ADP cblr-1720 941 26 targets target NOUN cblr-1720 941 27 . . PUNCT cblr-1720 942 1 conversely conversely ADV cblr-1720 942 2 , , PUNCT cblr-1720 942 3 those those PRON cblr-1720 942 4 who who PRON cblr-1720 942 5 are be AUX cblr-1720 942 6 expected expect VERB cblr-1720 942 7 to to PART cblr-1720 942 8 do do VERB cblr-1720 942 9 better well ADV cblr-1720 942 10 than than SCONJ cblr-1720 942 11 management management NOUN cblr-1720 942 12 will will AUX cblr-1720 942 13 be be AUX cblr-1720 942 14 encouraged encourage VERB cblr-1720 942 15 to to PART cblr-1720 942 16 continue continue VERB cblr-1720 942 17 the the DET cblr-1720 942 18 bid bid NOUN cblr-1720 942 19 and and CCONJ cblr-1720 942 20 will will AUX cblr-1720 942 21 have have VERB cblr-1720 942 22 better well ADJ cblr-1720 942 23 prospects prospect NOUN cblr-1720 942 24 and and CCONJ cblr-1720 942 25 stronger strong ADJ cblr-1720 942 26 incentives incentive NOUN cblr-1720 942 27 to to PART cblr-1720 942 28 refer refer VERB cblr-1720 942 29 to to ADP cblr-1720 942 30 courts court NOUN cblr-1720 942 31 if if SCONJ cblr-1720 942 32 targets target NOUN cblr-1720 942 33 do do AUX cblr-1720 942 34 not not PART cblr-1720 942 35 dismantle dismantle VERB cblr-1720 942 36 their their PRON cblr-1720 942 37 defenses defense NOUN cblr-1720 942 38 . . PUNCT cblr-1720 943 1 in in ADP cblr-1720 943 2 addition addition NOUN cblr-1720 943 3 , , PUNCT cblr-1720 943 4 to to PART cblr-1720 943 5 reduce reduce VERB cblr-1720 943 6 their their PRON cblr-1720 943 7 commitment commitment NOUN cblr-1720 943 8 costs cost NOUN cblr-1720 943 9 after after SCONJ cblr-1720 943 10 they they PRON cblr-1720 943 11 have have AUX cblr-1720 943 12 managed manage VERB cblr-1720 943 13 to to PART cblr-1720 943 14 defeat defeat VERB cblr-1720 943 15 the the DET cblr-1720 943 16 bid bid NOUN cblr-1720 943 17 , , PUNCT cblr-1720 943 18 the the DET cblr-1720 943 19 target target NOUN cblr-1720 943 20 ’s ’s X cblr-1720 943 21 outside outside ADJ cblr-1720 943 22 directors director NOUN cblr-1720 943 23 will will AUX cblr-1720 943 24 have have VERB cblr-1720 943 25 a a DET cblr-1720 943 26 strong strong ADJ cblr-1720 943 27 interest interest NOUN cblr-1720 943 28 in in ADP cblr-1720 943 29 pushing push VERB cblr-1720 943 30 managers manager NOUN cblr-1720 943 31 to to PART cblr-1720 943 32 run run VERB cblr-1720 943 33 the the DET cblr-1720 943 34 firm firm NOUN cblr-1720 943 35 so so SCONJ cblr-1720 943 36 as as SCONJ cblr-1720 943 37 to to PART cblr-1720 943 38 maximize maximize VERB cblr-1720 943 39 the the DET cblr-1720 943 40 stock stock NOUN cblr-1720 943 41 price price NOUN cblr-1720 943 42 in in ADP cblr-1720 943 43 the the DET cblr-1720 943 44 long long ADJ cblr-1720 943 45 term term NOUN cblr-1720 943 46 . . PUNCT cblr-1720 944 1 such such ADJ cblr-1720 944 2 incentive incentive NOUN cblr-1720 944 3 is be AUX cblr-1720 944 4 expected expect VERB cblr-1720 944 5 to to PART cblr-1720 944 6 increase increase VERB cblr-1720 944 7 the the DET cblr-1720 944 8 true true ADJ cblr-1720 944 9 independence independence NOUN cblr-1720 944 10 of of ADP cblr-1720 944 11 182 182 NUM cblr-1720 944 12 for for ADP cblr-1720 944 13 a a DET cblr-1720 944 14 discussion discussion NOUN cblr-1720 944 15 on on ADP cblr-1720 944 16 the the DET cblr-1720 944 17 current current ADJ cblr-1720 944 18 tendency tendency NOUN cblr-1720 944 19 of of ADP cblr-1720 944 20 target target NOUN cblr-1720 944 21 boards board NOUN cblr-1720 944 22 to to PART cblr-1720 944 23 reject reject VERB cblr-1720 944 24 takeover takeover NOUN cblr-1720 944 25 bids bid NOUN cblr-1720 944 26 excessively excessively ADV cblr-1720 944 27 , , PUNCT cblr-1720 944 28 see see VERB cblr-1720 944 29 supra supra PROPN cblr-1720 944 30 part part PROPN cblr-1720 944 31 iv iv PROPN cblr-1720 944 32 . . PUNCT cblr-1720 944 33 shilon shilon NOUN cblr-1720 944 34 – – PUNCT cblr-1720 944 35 final final ADJ cblr-1720 944 36 no no NOUN cblr-1720 944 37 . . PUNCT cblr-1720 945 1 2:511 2:511 NOUN cblr-1720 945 2 ] ] X cblr-1720 945 3 improving improve VERB cblr-1720 945 4 corporate corporate ADJ cblr-1720 945 5 takeover takeover NOUN cblr-1720 945 6 dynamics dynamic NOUN cblr-1720 945 7 583 583 NUM cblr-1720 945 8 these these DET cblr-1720 945 9 directors director NOUN cblr-1720 945 10 , , PUNCT cblr-1720 945 11 improve improve VERB cblr-1720 945 12 corporate corporate ADJ cblr-1720 945 13 governance governance NOUN cblr-1720 945 14 , , PUNCT cblr-1720 945 15 and and CCONJ cblr-1720 945 16 reduce reduce VERB cblr-1720 945 17 agency agency NOUN cblr-1720 945 18 costs cost NOUN cblr-1720 945 19 . . PUNCT cblr-1720 946 1 2 2 X cblr-1720 946 2 . . X cblr-1720 946 3 ex ex NOUN cblr-1720 946 4 - - NOUN cblr-1720 946 5 ante ante NOUN cblr-1720 946 6 benefits benefit NOUN cblr-1720 946 7 the the DET cblr-1720 946 8 arrangement arrangement NOUN cblr-1720 946 9 helps help VERB cblr-1720 946 10 outside outside ADP cblr-1720 946 11 directors director NOUN cblr-1720 946 12 avoid avoid VERB cblr-1720 946 13 choosing choose VERB cblr-1720 946 14 between between ADP cblr-1720 946 15 incurring incur VERB cblr-1720 946 16 the the DET cblr-1720 946 17 arrangement arrangement NOUN cblr-1720 946 18 ’s ’s PART cblr-1720 946 19 commitment commitment NOUN cblr-1720 946 20 costs cost NOUN cblr-1720 946 21 or or CCONJ cblr-1720 946 22 losing lose VERB cblr-1720 946 23 their their PRON cblr-1720 946 24 jobs job NOUN cblr-1720 946 25 . . PUNCT cblr-1720 947 1 it it PRON cblr-1720 947 2 encourages encourage VERB cblr-1720 947 3 them they PRON cblr-1720 947 4 to to PART cblr-1720 947 5 reduce reduce VERB cblr-1720 947 6 the the DET cblr-1720 947 7 likelihood likelihood NOUN cblr-1720 947 8 of of ADP cblr-1720 947 9 attracting attract VERB cblr-1720 947 10 hostile hostile ADJ cblr-1720 947 11 bids bid NOUN cblr-1720 947 12 , , PUNCT cblr-1720 947 13 which which PRON cblr-1720 947 14 they they PRON cblr-1720 947 15 can can AUX cblr-1720 947 16 do do VERB cblr-1720 947 17 by by ADP cblr-1720 947 18 performing perform VERB cblr-1720 947 19 their their PRON cblr-1720 947 20 duties duty NOUN cblr-1720 947 21 faithfully faithfully ADV cblr-1720 947 22 , , PUNCT cblr-1720 947 23 reducing reduce VERB cblr-1720 947 24 agency agency NOUN cblr-1720 947 25 costs cost NOUN cblr-1720 947 26 , , PUNCT cblr-1720 947 27 and and CCONJ cblr-1720 947 28 maximizing maximize VERB cblr-1720 947 29 the the DET cblr-1720 947 30 firm firm NOUN cblr-1720 947 31 ’s ’s PART cblr-1720 947 32 intrinsic intrinsic ADJ cblr-1720 947 33 value value NOUN cblr-1720 947 34 . . PUNCT cblr-1720 948 1 the the DET cblr-1720 948 2 ex ex NOUN cblr-1720 948 3 - - NOUN cblr-1720 948 4 ante ante ADJ cblr-1720 948 5 benefits benefit NOUN cblr-1720 948 6 are be AUX cblr-1720 948 7 superior superior ADJ cblr-1720 948 8 to to ADP cblr-1720 948 9 the the DET cblr-1720 948 10 incentives incentive NOUN cblr-1720 948 11 provided provide VERB cblr-1720 948 12 by by ADP cblr-1720 948 13 golden golden ADJ cblr-1720 948 14 parachutes parachute NOUN cblr-1720 948 15 — — PUNCT cblr-1720 948 16 those those DET cblr-1720 948 17 special special ADJ cblr-1720 948 18 payments payment NOUN cblr-1720 948 19 to to ADP cblr-1720 948 20 managers manager NOUN cblr-1720 948 21 when when SCONJ cblr-1720 948 22 the the DET cblr-1720 948 23 company company NOUN cblr-1720 948 24 undergoes undergo VERB cblr-1720 948 25 a a DET cblr-1720 948 26 takeover.183 takeover.183 NOUN cblr-1720 948 27 the the DET cblr-1720 948 28 idea idea NOUN cblr-1720 948 29 behind behind ADP cblr-1720 948 30 golden golden ADJ cblr-1720 948 31 parachutes parachute NOUN cblr-1720 948 32 was be AUX cblr-1720 948 33 to to PART cblr-1720 948 34 weaken weaken VERB cblr-1720 948 35 managers manager NOUN cblr-1720 948 36 ’ ' PUNCT cblr-1720 948 37 incentives incentive NOUN cblr-1720 948 38 to to PART cblr-1720 948 39 resist resist VERB cblr-1720 948 40 takeovers takeover NOUN cblr-1720 948 41 excessively excessively ADV cblr-1720 948 42 by by ADP cblr-1720 948 43 rewarding reward VERB cblr-1720 948 44 them they PRON cblr-1720 948 45 for for ADP cblr-1720 948 46 not not PART cblr-1720 948 47 opposing oppose VERB cblr-1720 948 48 such such ADJ cblr-1720 948 49 takeovers takeover NOUN cblr-1720 948 50 . . PUNCT cblr-1720 949 1 in in ADP cblr-1720 949 2 so so ADV cblr-1720 949 3 doing do VERB cblr-1720 949 4 , , PUNCT cblr-1720 949 5 however however ADV cblr-1720 949 6 , , PUNCT cblr-1720 949 7 golden golden ADJ cblr-1720 949 8 parachutes parachute NOUN cblr-1720 949 9 encourage encourage VERB cblr-1720 949 10 managers manager NOUN cblr-1720 949 11 to to PART cblr-1720 949 12 facilitate facilitate VERB cblr-1720 949 13 valuedestroying valuedestroye VERB cblr-1720 949 14 takeovers.184 takeovers.184 ADP cblr-1720 949 15 the the DET cblr-1720 949 16 proposed propose VERB cblr-1720 949 17 arrangement arrangement NOUN cblr-1720 949 18 , , PUNCT cblr-1720 949 19 on on ADP cblr-1720 949 20 the the DET cblr-1720 949 21 other other ADJ cblr-1720 949 22 hand hand NOUN cblr-1720 949 23 , , PUNCT cblr-1720 949 24 makes make VERB cblr-1720 949 25 it it PRON cblr-1720 949 26 cost cost NOUN cblr-1720 949 27 - - PUNCT cblr-1720 949 28 effective effective ADJ cblr-1720 949 29 for for ADP cblr-1720 949 30 good good ADJ cblr-1720 949 31 type type NOUN cblr-1720 949 32 directors director NOUN cblr-1720 949 33 to to PART cblr-1720 949 34 resist resist VERB cblr-1720 949 35 value value NOUN cblr-1720 949 36 - - PUNCT cblr-1720 949 37 destroying destroy VERB cblr-1720 949 38 bids bid NOUN cblr-1720 949 39 and and CCONJ cblr-1720 949 40 , , PUNCT cblr-1720 949 41 by by ADP cblr-1720 949 42 exempting exempt VERB cblr-1720 949 43 nuisance nuisance ADJ cblr-1720 949 44 and and CCONJ cblr-1720 949 45 opportunistic opportunistic ADJ cblr-1720 949 46 bids bid NOUN cblr-1720 949 47 , , PUNCT cblr-1720 949 48 makes make VERB cblr-1720 949 49 it it PRON cblr-1720 949 50 unlikely unlikely ADJ cblr-1720 949 51 that that SCONJ cblr-1720 949 52 value value NOUN cblr-1720 949 53 - - PUNCT cblr-1720 949 54 destroying destroy VERB cblr-1720 949 55 bids bid NOUN cblr-1720 949 56 will will AUX cblr-1720 949 57 be be AUX cblr-1720 949 58 accepted accept VERB cblr-1720 949 59 . . PUNCT cblr-1720 950 1 it it PRON cblr-1720 950 2 also also ADV cblr-1720 950 3 strengthens strengthen VERB cblr-1720 950 4 market market NOUN cblr-1720 950 5 discipline discipline NOUN cblr-1720 950 6 , , PUNCT cblr-1720 950 7 whereas whereas SCONJ cblr-1720 950 8 golden golden ADJ cblr-1720 950 9 parachutes parachute NOUN cblr-1720 950 10 make make VERB cblr-1720 950 11 managers manager NOUN cblr-1720 950 12 less less ADV cblr-1720 950 13 fearful fearful ADJ cblr-1720 950 14 of of ADP cblr-1720 950 15 a a DET cblr-1720 950 16 takeover,185 takeover,185 NOUN cblr-1720 950 17 increase increase VERB cblr-1720 950 18 managerial managerial ADJ cblr-1720 950 19 slack,186 slack,186 NOUN cblr-1720 950 20 and and CCONJ cblr-1720 950 21 reduce reduce VERB cblr-1720 950 22 firm firm NOUN cblr-1720 950 23 183 183 NUM cblr-1720 950 24 see see NOUN cblr-1720 950 25 , , PUNCT cblr-1720 950 26 e.g. e.g. ADV cblr-1720 950 27 , , PUNCT cblr-1720 950 28 jay jay PROPN cblr-1720 950 29 c. c. PROPN cblr-1720 950 30 hartzell hartzell PROPN cblr-1720 950 31 et et PROPN cblr-1720 950 32 al al PROPN cblr-1720 950 33 . . PROPN cblr-1720 950 34 , , PUNCT cblr-1720 950 35 what what PRON cblr-1720 950 36 ’s ’ VERB cblr-1720 950 37 in in ADP cblr-1720 950 38 it it PRON cblr-1720 950 39 for for ADP cblr-1720 950 40 me i PRON cblr-1720 950 41 ? ? PUNCT cblr-1720 951 1 ceos ceo NOUN cblr-1720 951 2 whose whose DET cblr-1720 951 3 firms firm NOUN cblr-1720 951 4 are be AUX cblr-1720 951 5 acquired acquire VERB cblr-1720 951 6 , , PUNCT cblr-1720 951 7 17 17 NUM cblr-1720 951 8 rev rev X cblr-1720 951 9 . . PROPN cblr-1720 951 10 fin fin NOUN cblr-1720 951 11 . . PUNCT cblr-1720 951 12 stud stud PROPN cblr-1720 951 13 . . PUNCT cblr-1720 952 1 37 37 NUM cblr-1720 952 2 ( ( PUNCT cblr-1720 952 3 2004 2004 NUM cblr-1720 952 4 ) ) PUNCT cblr-1720 952 5 . . PUNCT cblr-1720 953 1 184 184 NUM cblr-1720 953 2 see see VERB cblr-1720 953 3 lucian lucian PROPN cblr-1720 953 4 bebchuk bebchuk PROPN cblr-1720 953 5 et et PROPN cblr-1720 953 6 al al PROPN cblr-1720 953 7 . . PROPN cblr-1720 953 8 , , PUNCT cblr-1720 953 9 golden golden ADJ cblr-1720 953 10 parachutes parachute NOUN cblr-1720 953 11 and and CCONJ cblr-1720 953 12 the the DET cblr-1720 953 13 wealth wealth NOUN cblr-1720 953 14 of of ADP cblr-1720 953 15 shareholders shareholder NOUN cblr-1720 953 16 , , PUNCT cblr-1720 953 17 25 25 NUM cblr-1720 953 18 j. j. PROPN cblr-1720 953 19 corp corp PROPN cblr-1720 953 20 . . PROPN cblr-1720 953 21 fin fin PROPN cblr-1720 953 22 . . PUNCT cblr-1720 954 1 140 140 NUM cblr-1720 954 2 , , PUNCT cblr-1720 954 3 153–54 153–54 NUM cblr-1720 954 4 ( ( PUNCT cblr-1720 954 5 2014 2014 NUM cblr-1720 954 6 ) ) PUNCT cblr-1720 954 7 ( ( PUNCT cblr-1720 954 8 reporting report VERB cblr-1720 954 9 that that SCONJ cblr-1720 954 10 golden golden ADJ cblr-1720 954 11 parachutes parachute NOUN cblr-1720 954 12 make make VERB cblr-1720 954 13 it it PRON cblr-1720 954 14 attractive attractive ADJ cblr-1720 954 15 for for SCONJ cblr-1720 954 16 executives executive NOUN cblr-1720 954 17 to to PART cblr-1720 954 18 go go VERB cblr-1720 954 19 along along ADV cblr-1720 954 20 with with ADP cblr-1720 954 21 some some DET cblr-1720 954 22 valuedecreasing valuedecreasing NOUN cblr-1720 954 23 acquisitions acquisition NOUN cblr-1720 954 24 that that PRON cblr-1720 954 25 do do AUX cblr-1720 954 26 not not PART cblr-1720 954 27 serve serve VERB cblr-1720 954 28 shareholders shareholder NOUN cblr-1720 954 29 ’ ' PUNCT cblr-1720 954 30 long long ADJ cblr-1720 954 31 - - PUNCT cblr-1720 954 32 term term NOUN cblr-1720 954 33 interests interest NOUN cblr-1720 954 34 ) ) PUNCT cblr-1720 954 35 . . PUNCT cblr-1720 955 1 185 185 NUM cblr-1720 955 2 for for ADP cblr-1720 955 3 the the DET cblr-1720 955 4 effect effect NOUN cblr-1720 955 5 that that SCONJ cblr-1720 955 6 golden golden ADJ cblr-1720 955 7 parachutes parachute NOUN cblr-1720 955 8 have have AUX cblr-1720 955 9 on on ADP cblr-1720 955 10 manager manager NOUN cblr-1720 955 11 incentives incentive NOUN cblr-1720 955 12 by by ADP cblr-1720 955 13 making make VERB cblr-1720 955 14 acquisition acquisition NOUN cblr-1720 955 15 more more ADV cblr-1720 955 16 attractive attractive ADJ cblr-1720 955 17 to to ADP cblr-1720 955 18 managers manager NOUN cblr-1720 955 19 , , PUNCT cblr-1720 955 20 see see VERB cblr-1720 955 21 richard richard PROPN cblr-1720 955 22 a. a. PROPN cblr-1720 955 23 lambert lambert PROPN cblr-1720 955 24 & & CCONJ cblr-1720 955 25 david david PROPN cblr-1720 955 26 f. f. PROPN cblr-1720 955 27 larcker larcker PROPN cblr-1720 955 28 , , PUNCT cblr-1720 955 29 golden golden ADJ cblr-1720 955 30 parachutes parachute NOUN cblr-1720 955 31 , , PUNCT cblr-1720 955 32 executive executive NOUN cblr-1720 955 33 decisionmaking decisionmaking NOUN cblr-1720 955 34 , , PUNCT cblr-1720 955 35 and and CCONJ cblr-1720 955 36 shareholder shareholder NOUN cblr-1720 955 37 wealth wealth NOUN cblr-1720 955 38 , , PUNCT cblr-1720 955 39 7 7 NUM cblr-1720 955 40 j. j. PROPN cblr-1720 955 41 acc acc PROPN cblr-1720 955 42 . . PROPN cblr-1720 955 43 & & CCONJ cblr-1720 955 44 econ econ PROPN cblr-1720 955 45 . . PUNCT cblr-1720 956 1 179 179 NUM cblr-1720 956 2 ( ( PUNCT cblr-1720 956 3 1985 1985 NUM cblr-1720 956 4 ) ) PUNCT cblr-1720 956 5 ; ; PUNCT cblr-1720 957 1 michael michael PROPN cblr-1720 957 2 c. c. PROPN cblr-1720 957 3 jensen jensen PROPN cblr-1720 957 4 , , PUNCT cblr-1720 957 5 takeovers takeover NOUN cblr-1720 957 6 : : PUNCT cblr-1720 957 7 their their PRON cblr-1720 957 8 causes cause NOUN cblr-1720 957 9 and and CCONJ cblr-1720 957 10 consequences consequence NOUN cblr-1720 957 11 , , PUNCT cblr-1720 957 12 j. j. PROPN cblr-1720 957 13 econ econ PROPN cblr-1720 957 14 . . PUNCT cblr-1720 958 1 persp persp PROPN cblr-1720 958 2 . . PUNCT cblr-1720 959 1 , , PUNCT cblr-1720 959 2 winter winter NOUN cblr-1720 959 3 1988 1988 NUM cblr-1720 959 4 , , PUNCT cblr-1720 959 5 at at ADP cblr-1720 959 6 21 21 NUM cblr-1720 959 7 , , PUNCT cblr-1720 959 8 39–41 39–41 NUM cblr-1720 959 9 ; ; PUNCT cblr-1720 959 10 marcel marcel PROPN cblr-1720 959 11 kahan kahan PROPN cblr-1720 959 12 & & CCONJ cblr-1720 959 13 edward edward PROPN cblr-1720 959 14 b. b. PROPN cblr-1720 959 15 rock rock PROPN cblr-1720 959 16 , , PUNCT cblr-1720 959 17 how how SCONJ cblr-1720 959 18 i i PRON cblr-1720 959 19 shilon shilon NOUN cblr-1720 959 20 – – PUNCT cblr-1720 959 21 final final ADJ cblr-1720 959 22 584 584 NUM cblr-1720 959 23 columbia columbia PROPN cblr-1720 959 24 business business NOUN cblr-1720 959 25 law law PROPN cblr-1720 959 26 review review NOUN cblr-1720 959 27 [ [ X cblr-1720 959 28 vol vol NOUN cblr-1720 959 29 . . NOUN cblr-1720 959 30 2017 2017 NUM cblr-1720 959 31 value.187 value.187 NOUN cblr-1720 959 32 finally finally ADV cblr-1720 959 33 , , PUNCT cblr-1720 959 34 golden golden ADJ cblr-1720 959 35 parachutes parachute NOUN cblr-1720 959 36 impose impose VERB cblr-1720 959 37 a a DET cblr-1720 959 38 salient salient ADJ cblr-1720 959 39 expense expense NOUN cblr-1720 959 40 on on ADP cblr-1720 959 41 shareholders shareholder NOUN cblr-1720 959 42 , , PUNCT cblr-1720 959 43 whereas whereas SCONJ cblr-1720 959 44 the the DET cblr-1720 959 45 arrangement arrangement NOUN cblr-1720 959 46 imposes impose VERB cblr-1720 959 47 a a DET cblr-1720 959 48 unique unique ADJ cblr-1720 959 49 expense expense NOUN cblr-1720 959 50 on on ADP cblr-1720 959 51 outside outside ADJ cblr-1720 959 52 directors director NOUN cblr-1720 959 53 . . PUNCT cblr-1720 960 1 c. c. NOUN cblr-1720 960 2 increasing increase VERB cblr-1720 960 3 long long ADJ cblr-1720 960 4 - - PUNCT cblr-1720 960 5 term term NOUN cblr-1720 960 6 focus focus NOUN cblr-1720 960 7 one one NUM cblr-1720 960 8 of of ADP cblr-1720 960 9 the the DET cblr-1720 960 10 major major ADJ cblr-1720 960 11 criticisms criticism NOUN cblr-1720 960 12 about about ADP cblr-1720 960 13 hostile hostile ADJ cblr-1720 960 14 takeovers takeover NOUN cblr-1720 960 15 is be AUX cblr-1720 960 16 that that SCONJ cblr-1720 960 17 they they PRON cblr-1720 960 18 lead lead VERB cblr-1720 960 19 to to ADP cblr-1720 960 20 an an DET cblr-1720 960 21 inordinate inordinate ADJ cblr-1720 960 22 focus focus NOUN cblr-1720 960 23 on on ADP cblr-1720 960 24 short short ADJ cblr-1720 960 25 - - PUNCT cblr-1720 960 26 term term NOUN cblr-1720 960 27 results.188 results.188 NOUN cblr-1720 960 28 some some PRON cblr-1720 960 29 argue argue VERB cblr-1720 960 30 that that SCONJ cblr-1720 960 31 bidders bidder NOUN cblr-1720 960 32 take take VERB cblr-1720 960 33 advantage advantage NOUN cblr-1720 960 34 of of ADP cblr-1720 960 35 any any DET cblr-1720 960 36 short short ADJ cblr-1720 960 37 - - PUNCT cblr-1720 960 38 term term NOUN cblr-1720 960 39 decline decline NOUN cblr-1720 960 40 in in ADP cblr-1720 960 41 stock stock NOUN cblr-1720 960 42 price price NOUN cblr-1720 960 43 and and CCONJ cblr-1720 960 44 prey prey VERB cblr-1720 960 45 on on ADP cblr-1720 960 46 the the DET cblr-1720 960 47 target target NOUN cblr-1720 960 48 . . PUNCT cblr-1720 961 1 more more ADV cblr-1720 961 2 generally generally ADV cblr-1720 961 3 , , PUNCT cblr-1720 961 4 short short ADJ cblr-1720 961 5 - - PUNCT cblr-1720 961 6 termism termism NOUN cblr-1720 961 7 is be AUX cblr-1720 961 8 often often ADV cblr-1720 961 9 described describe VERB cblr-1720 961 10 as as ADP cblr-1720 961 11 the the DET cblr-1720 961 12 biggest big ADJ cblr-1720 961 13 failure failure NOUN cblr-1720 961 14 of of ADP cblr-1720 961 15 corporate corporate ADJ cblr-1720 961 16 governance governance NOUN cblr-1720 961 17 today;189 today;189 PROPN cblr-1720 961 18 even even ADV cblr-1720 961 19 2016 2016 NUM cblr-1720 961 20 presidential presidential ADJ cblr-1720 961 21 candidate candidate NOUN cblr-1720 961 22 hillary hillary PROPN cblr-1720 961 23 clinton clinton PROPN cblr-1720 961 24 pledged pledge VERB cblr-1720 961 25 to to PART cblr-1720 961 26 change change VERB cblr-1720 961 27 america america PROPN cblr-1720 961 28 ’s ’s PART cblr-1720 961 29 “ " PUNCT cblr-1720 961 30 obsession obsession NOUN cblr-1720 961 31 ” " PUNCT cblr-1720 961 32 with with ADP cblr-1720 961 33 quarterly quarterly ADJ cblr-1720 961 34 earnings.190 earnings.190 NOUN cblr-1720 961 35 it it PRON cblr-1720 961 36 is be AUX cblr-1720 961 37 ironic ironic ADJ cblr-1720 961 38 that that SCONJ cblr-1720 961 39 companies company NOUN cblr-1720 961 40 such such ADJ cblr-1720 961 41 as as ADP cblr-1720 961 42 dell dell NOUN cblr-1720 961 43 must must AUX cblr-1720 961 44 go go VERB cblr-1720 961 45 private private ADJ cblr-1720 961 46 in in SCONJ cblr-1720 961 47 order order NOUN cblr-1720 961 48 to to PART cblr-1720 961 49 focus focus VERB cblr-1720 961 50 on on ADP cblr-1720 961 51 the the DET cblr-1720 961 52 long long ADJ cblr-1720 961 53 term.191 term.191 NOUN cblr-1720 961 54 the the DET cblr-1720 961 55 proposed propose VERB cblr-1720 961 56 arrangement arrangement NOUN cblr-1720 961 57 shifts shift NOUN cblr-1720 961 58 target target NOUN cblr-1720 961 59 boards board NOUN cblr-1720 961 60 ’ ' PUNCT cblr-1720 961 61 and and CCONJ cblr-1720 961 62 bidders bidder NOUN cblr-1720 961 63 ’ ' PUNCT cblr-1720 961 64 focus focus VERB cblr-1720 961 65 during during ADP cblr-1720 961 66 hostile hostile ADJ cblr-1720 961 67 takeovers takeover NOUN cblr-1720 961 68 away away ADV cblr-1720 961 69 from from ADP cblr-1720 961 70 short short ADJ cblr-1720 961 71 - - PUNCT cblr-1720 961 72 term term NOUN cblr-1720 961 73 to to ADP cblr-1720 961 74 long long ADJ cblr-1720 961 75 - - PUNCT cblr-1720 961 76 term term NOUN cblr-1720 961 77 value value NOUN cblr-1720 961 78 creation creation NOUN cblr-1720 961 79 . . PUNCT cblr-1720 962 1 by by ADP cblr-1720 962 2 making make VERB cblr-1720 962 3 directors director NOUN cblr-1720 962 4 ’ ' PUNCT cblr-1720 962 5 stock stock NOUN cblr-1720 962 6 commitment commitment NOUN cblr-1720 962 7 cheap cheap ADV cblr-1720 962 8 when when SCONJ cblr-1720 962 9 the the DET cblr-1720 962 10 long long ADJ cblr-1720 962 11 - - PUNCT cblr-1720 962 12 term term NOUN cblr-1720 962 13 intrinsic intrinsic ADJ cblr-1720 962 14 value value NOUN cblr-1720 962 15 of of ADP cblr-1720 962 16 the the DET cblr-1720 962 17 learned learn VERB cblr-1720 962 18 to to PART cblr-1720 962 19 stop stop VERB cblr-1720 962 20 worrying worry VERB cblr-1720 962 21 and and CCONJ cblr-1720 962 22 love love VERB cblr-1720 962 23 the the DET cblr-1720 962 24 pill pill NOUN cblr-1720 962 25 : : PUNCT cblr-1720 962 26 adaptive adaptive ADJ cblr-1720 962 27 responses response NOUN cblr-1720 962 28 to to ADP cblr-1720 962 29 takeover takeover NOUN cblr-1720 962 30 law law NOUN cblr-1720 962 31 , , PUNCT cblr-1720 962 32 69 69 NUM cblr-1720 962 33 u. u. NOUN cblr-1720 962 34 chi chi PROPN cblr-1720 962 35 . . PUNCT cblr-1720 963 1 l. l. PROPN cblr-1720 963 2 rev rev PROPN cblr-1720 963 3 . . PROPN cblr-1720 963 4 871 871 NUM cblr-1720 963 5 , , PUNCT cblr-1720 963 6 898–99 898–99 NUM cblr-1720 963 7 ( ( PUNCT cblr-1720 963 8 2002 2002 NUM cblr-1720 963 9 ) ) PUNCT cblr-1720 963 10 . . PUNCT cblr-1720 964 1 186 186 NUM cblr-1720 964 2 see see VERB cblr-1720 964 3 bebchuk bebchuk PROPN cblr-1720 964 4 et et PROPN cblr-1720 964 5 al al PROPN cblr-1720 964 6 . . PROPN cblr-1720 964 7 , , PUNCT cblr-1720 964 8 supra supra PROPN cblr-1720 964 9 note note PROPN cblr-1720 964 10 184 184 NUM cblr-1720 964 11 , , PUNCT cblr-1720 964 12 at at ADP cblr-1720 964 13 141 141 NUM cblr-1720 964 14 , , PUNCT cblr-1720 964 15 153 153 NUM cblr-1720 964 16 ( ( PUNCT cblr-1720 964 17 explaining explain VERB cblr-1720 964 18 that that SCONJ cblr-1720 964 19 the the DET cblr-1720 964 20 pattern pattern NOUN cblr-1720 964 21 of of ADP cblr-1720 964 22 deterioration deterioration NOUN cblr-1720 964 23 in in ADP cblr-1720 964 24 shareholder shareholder NOUN cblr-1720 964 25 value value NOUN cblr-1720 964 26 before before ADV cblr-1720 964 27 , , PUNCT cblr-1720 964 28 around around ADV cblr-1720 964 29 , , PUNCT cblr-1720 964 30 and and CCONJ cblr-1720 964 31 after after ADP cblr-1720 964 32 golden golden ADJ cblr-1720 964 33 parachute parachute NOUN cblr-1720 964 34 adoption adoption NOUN cblr-1720 964 35 is be AUX cblr-1720 964 36 consistent consistent ADJ cblr-1720 964 37 with with ADP cblr-1720 964 38 increased increase VERB cblr-1720 964 39 managerial managerial ADJ cblr-1720 964 40 slack slack NOUN cblr-1720 964 41 as as ADP cblr-1720 964 42 a a DET cblr-1720 964 43 result result NOUN cblr-1720 964 44 of of ADP cblr-1720 964 45 the the DET cblr-1720 964 46 weakening weaken VERB cblr-1720 964 47 effect effect NOUN cblr-1720 964 48 of of ADP cblr-1720 964 49 golden golden ADJ cblr-1720 964 50 parachutes parachute NOUN cblr-1720 964 51 on on ADP cblr-1720 964 52 the the DET cblr-1720 964 53 disciplining discipline VERB cblr-1720 964 54 forces force NOUN cblr-1720 964 55 of of ADP cblr-1720 964 56 the the DET cblr-1720 964 57 market market NOUN cblr-1720 964 58 for for ADP cblr-1720 964 59 corporate corporate ADJ cblr-1720 964 60 control control NOUN cblr-1720 964 61 ) ) PUNCT cblr-1720 964 62 . . PUNCT cblr-1720 965 1 187 187 NUM cblr-1720 966 1 i i PRON cblr-1720 966 2 d. d. PROPN cblr-1720 966 3 at at ADP cblr-1720 966 4 141 141 NUM cblr-1720 966 5 , , PUNCT cblr-1720 966 6 143 143 NUM cblr-1720 966 7 ( ( PUNCT cblr-1720 966 8 reporting report VERB cblr-1720 966 9 that that SCONJ cblr-1720 966 10 firms firm NOUN cblr-1720 966 11 that that PRON cblr-1720 966 12 adopt adopt VERB cblr-1720 966 13 a a DET cblr-1720 966 14 golden golden ADJ cblr-1720 966 15 parachute parachute NOUN cblr-1720 966 16 experience experience NOUN cblr-1720 966 17 a a DET cblr-1720 966 18 reduction reduction NOUN cblr-1720 966 19 in in ADP cblr-1720 966 20 their their PRON cblr-1720 966 21 industry industry NOUN cblr-1720 966 22 - - PUNCT cblr-1720 966 23 adjusted adjust VERB cblr-1720 966 24 tobin tobin NOUN cblr-1720 966 25 ’s ’s PART cblr-1720 966 26 q q NOUN cblr-1720 966 27 ’s ’s X cblr-1720 966 28 , , PUNCT cblr-1720 966 29 as as ADV cblr-1720 966 30 well well ADV cblr-1720 966 31 as as ADP cblr-1720 966 32 negative negative ADJ cblr-1720 966 33 abnormal abnormal ADJ cblr-1720 966 34 stock stock NOUN cblr-1720 966 35 returns return NOUN cblr-1720 966 36 both both CCONJ cblr-1720 966 37 during during ADP cblr-1720 966 38 the the DET cblr-1720 966 39 intervolume intervolume ADJ cblr-1720 966 40 period period NOUN cblr-1720 966 41 of of ADP cblr-1720 966 42 adoption adoption NOUN cblr-1720 966 43 and and CCONJ cblr-1720 966 44 subsequently subsequently ADV cblr-1720 966 45 ) ) PUNCT cblr-1720 966 46 . . PUNCT cblr-1720 967 1 188 188 NUM cblr-1720 967 2 see see VERB cblr-1720 967 3 martin martin PROPN cblr-1720 967 4 lipton lipton PROPN cblr-1720 967 5 & & CCONJ cblr-1720 967 6 steven steven PROPN cblr-1720 967 7 a. a. PROPN cblr-1720 967 8 rosenblum rosenblum PROPN cblr-1720 967 9 , , PUNCT cblr-1720 967 10 a a DET cblr-1720 967 11 new new ADJ cblr-1720 967 12 system system NOUN cblr-1720 967 13 of of ADP cblr-1720 967 14 corporate corporate ADJ cblr-1720 967 15 governance governance NOUN cblr-1720 967 16 : : PUNCT cblr-1720 967 17 the the DET cblr-1720 967 18 quinquennial quinquennial ADJ cblr-1720 967 19 election election NOUN cblr-1720 967 20 of of ADP cblr-1720 967 21 directors director NOUN cblr-1720 967 22 , , PUNCT cblr-1720 967 23 58 58 NUM cblr-1720 967 24 u. u. NOUN cblr-1720 967 25 chi chi PROPN cblr-1720 967 26 . . PUNCT cblr-1720 968 1 l. l. PROPN cblr-1720 968 2 rev rev PROPN cblr-1720 968 3 . . PROPN cblr-1720 968 4 187 187 NUM cblr-1720 968 5 , , PUNCT cblr-1720 968 6 188 188 NUM cblr-1720 968 7 ( ( PUNCT cblr-1720 968 8 1991 1991 NUM cblr-1720 968 9 ) ) PUNCT cblr-1720 968 10 . . PUNCT cblr-1720 969 1 189 189 NUM cblr-1720 969 2 see see VERB cblr-1720 969 3 subramanian subramanian PROPN cblr-1720 969 4 , , PUNCT cblr-1720 969 5 supra supra PROPN cblr-1720 969 6 note note NOUN cblr-1720 969 7 161 161 NUM cblr-1720 969 8 , , PUNCT cblr-1720 969 9 at at ADP cblr-1720 969 10 98 98 NUM cblr-1720 969 11 . . PUNCT cblr-1720 970 1 190 190 NUM cblr-1720 971 1 see see VERB cblr-1720 971 2 myles myles PROPN cblr-1720 971 3 udland udland PROPN cblr-1720 971 4 , , PUNCT cblr-1720 971 5 hillary hillary PROPN cblr-1720 971 6 : : PUNCT cblr-1720 971 7 corporate corporate PROPN cblr-1720 971 8 america america PROPN cblr-1720 971 9 is be AUX cblr-1720 971 10 obsessed obsess VERB cblr-1720 971 11 with with ADP cblr-1720 971 12 “ " PUNCT cblr-1720 971 13 quarterly quarterly ADJ cblr-1720 971 14 capitalism capitalism NOUN cblr-1720 971 15 ” " PUNCT cblr-1720 971 16 — — PUNCT cblr-1720 971 17 here here ADV cblr-1720 971 18 ’s ’ VERB cblr-1720 971 19 how how SCONJ cblr-1720 971 20 i i PRON cblr-1720 971 21 ’d ’d NOUN cblr-1720 971 22 change change VERB cblr-1720 971 23 that that SCONJ cblr-1720 971 24 , , PUNCT cblr-1720 971 25 bus bus NOUN cblr-1720 971 26 . . PUNCT cblr-1720 972 1 insider insider PROPN cblr-1720 972 2 ( ( PUNCT cblr-1720 972 3 apr apr PROPN cblr-1720 972 4 . . PROPN cblr-1720 972 5 1 1 NUM cblr-1720 972 6 , , PUNCT cblr-1720 972 7 2016 2016 NUM cblr-1720 972 8 ) ) PUNCT cblr-1720 972 9 , , PUNCT cblr-1720 972 10 http://www.businessinsider.com/hillary-clinton-quarterlycapitalism-2016-4 http://www.businessinsider.com/hillary-clinton-quarterlycapitalism-2016-4 X cblr-1720 973 1 [ [ X cblr-1720 973 2 https://perma.cc/73k8-avft https://perma.cc/73k8-avft X cblr-1720 973 3 ] ] X cblr-1720 973 4 . . PUNCT cblr-1720 973 5 191 191 NUM cblr-1720 973 6 subramanian subramanian ADJ cblr-1720 973 7 , , PUNCT cblr-1720 973 8 supra supra PROPN cblr-1720 973 9 note note NOUN cblr-1720 973 10 161 161 NUM cblr-1720 973 11 , , PUNCT cblr-1720 973 12 at at ADP cblr-1720 973 13 98–99 98–99 NUM cblr-1720 973 14 . . PUNCT cblr-1720 974 1 shilon shilon NOUN cblr-1720 974 2 – – PUNCT cblr-1720 974 3 final final ADJ cblr-1720 974 4 no no NOUN cblr-1720 974 5 . . PUNCT cblr-1720 974 6 2:511 2:511 NOUN cblr-1720 974 7 ] ] X cblr-1720 974 8 improving improve VERB cblr-1720 974 9 corporate corporate ADJ cblr-1720 974 10 takeover takeover NOUN cblr-1720 974 11 dynamics dynamic NOUN cblr-1720 974 12 585 585 NUM cblr-1720 974 13 firm firm NOUN cblr-1720 974 14 is be AUX cblr-1720 974 15 high high ADJ cblr-1720 974 16 , , PUNCT cblr-1720 974 17 the the DET cblr-1720 974 18 arrangement arrangement NOUN cblr-1720 974 19 protects protect VERB cblr-1720 974 20 firms firm NOUN cblr-1720 974 21 with with ADP cblr-1720 974 22 long long ADJ cblr-1720 974 23 - - PUNCT cblr-1720 974 24 term term NOUN cblr-1720 974 25 focus focus NOUN cblr-1720 974 26 from from ADP cblr-1720 974 27 myopic myopic ADJ cblr-1720 974 28 bidders bidder NOUN cblr-1720 974 29 . . PUNCT cblr-1720 975 1 conversely conversely ADV cblr-1720 975 2 , , PUNCT cblr-1720 975 3 by by ADP cblr-1720 975 4 making make VERB cblr-1720 975 5 such such ADJ cblr-1720 975 6 commitments commitment NOUN cblr-1720 975 7 too too ADV cblr-1720 975 8 expensive expensive ADJ cblr-1720 975 9 for for ADP cblr-1720 975 10 boards board NOUN cblr-1720 975 11 when when SCONJ cblr-1720 975 12 the the DET cblr-1720 975 13 long long ADJ cblr-1720 975 14 - - PUNCT cblr-1720 975 15 term term NOUN cblr-1720 975 16 prospects prospect NOUN cblr-1720 975 17 are be AUX cblr-1720 975 18 not not PART cblr-1720 975 19 as as ADV cblr-1720 975 20 good good ADJ cblr-1720 975 21 as as ADP cblr-1720 975 22 the the DET cblr-1720 975 23 current current ADJ cblr-1720 975 24 bid bid NOUN cblr-1720 975 25 price price NOUN cblr-1720 975 26 , , PUNCT cblr-1720 975 27 the the DET cblr-1720 975 28 arrangement arrangement NOUN cblr-1720 975 29 encourages encourage VERB cblr-1720 975 30 bidders bidder NOUN cblr-1720 975 31 to to PART cblr-1720 975 32 take take VERB cblr-1720 975 33 over over ADP cblr-1720 975 34 boards board NOUN cblr-1720 975 35 with with ADP cblr-1720 975 36 no no DET cblr-1720 975 37 viable viable ADJ cblr-1720 975 38 long long ADJ cblr-1720 975 39 - - PUNCT cblr-1720 975 40 term term NOUN cblr-1720 975 41 strategies strategy NOUN cblr-1720 975 42 . . PUNCT cblr-1720 976 1 furthermore furthermore ADV cblr-1720 976 2 , , PUNCT cblr-1720 976 3 the the DET cblr-1720 976 4 arrangement arrangement NOUN cblr-1720 976 5 alleviates alleviate VERB cblr-1720 976 6 the the DET cblr-1720 976 7 current current ADJ cblr-1720 976 8 unrelenting unrelenting ADJ cblr-1720 976 9 pressure pressure NOUN cblr-1720 976 10 on on ADP cblr-1720 976 11 firms firm NOUN cblr-1720 976 12 to to PART cblr-1720 976 13 meet meet VERB cblr-1720 976 14 quarterly quarterly ADJ cblr-1720 976 15 earnings earning NOUN cblr-1720 976 16 expectations expectation NOUN cblr-1720 976 17 — — PUNCT cblr-1720 976 18 a a DET cblr-1720 976 19 pressure pressure NOUN cblr-1720 976 20 that that PRON cblr-1720 976 21 makes make VERB cblr-1720 976 22 managers manager NOUN cblr-1720 976 23 fear fear VERB cblr-1720 976 24 that that SCONJ cblr-1720 976 25 even even ADV cblr-1720 976 26 a a DET cblr-1720 976 27 penny penny NOUN cblr-1720 976 28 missed miss VERB cblr-1720 976 29 could could AUX cblr-1720 976 30 mean mean VERB cblr-1720 976 31 a a DET cblr-1720 976 32 plummet plummet NOUN cblr-1720 976 33 in in ADP cblr-1720 976 34 their their PRON cblr-1720 976 35 stock stock NOUN cblr-1720 976 36 price.192 price.192 NOUN cblr-1720 976 37 because because SCONJ cblr-1720 976 38 the the DET cblr-1720 976 39 directors director NOUN cblr-1720 976 40 ’ ’ PART cblr-1720 976 41 stock stock NOUN cblr-1720 976 42 commitment commitment NOUN cblr-1720 976 43 would would AUX cblr-1720 976 44 be be AUX cblr-1720 976 45 publicly publicly ADV cblr-1720 976 46 announced announce VERB cblr-1720 976 47 , , PUNCT cblr-1720 976 48 the the DET cblr-1720 976 49 target target NOUN cblr-1720 976 50 ’s ’s PART cblr-1720 976 51 stock stock NOUN cblr-1720 976 52 price price NOUN cblr-1720 976 53 is be AUX cblr-1720 976 54 expected expect VERB cblr-1720 976 55 to to PART cblr-1720 976 56 adjust adjust VERB cblr-1720 976 57 to to ADP cblr-1720 976 58 the the DET cblr-1720 976 59 information information NOUN cblr-1720 976 60 embedded embed VERB cblr-1720 976 61 in in ADP cblr-1720 976 62 that that DET cblr-1720 976 63 commitment commitment NOUN cblr-1720 976 64 about about ADP cblr-1720 976 65 the the DET cblr-1720 976 66 target target NOUN cblr-1720 976 67 ’s ’s PART cblr-1720 976 68 long long ADJ cblr-1720 976 69 - - PUNCT cblr-1720 976 70 term term NOUN cblr-1720 976 71 value value NOUN cblr-1720 976 72 . . PUNCT cblr-1720 977 1 such such ADJ cblr-1720 977 2 information information NOUN cblr-1720 977 3 will will AUX cblr-1720 977 4 counterbalance counterbalance VERB cblr-1720 977 5 the the DET cblr-1720 977 6 present present ADJ cblr-1720 977 7 singular singular ADJ cblr-1720 977 8 focus focus NOUN cblr-1720 977 9 on on ADP cblr-1720 977 10 quarterly quarterly ADJ cblr-1720 977 11 earnings earning NOUN cblr-1720 977 12 . . PUNCT cblr-1720 978 1 finally finally ADV cblr-1720 978 2 , , PUNCT cblr-1720 978 3 the the DET cblr-1720 978 4 arrangement arrangement NOUN cblr-1720 978 5 empowers empower VERB cblr-1720 978 6 long long ADJ cblr-1720 978 7 - - PUNCT cblr-1720 978 8 term term NOUN cblr-1720 978 9 shareholders shareholder NOUN cblr-1720 978 10 . . PUNCT cblr-1720 979 1 by by ADP cblr-1720 979 2 instructing instruct VERB cblr-1720 979 3 courts court NOUN cblr-1720 979 4 to to PART cblr-1720 979 5 give give VERB cblr-1720 979 6 weight weight NOUN cblr-1720 979 7 to to ADP cblr-1720 979 8 effective effective ADJ cblr-1720 979 9 board board NOUN cblr-1720 979 10 engagement engagement NOUN cblr-1720 979 11 with with ADP cblr-1720 979 12 long long ADJ cblr-1720 979 13 - - PUNCT cblr-1720 979 14 term term NOUN cblr-1720 979 15 shareholders shareholder NOUN cblr-1720 979 16 , , PUNCT cblr-1720 979 17 it it PRON cblr-1720 979 18 changes change VERB cblr-1720 979 19 the the DET cblr-1720 979 20 board board NOUN cblr-1720 979 21 ’s ’s PART cblr-1720 979 22 decision decision NOUN cblr-1720 979 23 - - PUNCT cblr-1720 979 24 making make VERB cblr-1720 979 25 process process NOUN cblr-1720 979 26 from from ADP cblr-1720 979 27 unilateral unilateral ADJ cblr-1720 979 28 to to ADP cblr-1720 979 29 collaborative collaborative NOUN cblr-1720 979 30 . . PUNCT cblr-1720 980 1 also also ADV cblr-1720 980 2 , , PUNCT cblr-1720 980 3 for for ADP cblr-1720 980 4 directors director NOUN cblr-1720 980 5 who who PRON cblr-1720 980 6 wish wish VERB cblr-1720 980 7 to to PART cblr-1720 980 8 oppose oppose VERB cblr-1720 980 9 the the DET cblr-1720 980 10 bid bid NOUN cblr-1720 980 11 and and CCONJ cblr-1720 980 12 stay stay VERB cblr-1720 980 13 in in ADP cblr-1720 980 14 office office NOUN cblr-1720 980 15 , , PUNCT cblr-1720 980 16 it it PRON cblr-1720 980 17 requires require VERB cblr-1720 980 18 them they PRON cblr-1720 980 19 to to PART cblr-1720 980 20 bond bond VERB cblr-1720 980 21 with with ADP cblr-1720 980 22 their their PRON cblr-1720 980 23 long long ADJ cblr-1720 980 24 - - PUNCT cblr-1720 980 25 term term NOUN cblr-1720 980 26 shareholders shareholder NOUN cblr-1720 980 27 by by ADP cblr-1720 980 28 holding hold VERB cblr-1720 980 29 for for ADP cblr-1720 980 30 the the DET cblr-1720 980 31 long long ADJ cblr-1720 980 32 term term NOUN cblr-1720 980 33 the the DET cblr-1720 980 34 stock stock NOUN cblr-1720 980 35 they they PRON cblr-1720 980 36 committed commit VERB cblr-1720 980 37 to to PART cblr-1720 980 38 buy buy VERB cblr-1720 980 39 . . PUNCT cblr-1720 981 1 such such ADJ cblr-1720 981 2 emphasis emphasis NOUN cblr-1720 981 3 on on ADP cblr-1720 981 4 long long ADJ cblr-1720 981 5 - - PUNCT cblr-1720 981 6 term term NOUN cblr-1720 981 7 shareholders shareholder NOUN cblr-1720 981 8 is be AUX cblr-1720 981 9 especially especially ADV cblr-1720 981 10 warranted warrant VERB cblr-1720 981 11 in in ADP cblr-1720 981 12 takeover takeover NOUN cblr-1720 981 13 situations situation NOUN cblr-1720 981 14 because because SCONJ cblr-1720 981 15 expert expert ADJ cblr-1720 981 16 arbitrageurs arbitrageur NOUN cblr-1720 981 17 and and CCONJ cblr-1720 981 18 other other ADJ cblr-1720 981 19 short short ADJ cblr-1720 981 20 - - PUNCT cblr-1720 981 21 term term NOUN cblr-1720 981 22 - - PUNCT cblr-1720 981 23 driven drive VERB cblr-1720 981 24 investors investor NOUN cblr-1720 981 25 typically typically ADV cblr-1720 981 26 flock flock VERB cblr-1720 981 27 to to ADP cblr-1720 981 28 the the DET cblr-1720 981 29 target target NOUN cblr-1720 981 30 company company NOUN cblr-1720 981 31 , , PUNCT cblr-1720 981 32 hoping hope VERB cblr-1720 981 33 to to PART cblr-1720 981 34 make make VERB cblr-1720 981 35 a a DET cblr-1720 981 36 quick quick ADJ cblr-1720 981 37 profit profit NOUN cblr-1720 981 38 at at ADP cblr-1720 981 39 the the DET cblr-1720 981 40 expense expense NOUN cblr-1720 981 41 of of ADP cblr-1720 981 42 long long ADJ cblr-1720 981 43 - - PUNCT cblr-1720 981 44 term term NOUN cblr-1720 981 45 shareholder shareholder NOUN cblr-1720 981 46 value.193 value.193 NOUN cblr-1720 981 47 192 192 NUM cblr-1720 981 48 i i PRON cblr-1720 981 49 d. d. PROPN cblr-1720 981 50 at at ADP cblr-1720 981 51 98 98 NUM cblr-1720 981 52 . . PUNCT cblr-1720 982 1 193 193 NUM cblr-1720 982 2 see see VERB cblr-1720 982 3 keith keith PROPN cblr-1720 982 4 m. m. PROPN cblr-1720 982 5 moore moore PROPN cblr-1720 982 6 et et PROPN cblr-1720 982 7 al al PROPN cblr-1720 982 8 . . PROPN cblr-1720 982 9 , , PUNCT cblr-1720 982 10 the the DET cblr-1720 982 11 behavior behavior NOUN cblr-1720 982 12 of of ADP cblr-1720 982 13 risk risk NOUN cblr-1720 982 14 arbitrageurs arbitrageur NOUN cblr-1720 982 15 in in ADP cblr-1720 982 16 mergers merger NOUN cblr-1720 982 17 and and CCONJ cblr-1720 982 18 acquisitions acquisition NOUN cblr-1720 982 19 , , PUNCT cblr-1720 982 20 j. j. PROPN cblr-1720 982 21 alt alt PROPN cblr-1720 982 22 . . PUNCT cblr-1720 983 1 inv inv VERB cblr-1720 983 2 . . PUNCT cblr-1720 983 3 , , PUNCT cblr-1720 983 4 summer summer NOUN cblr-1720 983 5 ( ( PUNCT cblr-1720 983 6 2006 2006 NUM cblr-1720 983 7 ) ) PUNCT cblr-1720 983 8 , , PUNCT cblr-1720 983 9 at at ADP cblr-1720 983 10 19 19 NUM cblr-1720 983 11 , , PUNCT cblr-1720 983 12 26 26 NUM cblr-1720 983 13 ; ; PUNCT cblr-1720 983 14 francesca francesca PROPN cblr-1720 983 15 cornelli cornelli PROPN cblr-1720 983 16 & & CCONJ cblr-1720 983 17 david david PROPN cblr-1720 983 18 d. d. PROPN cblr-1720 983 19 li li PROPN cblr-1720 983 20 , , PUNCT cblr-1720 983 21 risk risk NOUN cblr-1720 983 22 arbitrage arbitrage NOUN cblr-1720 983 23 in in ADP cblr-1720 983 24 takeovers takeover NOUN cblr-1720 983 25 , , PUNCT cblr-1720 983 26 15 15 NUM cblr-1720 983 27 rev rev X cblr-1720 983 28 . . PROPN cblr-1720 983 29 fin fin NOUN cblr-1720 983 30 . . PUNCT cblr-1720 983 31 stud stud PROPN cblr-1720 983 32 . . PUNCT cblr-1720 984 1 837 837 NUM cblr-1720 984 2 ( ( PUNCT cblr-1720 984 3 2002 2002 NUM cblr-1720 984 4 ) ) PUNCT cblr-1720 984 5 . . PUNCT cblr-1720 985 1 shilon shilon NOUN cblr-1720 985 2 – – PUNCT cblr-1720 985 3 final final ADJ cblr-1720 985 4 586 586 NUM cblr-1720 985 5 columbia columbia PROPN cblr-1720 985 6 business business NOUN cblr-1720 985 7 law law NOUN cblr-1720 985 8 review review NOUN cblr-1720 985 9 [ [ X cblr-1720 985 10 vol vol NOUN cblr-1720 985 11 . . PUNCT cblr-1720 985 12 2017 2017 NUM cblr-1720 985 13 d. d. PROPN cblr-1720 985 14 empowering empower VERB cblr-1720 985 15 markets market NOUN cblr-1720 985 16 the the DET cblr-1720 985 17 arrangement arrangement NOUN cblr-1720 985 18 also also ADV cblr-1720 985 19 empowers empower VERB cblr-1720 985 20 markets market NOUN cblr-1720 985 21 and and CCONJ cblr-1720 985 22 is be AUX cblr-1720 985 23 thus thus ADV cblr-1720 985 24 expected expect VERB cblr-1720 985 25 to to PART cblr-1720 985 26 shift shift VERB cblr-1720 985 27 a a DET cblr-1720 985 28 significant significant ADJ cblr-1720 985 29 amount amount NOUN cblr-1720 985 30 of of ADP cblr-1720 985 31 the the DET cblr-1720 985 32 current current ADJ cblr-1720 985 33 takeover takeover NOUN cblr-1720 985 34 action action NOUN cblr-1720 985 35 away away ADV cblr-1720 985 36 from from ADP cblr-1720 985 37 the the DET cblr-1720 985 38 courtroom courtroom NOUN cblr-1720 985 39 . . PUNCT cblr-1720 986 1 first first ADV cblr-1720 986 2 , , PUNCT cblr-1720 986 3 as as SCONJ cblr-1720 986 4 explained explain VERB cblr-1720 986 5 above above ADV cblr-1720 986 6 , , PUNCT cblr-1720 986 7 the the DET cblr-1720 986 8 arrangement arrangement NOUN cblr-1720 986 9 is be AUX cblr-1720 986 10 expected expect VERB cblr-1720 986 11 to to PART cblr-1720 986 12 improve improve VERB cblr-1720 986 13 the the DET cblr-1720 986 14 informational informational ADJ cblr-1720 986 15 efficiency efficiency NOUN cblr-1720 986 16 of of ADP cblr-1720 986 17 stock stock NOUN cblr-1720 986 18 markets market NOUN cblr-1720 986 19 by by ADP cblr-1720 986 20 reflecting reflect VERB cblr-1720 986 21 the the DET cblr-1720 986 22 material material NOUN cblr-1720 986 23 information information NOUN cblr-1720 986 24 embedded embed VERB cblr-1720 986 25 in in ADP cblr-1720 986 26 the the DET cblr-1720 986 27 directors director NOUN cblr-1720 986 28 ’ ’ PART cblr-1720 986 29 stock stock NOUN cblr-1720 986 30 commitments commitment NOUN cblr-1720 986 31 about about ADP cblr-1720 986 32 the the DET cblr-1720 986 33 target target NOUN cblr-1720 986 34 ’s ’s PART cblr-1720 986 35 long long ADJ cblr-1720 986 36 - - PUNCT cblr-1720 986 37 term term NOUN cblr-1720 986 38 value value NOUN cblr-1720 986 39 . . PUNCT cblr-1720 987 1 second second ADJ cblr-1720 987 2 , , PUNCT cblr-1720 987 3 because because SCONJ cblr-1720 987 4 it it PRON cblr-1720 987 5 mandates mandate VERB cblr-1720 987 6 an an DET cblr-1720 987 7 early early ADJ cblr-1720 987 8 engagement engagement NOUN cblr-1720 987 9 with with ADP cblr-1720 987 10 long long ADJ cblr-1720 987 11 - - PUNCT cblr-1720 987 12 term term NOUN cblr-1720 987 13 shareholders shareholder NOUN cblr-1720 987 14 , , PUNCT cblr-1720 987 15 boards board NOUN cblr-1720 987 16 and and CCONJ cblr-1720 987 17 long long ADJ cblr-1720 987 18 - - PUNCT cblr-1720 987 19 term term NOUN cblr-1720 987 20 shareholders shareholder NOUN cblr-1720 987 21 , , PUNCT cblr-1720 987 22 assisted assist VERB cblr-1720 987 23 by by ADP cblr-1720 987 24 iss iss PROPN cblr-1720 987 25 , , PUNCT cblr-1720 987 26 are be AUX cblr-1720 987 27 expected expect VERB cblr-1720 987 28 to to PART cblr-1720 987 29 negotiate negotiate VERB cblr-1720 987 30 and and CCONJ cblr-1720 987 31 perhaps perhaps ADV cblr-1720 987 32 reach reach VERB cblr-1720 987 33 a a DET cblr-1720 987 34 solution solution NOUN cblr-1720 987 35 before before SCONJ cblr-1720 987 36 litigation litigation NOUN cblr-1720 987 37 is be AUX cblr-1720 987 38 filed file VERB cblr-1720 987 39 . . PUNCT cblr-1720 988 1 third third ADV cblr-1720 988 2 , , PUNCT cblr-1720 988 3 as as SCONJ cblr-1720 988 4 explained explain VERB cblr-1720 988 5 above above ADV cblr-1720 988 6 , , PUNCT cblr-1720 988 7 because because SCONJ cblr-1720 988 8 the the DET cblr-1720 988 9 directors director NOUN cblr-1720 988 10 ’ ’ PART cblr-1720 988 11 stock stock NOUN cblr-1720 988 12 commitment commitment NOUN cblr-1720 988 13 , , PUNCT cblr-1720 988 14 as as ADV cblr-1720 988 15 well well ADV cblr-1720 988 16 as as ADP cblr-1720 988 17 the the DET cblr-1720 988 18 market market NOUN cblr-1720 988 19 response response NOUN cblr-1720 988 20 to to ADP cblr-1720 988 21 it it PRON cblr-1720 988 22 , , PUNCT cblr-1720 988 23 will will AUX cblr-1720 988 24 be be AUX cblr-1720 988 25 known know VERB cblr-1720 988 26 to to ADP cblr-1720 988 27 the the DET cblr-1720 988 28 bidder bidder NOUN cblr-1720 988 29 , , PUNCT cblr-1720 988 30 the the DET cblr-1720 988 31 bidder bidder NOUN cblr-1720 988 32 will will AUX cblr-1720 988 33 have have VERB cblr-1720 988 34 a a DET cblr-1720 988 35 better well ADJ cblr-1720 988 36 understanding understanding NOUN cblr-1720 988 37 of of ADP cblr-1720 988 38 the the DET cblr-1720 988 39 target target NOUN cblr-1720 988 40 ’s ’s PART cblr-1720 988 41 value value NOUN cblr-1720 988 42 , , PUNCT cblr-1720 988 43 which which PRON cblr-1720 988 44 will will AUX cblr-1720 988 45 push push VERB cblr-1720 988 46 the the DET cblr-1720 988 47 bidder bidder NOUN cblr-1720 988 48 to to PART cblr-1720 988 49 make make VERB cblr-1720 988 50 an an DET cblr-1720 988 51 informed informed ADJ cblr-1720 988 52 decision decision NOUN cblr-1720 988 53 as as ADP cblr-1720 988 54 to to ADP cblr-1720 988 55 whether whether SCONJ cblr-1720 988 56 to to PART cblr-1720 988 57 withdraw withdraw VERB cblr-1720 988 58 , , PUNCT cblr-1720 988 59 keep keep VERB cblr-1720 988 60 , , PUNCT cblr-1720 988 61 or or CCONJ cblr-1720 988 62 improve improve VERB cblr-1720 988 63 the the DET cblr-1720 988 64 bid bid NOUN cblr-1720 988 65 instead instead ADV cblr-1720 988 66 of of ADP cblr-1720 988 67 submitting submit VERB cblr-1720 988 68 to to ADP cblr-1720 988 69 litigation litigation NOUN cblr-1720 988 70 . . PUNCT cblr-1720 989 1 fourth fourth ADJ cblr-1720 989 2 , , PUNCT cblr-1720 989 3 when when SCONJ cblr-1720 989 4 the the DET cblr-1720 989 5 bidder bidder NOUN cblr-1720 989 6 decides decide VERB cblr-1720 989 7 to to PART cblr-1720 989 8 increase increase VERB cblr-1720 989 9 the the DET cblr-1720 989 10 bid bid NOUN cblr-1720 989 11 price price NOUN cblr-1720 989 12 , , PUNCT cblr-1720 989 13 the the DET cblr-1720 989 14 directors director NOUN cblr-1720 989 15 ’ ’ PART cblr-1720 989 16 stock stock NOUN cblr-1720 989 17 commitments commitment NOUN cblr-1720 989 18 can can AUX cblr-1720 989 19 serve serve VERB cblr-1720 989 20 as as ADP cblr-1720 989 21 a a DET cblr-1720 989 22 bargaining bargaining NOUN cblr-1720 989 23 tool tool NOUN cblr-1720 989 24 for for ADP cblr-1720 989 25 the the DET cblr-1720 989 26 target target NOUN cblr-1720 989 27 , , PUNCT cblr-1720 989 28 backing back VERB cblr-1720 989 29 up up ADP cblr-1720 989 30 the the DET cblr-1720 989 31 poison poison NOUN cblr-1720 989 32 pill pill NOUN cblr-1720 989 33 . . PUNCT cblr-1720 990 1 finally finally ADV cblr-1720 990 2 , , PUNCT cblr-1720 990 3 if if SCONJ cblr-1720 990 4 courts court NOUN cblr-1720 990 5 decide decide VERB cblr-1720 990 6 to to PART cblr-1720 990 7 dismantle dismantle VERB cblr-1720 990 8 the the DET cblr-1720 990 9 target target NOUN cblr-1720 990 10 defenses defense NOUN cblr-1720 990 11 and and CCONJ cblr-1720 990 12 leave leave VERB cblr-1720 990 13 the the DET cblr-1720 990 14 takeover takeover NOUN cblr-1720 990 15 decision decision NOUN cblr-1720 990 16 to to ADP cblr-1720 990 17 the the DET cblr-1720 990 18 stockholders stockholder NOUN cblr-1720 990 19 , , PUNCT cblr-1720 990 20 the the DET cblr-1720 990 21 arrangement arrangement NOUN cblr-1720 990 22 ensures ensure VERB cblr-1720 990 23 that that SCONJ cblr-1720 990 24 the the DET cblr-1720 990 25 directors director NOUN cblr-1720 990 26 ’ ’ PART cblr-1720 990 27 stock stock NOUN cblr-1720 990 28 commitments commitment NOUN cblr-1720 990 29 will will AUX cblr-1720 990 30 improve improve VERB cblr-1720 990 31 shareholder shareholder NOUN cblr-1720 990 32 choice choice NOUN cblr-1720 990 33 . . PUNCT cblr-1720 991 1 consistent consistent ADJ cblr-1720 991 2 with with ADP cblr-1720 991 3 professor professor NOUN cblr-1720 991 4 bebchuk bebchuk PROPN cblr-1720 991 5 ’s ’s PART cblr-1720 991 6 view,194 view,194 PROPN cblr-1720 991 7 directors director NOUN cblr-1720 991 8 ’ ’ PART cblr-1720 991 9 stock stock NOUN cblr-1720 991 10 commitments commitment NOUN cblr-1720 991 11 per per ADP cblr-1720 991 12 the the DET cblr-1720 991 13 proposed propose VERB cblr-1720 991 14 arrangement arrangement NOUN cblr-1720 991 15 have have VERB cblr-1720 991 16 the the DET cblr-1720 991 17 power power NOUN cblr-1720 991 18 to to PART cblr-1720 991 19 truthfully truthfully ADV cblr-1720 991 20 convey convey VERB cblr-1720 991 21 to to ADP cblr-1720 991 22 shareholders shareholder NOUN cblr-1720 991 23 the the DET cblr-1720 991 24 directors director NOUN cblr-1720 991 25 ’ ' PUNCT cblr-1720 991 26 inside inside ADP cblr-1720 991 27 understanding understanding NOUN cblr-1720 991 28 about about ADP cblr-1720 991 29 the the DET cblr-1720 991 30 bid bid NOUN cblr-1720 991 31 . . PUNCT cblr-1720 992 1 the the DET cblr-1720 992 2 ability ability NOUN cblr-1720 992 3 to to PART cblr-1720 992 4 use use VERB cblr-1720 992 5 the the DET cblr-1720 992 6 arrangement arrangement NOUN cblr-1720 992 7 after after SCONJ cblr-1720 992 8 a a DET cblr-1720 992 9 court court NOUN cblr-1720 992 10 has have AUX cblr-1720 992 11 decided decide VERB cblr-1720 992 12 to to PART cblr-1720 992 13 dismantle dismantle VERB cblr-1720 992 14 the the DET cblr-1720 992 15 target target NOUN cblr-1720 992 16 ’s ’s PART cblr-1720 992 17 takeover takeover NOUN cblr-1720 992 18 defenses defense NOUN cblr-1720 992 19 is be AUX cblr-1720 992 20 important important ADJ cblr-1720 992 21 because because SCONJ cblr-1720 992 22 the the DET cblr-1720 992 23 court court NOUN cblr-1720 992 24 might might AUX cblr-1720 992 25 order order VERB cblr-1720 992 26 a a DET cblr-1720 992 27 repeal repeal NOUN cblr-1720 992 28 of of ADP cblr-1720 992 29 the the DET cblr-1720 992 30 defenses defense NOUN cblr-1720 992 31 even even ADV cblr-1720 992 32 if if SCONJ cblr-1720 992 33 it it PRON cblr-1720 992 34 thinks think VERB cblr-1720 992 35 that that SCONJ cblr-1720 992 36 the the DET cblr-1720 992 37 bid bid NOUN cblr-1720 992 38 is be AUX cblr-1720 992 39 undesirable undesirable ADJ cblr-1720 992 40 for for ADP cblr-1720 992 41 the the DET cblr-1720 992 42 shareholders shareholder NOUN cblr-1720 992 43 — — PUNCT cblr-1720 992 44 for for ADP cblr-1720 992 45 example example NOUN cblr-1720 992 46 , , PUNCT cblr-1720 992 47 if if SCONJ cblr-1720 992 48 the the DET cblr-1720 992 49 target target NOUN cblr-1720 992 50 board board NOUN cblr-1720 992 51 was be AUX cblr-1720 992 52 unable unable ADJ cblr-1720 992 53 to to PART cblr-1720 992 54 prove prove VERB cblr-1720 992 55 that that SCONJ cblr-1720 992 56 shareholders shareholder NOUN cblr-1720 992 57 suffer suffer VERB cblr-1720 992 58 from from ADP cblr-1720 992 59 “ " PUNCT cblr-1720 992 60 ignorance ignorance NOUN cblr-1720 992 61 or or CCONJ cblr-1720 992 62 . . PUNCT cblr-1720 992 63 . . PUNCT cblr-1720 992 64 . . PUNCT cblr-1720 993 1 a a DET cblr-1720 993 2 mistaken mistaken ADJ cblr-1720 993 3 belief belief NOUN cblr-1720 993 4 ” " PUNCT cblr-1720 993 5 regarding regard VERB cblr-1720 993 6 the the DET cblr-1720 993 7 target target NOUN cblr-1720 993 8 ’s ’s PART cblr-1720 993 9 intrinsic intrinsic ADJ cblr-1720 993 10 value.195 value.195 NOUN cblr-1720 993 11 194 194 NUM cblr-1720 993 12 see see NOUN cblr-1720 993 13 bebchuk bebchuk NOUN cblr-1720 993 14 , , PUNCT cblr-1720 993 15 supra supra PROPN cblr-1720 993 16 note note NOUN cblr-1720 993 17 4 4 NUM cblr-1720 993 18 , , PUNCT cblr-1720 993 19 at at ADP cblr-1720 993 20 1001–02 1001–02 NUM cblr-1720 993 21 . . PUNCT cblr-1720 994 1 195 195 NUM cblr-1720 994 2 unitrin unitrin PROPN cblr-1720 994 3 , , PUNCT cblr-1720 994 4 inc inc PROPN cblr-1720 994 5 . . PROPN cblr-1720 994 6 v. v. PROPN cblr-1720 994 7 am be AUX cblr-1720 994 8 . . PUNCT cblr-1720 995 1 gen gen PROPN cblr-1720 995 2 . . PROPN cblr-1720 995 3 corp corp PROPN cblr-1720 995 4 . . PROPN cblr-1720 995 5 , , PUNCT cblr-1720 995 6 651 651 NUM cblr-1720 995 7 a.2d a.2d SYM cblr-1720 995 8 1361 1361 NUM cblr-1720 995 9 , , PUNCT cblr-1720 995 10 1384 1384 NUM cblr-1720 995 11 ( ( PUNCT cblr-1720 995 12 del del PROPN cblr-1720 995 13 . . PROPN cblr-1720 995 14 1995 1995 NUM cblr-1720 995 15 ) ) PUNCT cblr-1720 995 16 . . PUNCT cblr-1720 996 1 shilon shilon NOUN cblr-1720 996 2 – – PUNCT cblr-1720 996 3 final final ADJ cblr-1720 996 4 no no NOUN cblr-1720 996 5 . . PUNCT cblr-1720 997 1 2:511 2:511 NOUN cblr-1720 997 2 ] ] X cblr-1720 997 3 improving improve VERB cblr-1720 997 4 corporate corporate ADJ cblr-1720 997 5 takeover takeover NOUN cblr-1720 997 6 dynamics dynamic NOUN cblr-1720 997 7 587 587 NUM cblr-1720 997 8 viii viii NOUN cblr-1720 997 9 . . PUNCT cblr-1720 998 1 would would AUX cblr-1720 998 2 the the DET cblr-1720 998 3 proposed propose VERB cblr-1720 998 4 arrangement arrangement NOUN cblr-1720 998 5 involve involve VERB cblr-1720 998 6 any any DET cblr-1720 998 7 significant significant ADJ cblr-1720 998 8 costs cost NOUN cblr-1720 998 9 ? ? PUNCT cblr-1720 999 1 communicating communicate VERB cblr-1720 999 2 target target NOUN cblr-1720 999 3 boards board NOUN cblr-1720 999 4 ’ ' PUNCT cblr-1720 999 5 genuine genuine ADJ cblr-1720 999 6 beliefs belief NOUN cblr-1720 999 7 about about ADP cblr-1720 999 8 the the DET cblr-1720 999 9 desirability desirability NOUN cblr-1720 999 10 of of ADP cblr-1720 999 11 unsolicited unsolicited ADJ cblr-1720 999 12 bids bid NOUN cblr-1720 999 13 through through ADP cblr-1720 999 14 the the DET cblr-1720 999 15 proposed propose VERB cblr-1720 999 16 arrangement arrangement NOUN cblr-1720 999 17 would would AUX cblr-1720 999 18 be be AUX cblr-1720 999 19 unlikely unlikely ADJ cblr-1720 999 20 to to PART cblr-1720 999 21 involve involve VERB cblr-1720 999 22 any any DET cblr-1720 999 23 significant significant ADJ cblr-1720 999 24 costs cost NOUN cblr-1720 999 25 . . PUNCT cblr-1720 1000 1 this this DET cblr-1720 1000 2 section section NOUN cblr-1720 1000 3 considers consider VERB cblr-1720 1000 4 the the DET cblr-1720 1000 5 five five NUM cblr-1720 1000 6 main main ADJ cblr-1720 1000 7 ways way NOUN cblr-1720 1000 8 in in ADP cblr-1720 1000 9 which which PRON cblr-1720 1000 10 the the DET cblr-1720 1000 11 proposed propose VERB cblr-1720 1000 12 arrangement arrangement NOUN cblr-1720 1000 13 could could AUX cblr-1720 1000 14 initially initially ADV cblr-1720 1000 15 be be AUX cblr-1720 1000 16 considered consider VERB cblr-1720 1000 17 costly costly ADJ cblr-1720 1000 18 , , PUNCT cblr-1720 1000 19 and and CCONJ cblr-1720 1000 20 concludes conclude VERB cblr-1720 1000 21 that that SCONJ cblr-1720 1000 22 these these DET cblr-1720 1000 23 concerns concern NOUN cblr-1720 1000 24 are be AUX cblr-1720 1000 25 unwarranted unwarranted ADJ cblr-1720 1000 26 . . PUNCT cblr-1720 1001 1 a. a. NOUN cblr-1720 1001 2 directors director NOUN cblr-1720 1001 3 ’ ' PUNCT cblr-1720 1001 4 professional professional ADJ cblr-1720 1001 5 decisions decision NOUN cblr-1720 1001 6 should should AUX cblr-1720 1001 7 not not PART cblr-1720 1001 8 be be AUX cblr-1720 1001 9 made make VERB cblr-1720 1001 10 on on ADP cblr-1720 1001 11 their their PRON cblr-1720 1001 12 own own ADJ cblr-1720 1001 13 dime dime NOUN cblr-1720 1001 14 currently currently ADV cblr-1720 1001 15 , , PUNCT cblr-1720 1001 16 u.s u.s PROPN cblr-1720 1001 17 . . PROPN cblr-1720 1001 18 corporate corporate ADJ cblr-1720 1001 19 law law NOUN cblr-1720 1001 20 does do AUX cblr-1720 1001 21 not not PART cblr-1720 1001 22 require require VERB cblr-1720 1001 23 directors director NOUN cblr-1720 1001 24 to to PART cblr-1720 1001 25 incur incur VERB cblr-1720 1001 26 any any DET cblr-1720 1001 27 direct direct ADJ cblr-1720 1001 28 personal personal ADJ cblr-1720 1001 29 costs cost NOUN cblr-1720 1001 30 to to PART cblr-1720 1001 31 justify justify VERB cblr-1720 1001 32 their their PRON cblr-1720 1001 33 business business NOUN cblr-1720 1001 34 judgment judgment NOUN cblr-1720 1001 35 . . PUNCT cblr-1720 1002 1 to to ADP cblr-1720 1002 2 the the DET cblr-1720 1002 3 contrary contrary NOUN cblr-1720 1002 4 , , PUNCT cblr-1720 1002 5 the the DET cblr-1720 1002 6 law law NOUN cblr-1720 1002 7 protects protect VERB cblr-1720 1002 8 them they PRON cblr-1720 1002 9 from from ADP cblr-1720 1002 10 incurring incur VERB cblr-1720 1002 11 personal personal ADJ cblr-1720 1002 12 costs cost NOUN cblr-1720 1002 13 when when SCONJ cblr-1720 1002 14 they they PRON cblr-1720 1002 15 make make VERB cblr-1720 1002 16 mistakes,196 mistakes,196 NOUN cblr-1720 1002 17 when when SCONJ cblr-1720 1002 18 they they PRON cblr-1720 1002 19 have have VERB cblr-1720 1002 20 a a DET cblr-1720 1002 21 financial financial ADJ cblr-1720 1002 22 interest interest NOUN cblr-1720 1002 23 in in ADP cblr-1720 1002 24 a a DET cblr-1720 1002 25 corporate corporate NOUN cblr-1720 1002 26 transaction,197 transaction,197 NOUN cblr-1720 1002 27 and and CCONJ cblr-1720 1002 28 even even ADV cblr-1720 1002 29 when when SCONJ cblr-1720 1002 30 they they PRON cblr-1720 1002 31 breach breach VERB cblr-1720 1002 32 their their PRON cblr-1720 1002 33 fiduciary fiduciary ADJ cblr-1720 1002 34 duties.198 duties.198 VERB cblr-1720 1002 35 one one NUM cblr-1720 1002 36 196 196 NUM cblr-1720 1002 37 to to PART cblr-1720 1002 38 encourage encourage VERB cblr-1720 1002 39 directors director NOUN cblr-1720 1002 40 to to PART cblr-1720 1002 41 take take VERB cblr-1720 1002 42 reasonable reasonable ADJ cblr-1720 1002 43 risks risk NOUN cblr-1720 1002 44 , , PUNCT cblr-1720 1002 45 the the DET cblr-1720 1002 46 well well ADV cblr-1720 1002 47 - - PUNCT cblr-1720 1002 48 known know VERB cblr-1720 1002 49 business business NOUN cblr-1720 1002 50 judgment judgment NOUN cblr-1720 1002 51 rule rule NOUN cblr-1720 1002 52 insulates insulate VERB cblr-1720 1002 53 them they PRON cblr-1720 1002 54 , , PUNCT cblr-1720 1002 55 save save VERB cblr-1720 1002 56 for for ADP cblr-1720 1002 57 clearly clearly ADV cblr-1720 1002 58 egregious egregious ADJ cblr-1720 1002 59 circumstances circumstance NOUN cblr-1720 1002 60 , , PUNCT cblr-1720 1002 61 from from ADP cblr-1720 1002 62 being be AUX cblr-1720 1002 63 held hold VERB cblr-1720 1002 64 to to PART cblr-1720 1002 65 breach breach VERB cblr-1720 1002 66 their their PRON cblr-1720 1002 67 duty duty NOUN cblr-1720 1002 68 of of ADP cblr-1720 1002 69 care care NOUN cblr-1720 1002 70 , , PUNCT cblr-1720 1002 71 even even ADV cblr-1720 1002 72 when when SCONJ cblr-1720 1002 73 they they PRON cblr-1720 1002 74 make make VERB cblr-1720 1002 75 erroneous erroneous ADJ cblr-1720 1002 76 business business NOUN cblr-1720 1002 77 decisions decision NOUN cblr-1720 1002 78 . . PUNCT cblr-1720 1003 1 see see VERB cblr-1720 1003 2 revised revise VERB cblr-1720 1003 3 model model NOUN cblr-1720 1003 4 bus bus PROPN cblr-1720 1003 5 . . PUNCT cblr-1720 1004 1 corp corp PROPN cblr-1720 1004 2 . . PROPN cblr-1720 1004 3 act act PROPN cblr-1720 1004 4 § § PROPN cblr-1720 1004 5 8.31(a)(2 8.31(a)(2 NUM cblr-1720 1004 6 ) ) PUNCT cblr-1720 1004 7 ( ( PUNCT cblr-1720 1004 8 am be AUX cblr-1720 1004 9 . . PUNCT cblr-1720 1005 1 bar bar NOUN cblr-1720 1005 2 ass’n ass’n NUM cblr-1720 1005 3 2003 2003 NUM cblr-1720 1005 4 ) ) PUNCT cblr-1720 1005 5 . . PUNCT cblr-1720 1006 1 moreover moreover ADV cblr-1720 1006 2 , , PUNCT cblr-1720 1006 3 most most ADJ cblr-1720 1006 4 delaware delaware PROPN cblr-1720 1006 5 companies company NOUN cblr-1720 1006 6 adopted adopt VERB cblr-1720 1006 7 charter charter NOUN cblr-1720 1006 8 amendments amendment NOUN cblr-1720 1006 9 to to PART cblr-1720 1006 10 do do VERB cblr-1720 1006 11 away away ADV cblr-1720 1006 12 with with ADP cblr-1720 1006 13 directors director NOUN cblr-1720 1006 14 ’ ’ PART cblr-1720 1006 15 liability liability NOUN cblr-1720 1006 16 for for ADP cblr-1720 1006 17 duty duty NOUN cblr-1720 1006 18 - - PUNCT cblr-1720 1006 19 of of ADP cblr-1720 1006 20 - - PUNCT cblr-1720 1006 21 care care NOUN cblr-1720 1006 22 violations violation NOUN cblr-1720 1006 23 pursuant pursuant ADJ cblr-1720 1006 24 to to ADP cblr-1720 1006 25 the the DET cblr-1720 1006 26 authorization authorization NOUN cblr-1720 1006 27 of of ADP cblr-1720 1006 28 title title NOUN cblr-1720 1006 29 8 8 NUM cblr-1720 1006 30 , , PUNCT cblr-1720 1006 31 section section NOUN cblr-1720 1006 32 102(b)(7 102(b)(7 NUM cblr-1720 1006 33 ) ) PUNCT cblr-1720 1006 34 of of ADP cblr-1720 1006 35 the the DET cblr-1720 1006 36 delaware delaware PROPN cblr-1720 1006 37 code code PROPN cblr-1720 1006 38 . . PUNCT cblr-1720 1007 1 see see VERB cblr-1720 1007 2 del del PROPN cblr-1720 1007 3 . . PROPN cblr-1720 1007 4 code code PROPN cblr-1720 1007 5 ann ann PROPN cblr-1720 1007 6 . . PUNCT cblr-1720 1008 1 tit tit PROPN cblr-1720 1008 2 . . PROPN cblr-1720 1009 1 8 8 NUM cblr-1720 1009 2 , , PUNCT cblr-1720 1009 3 § § PROPN cblr-1720 1009 4 102(b)(7 102(b)(7 NUM cblr-1720 1009 5 ) ) PUNCT cblr-1720 1009 6 ( ( PUNCT cblr-1720 1009 7 2016 2016 NUM cblr-1720 1009 8 ) ) PUNCT cblr-1720 1009 9 ; ; PUNCT cblr-1720 1009 10 john john PROPN cblr-1720 1009 11 coffee coffee PROPN cblr-1720 1009 12 , , PUNCT cblr-1720 1009 13 harvey harvey PROPN cblr-1720 1009 14 goldschmid goldschmid PROPN cblr-1720 1009 15 : : PUNCT cblr-1720 1009 16 the the DET cblr-1720 1009 17 scholar scholar NOUN cblr-1720 1009 18 as as ADP cblr-1720 1009 19 realistic realistic ADJ cblr-1720 1009 20 reformer reformer ADJ cblr-1720 1009 21 , , PUNCT cblr-1720 1009 22 116 116 NUM cblr-1720 1009 23 colum colum NOUN cblr-1720 1009 24 . . PUNCT cblr-1720 1010 1 l. l. PROPN cblr-1720 1010 2 rev rev PROPN cblr-1720 1010 3 . . PROPN cblr-1720 1010 4 1 1 NUM cblr-1720 1010 5 ( ( PUNCT cblr-1720 1010 6 2016 2016 NUM cblr-1720 1010 7 ) ) PUNCT cblr-1720 1010 8 ( ( PUNCT cblr-1720 1010 9 describing describe VERB cblr-1720 1010 10 that that PRON cblr-1720 1010 11 within within ADP cblr-1720 1010 12 a a DET cblr-1720 1010 13 few few ADJ cblr-1720 1010 14 years year NOUN cblr-1720 1010 15 after after ADP cblr-1720 1010 16 the the DET cblr-1720 1010 17 1983 1983 NUM cblr-1720 1010 18 adoption adoption NOUN cblr-1720 1010 19 of of ADP cblr-1720 1010 20 section section NOUN cblr-1720 1010 21 102(b)(7 102(b)(7 NUM cblr-1720 1010 22 ) ) PUNCT cblr-1720 1010 23 , , PUNCT cblr-1720 1010 24 the the DET cblr-1720 1010 25 vast vast ADJ cblr-1720 1010 26 majority majority NOUN cblr-1720 1010 27 of of ADP cblr-1720 1010 28 public public ADJ cblr-1720 1010 29 corporations corporation NOUN cblr-1720 1010 30 adopted adopt VERB cblr-1720 1010 31 a a DET cblr-1720 1010 32 charter charter NOUN cblr-1720 1010 33 provision provision NOUN cblr-1720 1010 34 exculpating exculpate VERB cblr-1720 1010 35 directors director NOUN cblr-1720 1010 36 from from ADP cblr-1720 1010 37 liability liability NOUN cblr-1720 1010 38 to to ADP cblr-1720 1010 39 stockholders stockholder NOUN cblr-1720 1010 40 for for ADP cblr-1720 1010 41 monetary monetary ADJ cblr-1720 1010 42 damages damage NOUN cblr-1720 1010 43 for for ADP cblr-1720 1010 44 breaches breach NOUN cblr-1720 1010 45 of of ADP cblr-1720 1010 46 the the DET cblr-1720 1010 47 duty duty NOUN cblr-1720 1010 48 of of ADP cblr-1720 1010 49 care care NOUN cblr-1720 1010 50 , , PUNCT cblr-1720 1010 51 except except SCONJ cblr-1720 1010 52 under under ADP cblr-1720 1010 53 certain certain ADJ cblr-1720 1010 54 limited limited ADJ cblr-1720 1010 55 circumstances circumstance NOUN cblr-1720 1010 56 ) ) PUNCT cblr-1720 1010 57 . . PUNCT cblr-1720 1011 1 197 197 NUM cblr-1720 1011 2 when when SCONJ cblr-1720 1011 3 directors director NOUN cblr-1720 1011 4 have have VERB cblr-1720 1011 5 a a DET cblr-1720 1011 6 personal personal ADJ cblr-1720 1011 7 financial financial ADJ cblr-1720 1011 8 interest interest NOUN cblr-1720 1011 9 in in ADP cblr-1720 1011 10 a a DET cblr-1720 1011 11 corporate corporate ADJ cblr-1720 1011 12 transaction transaction NOUN cblr-1720 1011 13 , , PUNCT cblr-1720 1011 14 corporate corporate ADJ cblr-1720 1011 15 law law NOUN cblr-1720 1011 16 merely merely ADV cblr-1720 1011 17 imposes impose VERB cblr-1720 1011 18 certain certain ADJ cblr-1720 1011 19 procedures procedure NOUN cblr-1720 1011 20 before before SCONJ cblr-1720 1011 21 a a DET cblr-1720 1011 22 board board NOUN cblr-1720 1011 23 action action NOUN cblr-1720 1011 24 may may AUX cblr-1720 1011 25 be be AUX cblr-1720 1011 26 taken take VERB cblr-1720 1011 27 . . PUNCT cblr-1720 1012 1 see see VERB cblr-1720 1012 2 william william PROPN cblr-1720 1012 3 t. t. PROPN cblr-1720 1012 4 allen allen PROPN cblr-1720 1012 5 et et PROPN cblr-1720 1012 6 al al PROPN cblr-1720 1012 7 . . PROPN cblr-1720 1012 8 , , PUNCT cblr-1720 1012 9 cases case NOUN cblr-1720 1012 10 and and CCONJ cblr-1720 1012 11 commentaries commentary NOUN cblr-1720 1012 12 on on ADP cblr-1720 1012 13 the the DET cblr-1720 1012 14 law law NOUN cblr-1720 1012 15 of of ADP cblr-1720 1012 16 business business NOUN cblr-1720 1012 17 organizations organization NOUN cblr-1720 1012 18 269 269 NUM cblr-1720 1012 19 ( ( PUNCT cblr-1720 1012 20 4th 4th ADJ cblr-1720 1012 21 ed ed NOUN cblr-1720 1012 22 . . PROPN cblr-1720 1012 23 2012 2012 NUM cblr-1720 1012 24 ) ) PUNCT cblr-1720 1012 25 . . PUNCT cblr-1720 1013 1 198 198 NUM cblr-1720 1013 2 directors director NOUN cblr-1720 1013 3 who who PRON cblr-1720 1013 4 are be AUX cblr-1720 1013 5 held hold VERB cblr-1720 1013 6 liable liable ADJ cblr-1720 1013 7 for for ADP cblr-1720 1013 8 a a DET cblr-1720 1013 9 breach breach NOUN cblr-1720 1013 10 of of ADP cblr-1720 1013 11 their their PRON cblr-1720 1013 12 fiduciary fiduciary ADJ cblr-1720 1013 13 duties duty NOUN cblr-1720 1013 14 often often ADV cblr-1720 1013 15 avoid avoid VERB cblr-1720 1013 16 personal personal ADJ cblr-1720 1013 17 liability liability NOUN cblr-1720 1013 18 owing owe VERB cblr-1720 1013 19 to to ADP cblr-1720 1013 20 the the DET cblr-1720 1013 21 indemnification indemnification NOUN cblr-1720 1013 22 , , PUNCT cblr-1720 1013 23 exemption exemption NOUN cblr-1720 1013 24 , , PUNCT cblr-1720 1013 25 and and CCONJ cblr-1720 1013 26 insurance insurance NOUN cblr-1720 1013 27 arrangements arrangement NOUN cblr-1720 1013 28 they they PRON cblr-1720 1013 29 entered enter VERB cblr-1720 1013 30 into into ADP cblr-1720 1013 31 with with ADP cblr-1720 1013 32 their their PRON cblr-1720 1013 33 firms firm NOUN cblr-1720 1013 34 pursuant pursuant ADJ cblr-1720 1013 35 to to PART cblr-1720 1013 36 title title NOUN cblr-1720 1013 37 8 8 NUM cblr-1720 1013 38 , , PUNCT cblr-1720 1013 39 section section NOUN cblr-1720 1013 40 145 145 NUM cblr-1720 1013 41 of of ADP cblr-1720 1013 42 the the DET cblr-1720 1013 43 delaware delaware PROPN cblr-1720 1013 44 code code PROPN cblr-1720 1013 45 and and CCONJ cblr-1720 1013 46 section section NOUN cblr-1720 1013 47 8.57 8.57 NUM cblr-1720 1013 48 of of ADP cblr-1720 1013 49 the the DET cblr-1720 1013 50 revised revise VERB cblr-1720 1013 51 shilon shilon NOUN cblr-1720 1013 52 – – PUNCT cblr-1720 1013 53 final final ADJ cblr-1720 1013 54 588 588 NUM cblr-1720 1013 55 columbia columbia PROPN cblr-1720 1013 56 business business NOUN cblr-1720 1013 57 law law PROPN cblr-1720 1013 58 review review NOUN cblr-1720 1013 59 [ [ X cblr-1720 1013 60 vol vol NOUN cblr-1720 1013 61 . . PUNCT cblr-1720 1013 62 2017 2017 NUM cblr-1720 1013 63 concern concern NOUN cblr-1720 1013 64 about about ADP cblr-1720 1013 65 the the DET cblr-1720 1013 66 arrangement arrangement NOUN cblr-1720 1013 67 is be AUX cblr-1720 1013 68 that that SCONJ cblr-1720 1013 69 it it PRON cblr-1720 1013 70 violates violate VERB cblr-1720 1013 71 this this DET cblr-1720 1013 72 first first ADJ cblr-1720 1013 73 principle principle NOUN cblr-1720 1013 74 by by ADP cblr-1720 1013 75 expecting expect VERB cblr-1720 1013 76 the the DET cblr-1720 1013 77 outside outside ADJ cblr-1720 1013 78 directors director NOUN cblr-1720 1013 79 to to PART cblr-1720 1013 80 spend spend VERB cblr-1720 1013 81 their their PRON cblr-1720 1013 82 own own ADJ cblr-1720 1013 83 money money NOUN cblr-1720 1013 84 in in ADP cblr-1720 1013 85 case case NOUN cblr-1720 1013 86 they they PRON cblr-1720 1013 87 wish wish VERB cblr-1720 1013 88 to to PART cblr-1720 1013 89 pass pass VERB cblr-1720 1013 90 a a DET cblr-1720 1013 91 board board NOUN cblr-1720 1013 92 resolution resolution NOUN cblr-1720 1013 93 to to PART cblr-1720 1013 94 fend fend VERB cblr-1720 1013 95 off off ADP cblr-1720 1013 96 a a DET cblr-1720 1013 97 hostile hostile ADJ cblr-1720 1013 98 bid bid NOUN cblr-1720 1013 99 . . PUNCT cblr-1720 1014 1 the the DET cblr-1720 1014 2 proposed propose VERB cblr-1720 1014 3 arrangement arrangement NOUN cblr-1720 1014 4 , , PUNCT cblr-1720 1014 5 however however ADV cblr-1720 1014 6 , , PUNCT cblr-1720 1014 7 does do AUX cblr-1720 1014 8 not not PART cblr-1720 1014 9 require require VERB cblr-1720 1014 10 outside outside ADJ cblr-1720 1014 11 directors director NOUN cblr-1720 1014 12 to to PART cblr-1720 1014 13 spend spend VERB cblr-1720 1014 14 money money NOUN cblr-1720 1014 15 out out ADP cblr-1720 1014 16 - - PUNCT cblr-1720 1014 17 of of ADP cblr-1720 1014 18 - - PUNCT cblr-1720 1014 19 pocket pocket NOUN cblr-1720 1014 20 to to PART cblr-1720 1014 21 reject reject VERB cblr-1720 1014 22 the the DET cblr-1720 1014 23 bid bid NOUN cblr-1720 1014 24 . . PUNCT cblr-1720 1015 1 instead instead ADV cblr-1720 1015 2 , , PUNCT cblr-1720 1015 3 it it PRON cblr-1720 1015 4 expects expect VERB cblr-1720 1015 5 good good ADJ cblr-1720 1015 6 type type NOUN cblr-1720 1015 7 directors director NOUN cblr-1720 1015 8 to to PART cblr-1720 1015 9 convert convert VERB cblr-1720 1015 10 some some DET cblr-1720 1015 11 future future ADJ cblr-1720 1015 12 cash cash NOUN cblr-1720 1015 13 compensation compensation NOUN cblr-1720 1015 14 into into ADP cblr-1720 1015 15 restricted restricted ADJ cblr-1720 1015 16 stock stock NOUN cblr-1720 1015 17 , , PUNCT cblr-1720 1015 18 while while SCONJ cblr-1720 1015 19 it it PRON cblr-1720 1015 20 anticipates anticipate VERB cblr-1720 1015 21 that that PRON cblr-1720 1015 22 bad bad ADJ cblr-1720 1015 23 type type NOUN cblr-1720 1015 24 directors director NOUN cblr-1720 1015 25 will will AUX cblr-1720 1015 26 not not PART cblr-1720 1015 27 commit commit VERB cblr-1720 1015 28 at at ADV cblr-1720 1015 29 all all ADV cblr-1720 1015 30 . . PUNCT cblr-1720 1016 1 as as SCONJ cblr-1720 1016 2 demonstrated demonstrate VERB cblr-1720 1016 3 in in ADP cblr-1720 1016 4 the the DET cblr-1720 1016 5 sample sample NOUN cblr-1720 1016 6 board board NOUN cblr-1720 1016 7 resolution resolution NOUN cblr-1720 1016 8 provided provide VERB cblr-1720 1016 9 in in ADP cblr-1720 1016 10 part part NOUN cblr-1720 1016 11 vi vi PROPN cblr-1720 1016 12 , , PUNCT cblr-1720 1016 13 a a DET cblr-1720 1016 14 practical practical ADJ cblr-1720 1016 15 application application NOUN cblr-1720 1016 16 of of ADP cblr-1720 1016 17 the the DET cblr-1720 1016 18 arrangement arrangement NOUN cblr-1720 1016 19 can can AUX cblr-1720 1016 20 be be AUX cblr-1720 1016 21 the the DET cblr-1720 1016 22 conversion conversion NOUN cblr-1720 1016 23 of of ADP cblr-1720 1016 24 a a DET cblr-1720 1016 25 certain certain ADJ cblr-1720 1016 26 portion portion NOUN cblr-1720 1016 27 of of ADP cblr-1720 1016 28 the the DET cblr-1720 1016 29 directors director NOUN cblr-1720 1016 30 ’ ’ PART cblr-1720 1016 31 future future ADJ cblr-1720 1016 32 cash cash NOUN cblr-1720 1016 33 compensation compensation NOUN cblr-1720 1016 34 into into ADP cblr-1720 1016 35 restricted restricted ADJ cblr-1720 1016 36 stock stock NOUN cblr-1720 1016 37 at at ADP cblr-1720 1016 38 the the DET cblr-1720 1016 39 bid bid NOUN cblr-1720 1016 40 price price NOUN cblr-1720 1016 41 . . PUNCT cblr-1720 1017 1 such such DET cblr-1720 1017 2 a a DET cblr-1720 1017 3 change change NOUN cblr-1720 1017 4 in in ADP cblr-1720 1017 5 the the DET cblr-1720 1017 6 director director NOUN cblr-1720 1017 7 ’s ’s PART cblr-1720 1017 8 future future ADJ cblr-1720 1017 9 compensation compensation NOUN cblr-1720 1017 10 is be AUX cblr-1720 1017 11 in in ADP cblr-1720 1017 12 line line NOUN cblr-1720 1017 13 with with ADP cblr-1720 1017 14 a a DET cblr-1720 1017 15 recent recent ADJ cblr-1720 1017 16 trend trend NOUN cblr-1720 1017 17 in in ADP cblr-1720 1017 18 director director NOUN cblr-1720 1017 19 compensation compensation NOUN cblr-1720 1017 20 schemes scheme NOUN cblr-1720 1017 21 : : PUNCT cblr-1720 1017 22 substituting substitute VERB cblr-1720 1017 23 cash cash NOUN cblr-1720 1017 24 with with ADP cblr-1720 1017 25 restricted restricted ADJ cblr-1720 1017 26 stock.199 stock.199 ADJ cblr-1720 1017 27 b. b. NOUN cblr-1720 1017 28 the the DET cblr-1720 1017 29 difficulty difficulty NOUN cblr-1720 1017 30 in in ADP cblr-1720 1017 31 deciding decide VERB cblr-1720 1017 32 the the DET cblr-1720 1017 33 credible credible ADJ cblr-1720 1017 34 commitment commitment NOUN cblr-1720 1017 35 threshold threshold VERB cblr-1720 1017 36 another another DET cblr-1720 1017 37 concern concern NOUN cblr-1720 1017 38 about about ADP cblr-1720 1017 39 the the DET cblr-1720 1017 40 arrangement arrangement NOUN cblr-1720 1017 41 is be AUX cblr-1720 1017 42 that that SCONJ cblr-1720 1017 43 it it PRON cblr-1720 1017 44 is be AUX cblr-1720 1017 45 hard hard ADJ cblr-1720 1017 46 to to PART cblr-1720 1017 47 implement implement VERB cblr-1720 1017 48 because because SCONJ cblr-1720 1017 49 of of ADP cblr-1720 1017 50 the the DET cblr-1720 1017 51 practical practical ADJ cblr-1720 1017 52 difficulty difficulty NOUN cblr-1720 1017 53 inherent inherent ADJ cblr-1720 1017 54 in in ADP cblr-1720 1017 55 finding find VERB cblr-1720 1017 56 the the DET cblr-1720 1017 57 directors director NOUN cblr-1720 1017 58 ’ ' PUNCT cblr-1720 1017 59 exact exact ADJ cblr-1720 1017 60 commitment commitment NOUN cblr-1720 1017 61 level level NOUN cblr-1720 1017 62 that that PRON cblr-1720 1017 63 will will AUX cblr-1720 1017 64 render render VERB cblr-1720 1017 65 that that DET cblr-1720 1017 66 commitment commitment NOUN cblr-1720 1017 67 credible credible ADJ cblr-1720 1017 68 . . PUNCT cblr-1720 1018 1 finding find VERB cblr-1720 1018 2 the the DET cblr-1720 1018 3 exact exact ADJ cblr-1720 1018 4 maximal maximal ADJ cblr-1720 1018 5 willingness willingness NOUN cblr-1720 1018 6 of of ADP cblr-1720 1018 7 the the DET cblr-1720 1018 8 pivotal pivotal ADJ cblr-1720 1018 9 director director NOUN cblr-1720 1018 10 to to PART cblr-1720 1018 11 buy buy VERB cblr-1720 1018 12 stock stock NOUN cblr-1720 1018 13 is be AUX cblr-1720 1018 14 complicated complicated ADJ cblr-1720 1018 15 and and CCONJ cblr-1720 1018 16 challenging challenging ADJ cblr-1720 1018 17 , , PUNCT cblr-1720 1018 18 the the DET cblr-1720 1018 19 argument argument NOUN cblr-1720 1018 20 goes go VERB cblr-1720 1018 21 , , PUNCT cblr-1720 1018 22 and and CCONJ cblr-1720 1018 23 making make VERB cblr-1720 1018 24 the the DET cblr-1720 1018 25 necessary necessary ADJ cblr-1720 1018 26 downward downward ADJ cblr-1720 1018 27 adjustments adjustment NOUN cblr-1720 1018 28 — — PUNCT cblr-1720 1018 29 based base VERB cblr-1720 1018 30 on on ADP cblr-1720 1018 31 the the DET cblr-1720 1018 32 target target NOUN cblr-1720 1018 33 ’s ’s PART cblr-1720 1018 34 quality quality NOUN cblr-1720 1018 35 of of ADP cblr-1720 1018 36 corporate corporate ADJ cblr-1720 1018 37 governance governance NOUN cblr-1720 1018 38 , , PUNCT cblr-1720 1018 39 directors director NOUN cblr-1720 1018 40 ’ ’ PART cblr-1720 1018 41 risk risk NOUN cblr-1720 1018 42 aversion aversion NOUN cblr-1720 1018 43 , , PUNCT cblr-1720 1018 44 and and CCONJ cblr-1720 1018 45 weight weight NOUN cblr-1720 1018 46 that that PRON cblr-1720 1018 47 courts court NOUN cblr-1720 1018 48 are be AUX cblr-1720 1018 49 expected expect VERB cblr-1720 1018 50 to to PART cblr-1720 1018 51 give give VERB cblr-1720 1018 52 to to ADP cblr-1720 1018 53 such such DET cblr-1720 1018 54 a a DET cblr-1720 1018 55 commitment commitment NOUN cblr-1720 1018 56 — — PUNCT cblr-1720 1018 57 makes make VERB cblr-1720 1018 58 it it PRON cblr-1720 1018 59 unrealistic unrealistic ADJ cblr-1720 1018 60 to to PART cblr-1720 1018 61 assume assume VERB cblr-1720 1018 62 that that SCONJ cblr-1720 1018 63 target target NOUN cblr-1720 1018 64 boards board NOUN cblr-1720 1018 65 , , PUNCT cblr-1720 1018 66 shareholders shareholder NOUN cblr-1720 1018 67 , , PUNCT cblr-1720 1018 68 and and CCONJ cblr-1720 1018 69 even even ADV cblr-1720 1018 70 courts court NOUN cblr-1720 1018 71 will will AUX cblr-1720 1018 72 have have VERB cblr-1720 1018 73 a a DET cblr-1720 1018 74 reasonable reasonable ADJ cblr-1720 1018 75 model model NOUN cblr-1720 1018 76 business business PROPN cblr-1720 1018 77 corporation corporation PROPN cblr-1720 1018 78 act act PROPN cblr-1720 1018 79 . . PUNCT cblr-1720 1019 1 see see VERB cblr-1720 1019 2 del del PROPN cblr-1720 1019 3 . . PROPN cblr-1720 1019 4 code code PROPN cblr-1720 1019 5 ann ann PROPN cblr-1720 1019 6 . . PUNCT cblr-1720 1020 1 tit tit PROPN cblr-1720 1020 2 . . PROPN cblr-1720 1021 1 8 8 NUM cblr-1720 1021 2 , , PUNCT cblr-1720 1021 3 § § PROPN cblr-1720 1021 4 145 145 NUM cblr-1720 1021 5 ( ( PUNCT cblr-1720 1021 6 2016 2016 NUM cblr-1720 1021 7 ) ) PUNCT cblr-1720 1021 8 ; ; PUNCT cblr-1720 1021 9 revised revise VERB cblr-1720 1021 10 model model NOUN cblr-1720 1021 11 bus bus PROPN cblr-1720 1021 12 . . PUNCT cblr-1720 1022 1 corp corp PROPN cblr-1720 1022 2 . . PROPN cblr-1720 1022 3 act act PROPN cblr-1720 1022 4 § § PROPN cblr-1720 1022 5 8.57 8.57 NUM cblr-1720 1022 6 ( ( PUNCT cblr-1720 1022 7 am am NOUN cblr-1720 1022 8 . . PUNCT cblr-1720 1023 1 bar bar NOUN cblr-1720 1023 2 ass’n ass’n NUM cblr-1720 1023 3 2003 2003 NUM cblr-1720 1023 4 ) ) PUNCT cblr-1720 1023 5 . . PUNCT cblr-1720 1024 1 199 199 NUM cblr-1720 1024 2 while while SCONJ cblr-1720 1024 3 the the DET cblr-1720 1024 4 cash cash NOUN cblr-1720 1024 5 component component NOUN cblr-1720 1024 6 of of ADP cblr-1720 1024 7 s&p s&p PROPN cblr-1720 1024 8 500 500 NUM cblr-1720 1024 9 directors director NOUN cblr-1720 1024 10 increased increase VERB cblr-1720 1024 11 by by ADP cblr-1720 1024 12 less less ADJ cblr-1720 1024 13 than than ADP cblr-1720 1024 14 25 25 NUM cblr-1720 1024 15 % % NOUN cblr-1720 1024 16 between between ADP cblr-1720 1024 17 2010 2010 NUM cblr-1720 1024 18 and and CCONJ cblr-1720 1024 19 2014 2014 NUM cblr-1720 1024 20 , , PUNCT cblr-1720 1024 21 the the DET cblr-1720 1024 22 weight weight NOUN cblr-1720 1024 23 of of ADP cblr-1720 1024 24 restricted restrict VERB cblr-1720 1024 25 stock stock NOUN cblr-1720 1024 26 spiked spike VERB cblr-1720 1024 27 by by ADP cblr-1720 1024 28 39 39 NUM cblr-1720 1024 29 % % NOUN cblr-1720 1024 30 , , PUNCT cblr-1720 1024 31 making make VERB cblr-1720 1024 32 it it PRON cblr-1720 1024 33 the the DET cblr-1720 1024 34 most most ADV cblr-1720 1024 35 dominant dominant ADJ cblr-1720 1024 36 component component NOUN cblr-1720 1024 37 in in ADP cblr-1720 1024 38 director director NOUN cblr-1720 1024 39 pay pay NOUN cblr-1720 1024 40 . . PUNCT cblr-1720 1025 1 see see VERB cblr-1720 1025 2 equilar equilar PROPN cblr-1720 1025 3 inc inc PROPN cblr-1720 1025 4 . . PROPN cblr-1720 1025 5 , , PUNCT cblr-1720 1025 6 director director NOUN cblr-1720 1025 7 pay pay VERB cblr-1720 1025 8 trends trend NOUN cblr-1720 1025 9 2015 2015 NUM cblr-1720 1025 10 : : PUNCT cblr-1720 1025 11 retainers retainer NOUN cblr-1720 1025 12 rise rise VERB cblr-1720 1025 13 to to PART cblr-1720 1025 14 reflect reflect VERB cblr-1720 1025 15 board board NOUN cblr-1720 1025 16 responsibilities responsibility NOUN cblr-1720 1025 17 10 10 NUM cblr-1720 1025 18 ( ( PUNCT cblr-1720 1025 19 2015 2015 NUM cblr-1720 1025 20 ) ) PUNCT cblr-1720 1025 21 . . PUNCT cblr-1720 1026 1 shilon shilon NOUN cblr-1720 1026 2 – – PUNCT cblr-1720 1026 3 final final ADJ cblr-1720 1026 4 no no NOUN cblr-1720 1026 5 . . PUNCT cblr-1720 1027 1 2:511 2:511 NOUN cblr-1720 1027 2 ] ] X cblr-1720 1027 3 improving improve VERB cblr-1720 1027 4 corporate corporate ADJ cblr-1720 1027 5 takeover takeover NOUN cblr-1720 1027 6 dynamics dynamic NOUN cblr-1720 1027 7 589 589 NUM cblr-1720 1027 8 estimation estimation NOUN cblr-1720 1027 9 of of ADP cblr-1720 1027 10 how how SCONJ cblr-1720 1027 11 many many ADJ cblr-1720 1027 12 shares share VERB cblr-1720 1027 13 the the DET cblr-1720 1027 14 directors director NOUN cblr-1720 1027 15 should should AUX cblr-1720 1027 16 commit commit VERB cblr-1720 1027 17 to to PART cblr-1720 1027 18 buy buy VERB cblr-1720 1027 19 in in ADP cblr-1720 1027 20 order order NOUN cblr-1720 1027 21 to to PART cblr-1720 1027 22 genuinely genuinely ADV cblr-1720 1027 23 oppose oppose VERB cblr-1720 1027 24 the the DET cblr-1720 1027 25 bid bid NOUN cblr-1720 1027 26 . . PUNCT cblr-1720 1028 1 accordingly accordingly ADV cblr-1720 1028 2 , , PUNCT cblr-1720 1028 3 shareholders shareholder NOUN cblr-1720 1028 4 and and CCONJ cblr-1720 1028 5 courts court NOUN cblr-1720 1028 6 would would AUX cblr-1720 1028 7 be be AUX cblr-1720 1028 8 unable unable ADJ cblr-1720 1028 9 to to PART cblr-1720 1028 10 distinguish distinguish VERB cblr-1720 1028 11 between between ADP cblr-1720 1028 12 good good ADJ cblr-1720 1028 13 type type NOUN cblr-1720 1028 14 and and CCONJ cblr-1720 1028 15 bad bad ADJ cblr-1720 1028 16 type type NOUN cblr-1720 1028 17 directors director NOUN cblr-1720 1028 18 . . PUNCT cblr-1720 1029 1 this this DET cblr-1720 1029 2 article article NOUN cblr-1720 1029 3 , , PUNCT cblr-1720 1029 4 however however ADV cblr-1720 1029 5 , , PUNCT cblr-1720 1029 6 indicates indicate VERB cblr-1720 1029 7 that that SCONJ cblr-1720 1029 8 the the DET cblr-1720 1029 9 above above ADJ cblr-1720 1029 10 concern concern NOUN cblr-1720 1029 11 is be AUX cblr-1720 1029 12 unwarranted unwarranted ADJ cblr-1720 1029 13 . . PUNCT cblr-1720 1030 1 first first ADV cblr-1720 1030 2 , , PUNCT cblr-1720 1030 3 despite despite SCONJ cblr-1720 1030 4 its its PRON cblr-1720 1030 5 theoretical theoretical ADJ cblr-1720 1030 6 complexity complexity NOUN cblr-1720 1030 7 , , PUNCT cblr-1720 1030 8 the the DET cblr-1720 1030 9 important important ADJ cblr-1720 1030 10 and and CCONJ cblr-1720 1030 11 most most ADV cblr-1720 1030 12 dominant dominant ADJ cblr-1720 1030 13 factors factor NOUN cblr-1720 1030 14 of of ADP cblr-1720 1030 15 the the DET cblr-1720 1030 16 model model NOUN cblr-1720 1030 17 are be AUX cblr-1720 1030 18 easy easy ADJ cblr-1720 1030 19 to to PART cblr-1720 1030 20 determine determine VERB cblr-1720 1030 21 and and CCONJ cblr-1720 1030 22 measure measure VERB cblr-1720 1030 23 . . PUNCT cblr-1720 1031 1 specifically specifically ADV cblr-1720 1031 2 , , PUNCT cblr-1720 1031 3 the the DET cblr-1720 1031 4 main main ADJ cblr-1720 1031 5 benefit benefit NOUN cblr-1720 1031 6 for for ADP cblr-1720 1031 7 the the DET cblr-1720 1031 8 directors director NOUN cblr-1720 1031 9 is be AUX cblr-1720 1031 10 keeping keep VERB cblr-1720 1031 11 their their PRON cblr-1720 1031 12 future future ADJ cblr-1720 1031 13 salaries,200 salaries,200 PROPN cblr-1720 1031 14 and and CCONJ cblr-1720 1031 15 the the DET cblr-1720 1031 16 main main ADJ cblr-1720 1031 17 cost cost NOUN cblr-1720 1031 18 is be AUX cblr-1720 1031 19 the the DET cblr-1720 1031 20 opportunity opportunity NOUN cblr-1720 1031 21 cost cost NOUN cblr-1720 1031 22 of of ADP cblr-1720 1031 23 buying buy VERB cblr-1720 1031 24 the the DET cblr-1720 1031 25 commitment commitment NOUN cblr-1720 1031 26 stock stock NOUN cblr-1720 1031 27 at at ADP cblr-1720 1031 28 the the DET cblr-1720 1031 29 bid bid NOUN cblr-1720 1031 30 premium premium NOUN cblr-1720 1031 31 instead instead ADV cblr-1720 1031 32 of of ADP cblr-1720 1031 33 at at ADP cblr-1720 1031 34 the the DET cblr-1720 1031 35 market market NOUN cblr-1720 1031 36 price price NOUN cblr-1720 1031 37 . . PUNCT cblr-1720 1032 1 second second ADJ cblr-1720 1032 2 , , PUNCT cblr-1720 1032 3 the the DET cblr-1720 1032 4 reasonableness reasonableness NOUN cblr-1720 1032 5 of of ADP cblr-1720 1032 6 the the DET cblr-1720 1032 7 commitment commitment NOUN cblr-1720 1032 8 amounts amount NOUN cblr-1720 1032 9 is be AUX cblr-1720 1032 10 ascertainable ascertainable ADJ cblr-1720 1032 11 because because SCONJ cblr-1720 1032 12 , , PUNCT cblr-1720 1032 13 unlike unlike ADP cblr-1720 1032 14 insurance insurance NOUN cblr-1720 1032 15 companies company NOUN cblr-1720 1032 16 ’ ’ PART cblr-1720 1032 17 participation participation NOUN cblr-1720 1032 18 fees fee NOUN cblr-1720 1032 19 , , PUNCT cblr-1720 1032 20 the the DET cblr-1720 1032 21 directors director NOUN cblr-1720 1032 22 ’ ’ PART cblr-1720 1032 23 commitment commitment NOUN cblr-1720 1032 24 amounts amount NOUN cblr-1720 1032 25 are be AUX cblr-1720 1032 26 not not PART cblr-1720 1032 27 decided decide VERB cblr-1720 1032 28 unilaterally unilaterally ADV cblr-1720 1032 29 but but CCONJ cblr-1720 1032 30 after after ADP cblr-1720 1032 31 thorough thorough ADJ cblr-1720 1032 32 collaborative collaborative ADJ cblr-1720 1032 33 efforts effort NOUN cblr-1720 1032 34 . . PUNCT cblr-1720 1033 1 such such ADJ cblr-1720 1033 2 efforts effort NOUN cblr-1720 1033 3 include include VERB cblr-1720 1033 4 early early ADJ cblr-1720 1033 5 engagement engagement NOUN cblr-1720 1033 6 with with ADP cblr-1720 1033 7 longterm longterm ADJ cblr-1720 1033 8 shareholders shareholder NOUN cblr-1720 1033 9 , , PUNCT cblr-1720 1033 10 assisted assist VERB cblr-1720 1033 11 by by ADP cblr-1720 1033 12 iss iss PROPN cblr-1720 1033 13 , , PUNCT cblr-1720 1033 14 as as ADV cblr-1720 1033 15 well well ADV cblr-1720 1033 16 as as ADP cblr-1720 1033 17 courts court NOUN cblr-1720 1033 18 ’ ' PUNCT cblr-1720 1033 19 later later ADV cblr-1720 1033 20 monitoring monitoring NOUN cblr-1720 1033 21 of of ADP cblr-1720 1033 22 the the DET cblr-1720 1033 23 commitment commitment NOUN cblr-1720 1033 24 amounts amount NOUN cblr-1720 1033 25 and and CCONJ cblr-1720 1033 26 a a DET cblr-1720 1033 27 possible possible ADJ cblr-1720 1033 28 final final ADJ cblr-1720 1033 29 shareholder shareholder NOUN cblr-1720 1033 30 vote vote NOUN cblr-1720 1033 31 . . PUNCT cblr-1720 1034 1 third third ADJ cblr-1720 1034 2 , , PUNCT cblr-1720 1034 3 even even ADV cblr-1720 1034 4 if if SCONJ cblr-1720 1034 5 there there PRON cblr-1720 1034 6 is be VERB cblr-1720 1034 7 no no DET cblr-1720 1034 8 certainty certainty NOUN cblr-1720 1034 9 regarding regard VERB cblr-1720 1034 10 the the DET cblr-1720 1034 11 exact exact ADJ cblr-1720 1034 12 threshold threshold NOUN cblr-1720 1034 13 for for ADP cblr-1720 1034 14 credible credible ADJ cblr-1720 1034 15 commitment commitment NOUN cblr-1720 1034 16 , , PUNCT cblr-1720 1034 17 the the DET cblr-1720 1034 18 arrangement arrangement NOUN cblr-1720 1034 19 guarantees guarantee VERB cblr-1720 1034 20 important important ADJ cblr-1720 1034 21 improvements improvement NOUN cblr-1720 1034 22 . . PUNCT cblr-1720 1035 1 the the DET cblr-1720 1035 2 directors director NOUN cblr-1720 1035 3 ’ ’ PART cblr-1720 1035 4 stock stock NOUN cblr-1720 1035 5 commitments commitment NOUN cblr-1720 1035 6 should should AUX cblr-1720 1035 7 be be AUX cblr-1720 1035 8 weighed weigh VERB cblr-1720 1035 9 by by ADP cblr-1720 1035 10 courts court NOUN cblr-1720 1035 11 and and CCONJ cblr-1720 1035 12 shareholders shareholder NOUN cblr-1720 1035 13 in in ADP cblr-1720 1035 14 conjunction conjunction NOUN cblr-1720 1035 15 with with ADP cblr-1720 1035 16 all all DET cblr-1720 1035 17 other other ADJ cblr-1720 1035 18 factors factor NOUN cblr-1720 1035 19 pertaining pertain VERB cblr-1720 1035 20 to to ADP cblr-1720 1035 21 the the DET cblr-1720 1035 22 takeover takeover NOUN cblr-1720 1035 23 — — PUNCT cblr-1720 1035 24 one one NUM cblr-1720 1035 25 of of ADP cblr-1720 1035 26 several several ADJ cblr-1720 1035 27 important important ADJ cblr-1720 1035 28 factors factor NOUN cblr-1720 1035 29 in in ADP cblr-1720 1035 30 the the DET cblr-1720 1035 31 complete complete ADJ cblr-1720 1035 32 mosaic mosaic NOUN cblr-1720 1035 33 of of ADP cblr-1720 1035 34 relevant relevant ADJ cblr-1720 1035 35 information information NOUN cblr-1720 1035 36 . . PUNCT cblr-1720 1036 1 c. c. NOUN cblr-1720 1036 2 decrease decrease NOUN cblr-1720 1036 3 in in ADP cblr-1720 1036 4 board board NOUN cblr-1720 1036 5 independence independence NOUN cblr-1720 1036 6 some some DET cblr-1720 1036 7 critics critic NOUN cblr-1720 1036 8 might might AUX cblr-1720 1036 9 argue argue VERB cblr-1720 1036 10 that that SCONJ cblr-1720 1036 11 requiring require VERB cblr-1720 1036 12 outside outside ADJ cblr-1720 1036 13 directors director NOUN cblr-1720 1036 14 to to PART cblr-1720 1036 15 purchase purchase VERB cblr-1720 1036 16 more more ADV cblr-1720 1036 17 restricted restricted ADJ cblr-1720 1036 18 stock stock NOUN cblr-1720 1036 19 than than SCONJ cblr-1720 1036 20 they they PRON cblr-1720 1036 21 already already ADV cblr-1720 1036 22 have have VERB cblr-1720 1036 23 will will AUX cblr-1720 1036 24 compromise compromise VERB cblr-1720 1036 25 their their PRON cblr-1720 1036 26 independence independence NOUN cblr-1720 1036 27 . . PUNCT cblr-1720 1037 1 to to PART cblr-1720 1037 2 be be AUX cblr-1720 1037 3 able able ADJ cblr-1720 1037 4 to to PART cblr-1720 1037 5 sell sell VERB cblr-1720 1037 6 their their PRON cblr-1720 1037 7 committed committed ADJ cblr-1720 1037 8 stock stock NOUN cblr-1720 1037 9 at at ADP cblr-1720 1037 10 a a DET cblr-1720 1037 11 profit profit NOUN cblr-1720 1037 12 , , PUNCT cblr-1720 1037 13 they they PRON cblr-1720 1037 14 may may AUX cblr-1720 1037 15 be be AUX cblr-1720 1037 16 tempted tempt VERB cblr-1720 1037 17 to to PART cblr-1720 1037 18 adopt adopt VERB cblr-1720 1037 19 200 200 NUM cblr-1720 1037 20 because because SCONJ cblr-1720 1037 21 the the DET cblr-1720 1037 22 commitment commitment NOUN cblr-1720 1037 23 is be AUX cblr-1720 1037 24 made make VERB cblr-1720 1037 25 by by ADP cblr-1720 1037 26 outside outside ADJ cblr-1720 1037 27 directors director NOUN cblr-1720 1037 28 , , PUNCT cblr-1720 1037 29 and and CCONJ cblr-1720 1037 30 because because SCONJ cblr-1720 1037 31 there there PRON cblr-1720 1037 32 is be VERB cblr-1720 1037 33 no no DET cblr-1720 1037 34 limit limit NOUN cblr-1720 1037 35 on on ADP cblr-1720 1037 36 the the DET cblr-1720 1037 37 number number NOUN cblr-1720 1037 38 of of ADP cblr-1720 1037 39 directorships directorship NOUN cblr-1720 1037 40 one one PRON cblr-1720 1037 41 can can AUX cblr-1720 1037 42 take take VERB cblr-1720 1037 43 , , PUNCT cblr-1720 1037 44 it it PRON cblr-1720 1037 45 is be AUX cblr-1720 1037 46 practically practically ADV cblr-1720 1037 47 irrelevant irrelevant ADJ cblr-1720 1037 48 to to PART cblr-1720 1037 49 check check VERB cblr-1720 1037 50 whether whether SCONJ cblr-1720 1037 51 the the DET cblr-1720 1037 52 director director NOUN cblr-1720 1037 53 can can AUX cblr-1720 1037 54 find find VERB cblr-1720 1037 55 an an DET cblr-1720 1037 56 alternative alternative ADJ cblr-1720 1037 57 directorship directorship NOUN cblr-1720 1037 58 if if SCONJ cblr-1720 1037 59 the the DET cblr-1720 1037 60 director director NOUN cblr-1720 1037 61 is be AUX cblr-1720 1037 62 removed remove VERB cblr-1720 1037 63 . . PUNCT cblr-1720 1038 1 if if SCONJ cblr-1720 1038 2 inside inside ADJ cblr-1720 1038 3 directors director NOUN cblr-1720 1038 4 make make VERB cblr-1720 1038 5 the the DET cblr-1720 1038 6 commitment commitment NOUN cblr-1720 1038 7 , , PUNCT cblr-1720 1038 8 however however ADV cblr-1720 1038 9 , , PUNCT cblr-1720 1038 10 the the DET cblr-1720 1038 11 calculation calculation NOUN cblr-1720 1038 12 of of ADP cblr-1720 1038 13 this this DET cblr-1720 1038 14 factor factor NOUN cblr-1720 1038 15 , , PUNCT cblr-1720 1038 16 as as ADV cblr-1720 1038 17 well well ADV cblr-1720 1038 18 as as ADP cblr-1720 1038 19 of of ADP cblr-1720 1038 20 others other NOUN cblr-1720 1038 21 , , PUNCT cblr-1720 1038 22 would would AUX cblr-1720 1038 23 become become VERB cblr-1720 1038 24 significantly significantly ADV cblr-1720 1038 25 more more ADV cblr-1720 1038 26 complicated complicated ADJ cblr-1720 1038 27 . . PUNCT cblr-1720 1039 1 shilon shilon NOUN cblr-1720 1039 2 – – PUNCT cblr-1720 1039 3 final final ADJ cblr-1720 1039 4 590 590 NUM cblr-1720 1039 5 columbia columbia PROPN cblr-1720 1039 6 business business NOUN cblr-1720 1039 7 law law PROPN cblr-1720 1039 8 review review NOUN cblr-1720 1040 1 [ [ X cblr-1720 1040 2 vol vol NOUN cblr-1720 1040 3 . . NOUN cblr-1720 1040 4 2017 2017 NUM cblr-1720 1040 5 excessively excessively ADV cblr-1720 1040 6 bullish bullish ADJ cblr-1720 1040 7 strategies strategy NOUN cblr-1720 1040 8 or or CCONJ cblr-1720 1040 9 to to PART cblr-1720 1040 10 turn turn VERB cblr-1720 1040 11 a a DET cblr-1720 1040 12 blind blind ADJ cblr-1720 1040 13 eye eye NOUN cblr-1720 1040 14 to to ADP cblr-1720 1040 15 dubious dubious ADJ cblr-1720 1040 16 accounting accounting NOUN cblr-1720 1040 17 management management NOUN cblr-1720 1040 18 practices practice NOUN cblr-1720 1040 19 . . PUNCT cblr-1720 1041 1 alternatively alternatively ADV cblr-1720 1041 2 , , PUNCT cblr-1720 1041 3 because because SCONJ cblr-1720 1041 4 of of ADP cblr-1720 1041 5 the the DET cblr-1720 1041 6 additional additional ADJ cblr-1720 1041 7 investment investment NOUN cblr-1720 1041 8 that that PRON cblr-1720 1041 9 the the DET cblr-1720 1041 10 arrangement arrangement NOUN cblr-1720 1041 11 imposes impose VERB cblr-1720 1041 12 on on ADP cblr-1720 1041 13 them they PRON cblr-1720 1041 14 , , PUNCT cblr-1720 1041 15 the the DET cblr-1720 1041 16 outside outside ADJ cblr-1720 1041 17 directors director NOUN cblr-1720 1041 18 will will AUX cblr-1720 1041 19 be be AUX cblr-1720 1041 20 too too ADV cblr-1720 1041 21 cautious cautious ADJ cblr-1720 1041 22 in in ADP cblr-1720 1041 23 directing direct VERB cblr-1720 1041 24 the the DET cblr-1720 1041 25 target target NOUN cblr-1720 1041 26 ’s ’s PART cblr-1720 1041 27 future future ADJ cblr-1720 1041 28 strategy strategy NOUN cblr-1720 1041 29 , , PUNCT cblr-1720 1041 30 which which PRON cblr-1720 1041 31 will will AUX cblr-1720 1041 32 motivate motivate VERB cblr-1720 1041 33 them they PRON cblr-1720 1041 34 to to PART cblr-1720 1041 35 turn turn VERB cblr-1720 1041 36 down down ADP cblr-1720 1041 37 value value NOUN cblr-1720 1041 38 increasing increase VERB cblr-1720 1041 39 projects project NOUN cblr-1720 1041 40 . . PUNCT cblr-1720 1042 1 the the DET cblr-1720 1042 2 reality reality NOUN cblr-1720 1042 3 of of ADP cblr-1720 1042 4 director director NOUN cblr-1720 1042 5 compensation compensation NOUN cblr-1720 1042 6 , , PUNCT cblr-1720 1042 7 however however ADV cblr-1720 1042 8 , , PUNCT cblr-1720 1042 9 proves prove VERB cblr-1720 1042 10 that that SCONJ cblr-1720 1042 11 this this DET cblr-1720 1042 12 concern concern NOUN cblr-1720 1042 13 is be AUX cblr-1720 1042 14 also also ADV cblr-1720 1042 15 not not PART cblr-1720 1042 16 warranted warrant VERB cblr-1720 1042 17 . . PUNCT cblr-1720 1043 1 in in ADP cblr-1720 1043 2 particular particular ADJ cblr-1720 1043 3 , , PUNCT cblr-1720 1043 4 outside outside ADJ cblr-1720 1043 5 directors director NOUN cblr-1720 1043 6 ’ ' PUNCT cblr-1720 1043 7 pay pay NOUN cblr-1720 1043 8 is be AUX cblr-1720 1043 9 already already ADV cblr-1720 1043 10 dominated dominate VERB cblr-1720 1043 11 by by ADP cblr-1720 1043 12 restricted restricted ADJ cblr-1720 1043 13 stock,201 stock,201 NOUN cblr-1720 1043 14 and and CCONJ cblr-1720 1043 15 since since SCONJ cblr-1720 1043 16 firms firm NOUN cblr-1720 1043 17 expect expect VERB cblr-1720 1043 18 the the DET cblr-1720 1043 19 directors director NOUN cblr-1720 1043 20 to to PART cblr-1720 1043 21 keep keep VERB cblr-1720 1043 22 such such ADJ cblr-1720 1043 23 stock stock NOUN cblr-1720 1043 24 for for ADP cblr-1720 1043 25 the the DET cblr-1720 1043 26 long long ADJ cblr-1720 1043 27 term term NOUN cblr-1720 1043 28 , , PUNCT cblr-1720 1043 29 they they PRON cblr-1720 1043 30 subject subject VERB cblr-1720 1043 31 their their PRON cblr-1720 1043 32 directors director NOUN cblr-1720 1043 33 to to PART cblr-1720 1043 34 sops.202 sops.202 VERB cblr-1720 1043 35 the the DET cblr-1720 1043 36 proposed propose VERB cblr-1720 1043 37 arrangement arrangement NOUN cblr-1720 1043 38 is be AUX cblr-1720 1043 39 consistent consistent ADJ cblr-1720 1043 40 with with ADP cblr-1720 1043 41 current current ADJ cblr-1720 1043 42 director director NOUN cblr-1720 1043 43 compensation compensation NOUN cblr-1720 1043 44 schemes scheme NOUN cblr-1720 1043 45 and and CCONJ cblr-1720 1043 46 contributes contribute VERB cblr-1720 1043 47 to to ADP cblr-1720 1043 48 their their PRON cblr-1720 1043 49 efforts effort NOUN cblr-1720 1043 50 to to PART cblr-1720 1043 51 increase increase VERB cblr-1720 1043 52 directors director NOUN cblr-1720 1043 53 ’ ' PUNCT cblr-1720 1043 54 stock stock NOUN cblr-1720 1043 55 holding hold VERB cblr-1720 1043 56 for for ADP cblr-1720 1043 57 the the DET cblr-1720 1043 58 long long ADJ cblr-1720 1043 59 term term NOUN cblr-1720 1043 60 . . PUNCT cblr-1720 1044 1 d. d. PROPN cblr-1720 1044 2 the the DET cblr-1720 1044 3 arrangement arrangement NOUN cblr-1720 1044 4 costs cost NOUN cblr-1720 1044 5 might might AUX cblr-1720 1044 6 be be AUX cblr-1720 1044 7 rolled roll VERB cblr-1720 1044 8 over over ADP cblr-1720 1044 9 onto onto ADP cblr-1720 1044 10 shareholders shareholder NOUN cblr-1720 1044 11 it it PRON cblr-1720 1044 12 could could AUX cblr-1720 1044 13 also also ADV cblr-1720 1044 14 be be AUX cblr-1720 1044 15 argued argue VERB cblr-1720 1044 16 that that SCONJ cblr-1720 1044 17 the the DET cblr-1720 1044 18 target target NOUN cblr-1720 1044 19 ’s ’s PART cblr-1720 1044 20 executives executive NOUN cblr-1720 1044 21 will will AUX cblr-1720 1044 22 compensate compensate VERB cblr-1720 1044 23 outside outside ADP cblr-1720 1044 24 directors director NOUN cblr-1720 1044 25 for for ADP cblr-1720 1044 26 the the DET cblr-1720 1044 27 costs cost NOUN cblr-1720 1044 28 that that PRON cblr-1720 1044 29 directors director NOUN cblr-1720 1044 30 are be AUX cblr-1720 1044 31 expected expect VERB cblr-1720 1044 32 to to PART cblr-1720 1044 33 incur incur VERB cblr-1720 1044 34 in in ADP cblr-1720 1044 35 connection connection NOUN cblr-1720 1044 36 with with ADP cblr-1720 1044 37 the the DET cblr-1720 1044 38 arrangement arrangement NOUN cblr-1720 1044 39 ’s ’s PART cblr-1720 1044 40 stock stock NOUN cblr-1720 1044 41 commitments commitment NOUN cblr-1720 1044 42 . . PUNCT cblr-1720 1045 1 it it PRON cblr-1720 1045 2 would would AUX cblr-1720 1045 3 be be AUX cblr-1720 1045 4 in in ADP cblr-1720 1045 5 the the DET cblr-1720 1045 6 ceo ceo NOUN cblr-1720 1045 7 ’s ’s PART cblr-1720 1045 8 and and CCONJ cblr-1720 1045 9 other other ADJ cblr-1720 1045 10 executives executive NOUN cblr-1720 1045 11 ’ ’ PART cblr-1720 1045 12 interests interest NOUN cblr-1720 1045 13 that that SCONJ cblr-1720 1045 14 the the DET cblr-1720 1045 15 outside outside ADJ cblr-1720 1045 16 directors director NOUN cblr-1720 1045 17 make make VERB cblr-1720 1045 18 high high ADJ cblr-1720 1045 19 commitment commitment NOUN cblr-1720 1045 20 amounts amount NOUN cblr-1720 1045 21 , , PUNCT cblr-1720 1045 22 thereby thereby ADV cblr-1720 1045 23 ensuring ensure VERB cblr-1720 1045 24 their their PRON cblr-1720 1045 25 credible credible ADJ cblr-1720 1045 26 resistance resistance NOUN cblr-1720 1045 27 to to ADP cblr-1720 1045 28 the the DET cblr-1720 1045 29 takeover takeover NOUN cblr-1720 1045 30 . . PUNCT cblr-1720 1046 1 therefore therefore ADV cblr-1720 1046 2 , , PUNCT cblr-1720 1046 3 these these DET cblr-1720 1046 4 executives executive NOUN cblr-1720 1046 5 may may AUX cblr-1720 1046 6 informally informally ADV cblr-1720 1046 7 and and CCONJ cblr-1720 1046 8 secretly secretly ADV cblr-1720 1046 9 promise promise VERB cblr-1720 1046 10 to to PART cblr-1720 1046 11 make make VERB cblr-1720 1046 12 the the DET cblr-1720 1046 13 directors director NOUN cblr-1720 1046 14 whole whole ADJ cblr-1720 1046 15 for for ADP cblr-1720 1046 16 their their PRON cblr-1720 1046 17 commitment commitment NOUN cblr-1720 1046 18 costs cost NOUN cblr-1720 1046 19 — — PUNCT cblr-1720 1046 20 at at ADP cblr-1720 1046 21 the the DET cblr-1720 1046 22 expense expense NOUN cblr-1720 1046 23 of of ADP cblr-1720 1046 24 the the DET cblr-1720 1046 25 target target NOUN cblr-1720 1046 26 ’s ’s PART cblr-1720 1046 27 shareholders shareholder NOUN cblr-1720 1046 28 . . PUNCT cblr-1720 1047 1 the the DET cblr-1720 1047 2 reality reality NOUN cblr-1720 1047 3 of of ADP cblr-1720 1047 4 corporate corporate ADJ cblr-1720 1047 5 governance governance NOUN cblr-1720 1047 6 today today NOUN cblr-1720 1047 7 , , PUNCT cblr-1720 1047 8 however however ADV cblr-1720 1047 9 , , PUNCT cblr-1720 1047 10 refutes refute VERB cblr-1720 1047 11 this this DET cblr-1720 1047 12 argument argument NOUN cblr-1720 1047 13 . . PUNCT cblr-1720 1048 1 first first ADV cblr-1720 1048 2 , , PUNCT cblr-1720 1048 3 director director NOUN cblr-1720 1048 4 compensation compensation NOUN cblr-1720 1048 5 is be AUX cblr-1720 1048 6 transparent transparent ADJ cblr-1720 1048 7 . . PUNCT cblr-1720 1049 1 current current ADJ cblr-1720 1049 2 disclosure disclosure NOUN cblr-1720 1049 3 rules rule NOUN cblr-1720 1049 4 for for ADP cblr-1720 1049 5 director director NOUN cblr-1720 1049 6 pay pay NOUN cblr-1720 1049 7 are be AUX cblr-1720 1049 8 201 201 NUM cblr-1720 1049 9 in in ADP cblr-1720 1049 10 2014 2014 NUM cblr-1720 1049 11 , , PUNCT cblr-1720 1049 12 fortune fortune NOUN cblr-1720 1049 13 500 500 NUM cblr-1720 1049 14 outside outside ADJ cblr-1720 1049 15 directors director NOUN cblr-1720 1049 16 received receive VERB cblr-1720 1049 17 56 56 NUM cblr-1720 1049 18 % % NOUN cblr-1720 1049 19 of of ADP cblr-1720 1049 20 their their PRON cblr-1720 1049 21 pay pay NOUN cblr-1720 1049 22 in in ADP cblr-1720 1049 23 stock stock NOUN cblr-1720 1049 24 . . PUNCT cblr-1720 1050 1 see see VERB cblr-1720 1050 2 bowie bowie PROPN cblr-1720 1050 3 , , PUNCT cblr-1720 1050 4 supra supra PROPN cblr-1720 1050 5 note note NOUN cblr-1720 1050 6 58 58 NUM cblr-1720 1050 7 . . PUNCT cblr-1720 1051 1 202 202 NUM cblr-1720 1051 2 see see VERB cblr-1720 1051 3 equilar equilar PROPN cblr-1720 1051 4 inc inc PROPN cblr-1720 1051 5 . . PROPN cblr-1720 1051 6 , , PUNCT cblr-1720 1051 7 director director NOUN cblr-1720 1051 8 stock stock NOUN cblr-1720 1051 9 ownership ownership NOUN cblr-1720 1051 10 guidelines guideline NOUN cblr-1720 1051 11 ( ( PUNCT cblr-1720 1051 12 mar mar PROPN cblr-1720 1051 13 . . PROPN cblr-1720 1051 14 9 9 NUM cblr-1720 1051 15 , , PUNCT cblr-1720 1051 16 2016 2016 NUM cblr-1720 1051 17 ) ) PUNCT cblr-1720 1051 18 , , PUNCT cblr-1720 1051 19 http://www.equilar.com/reports/33-director-stock-ownershipguidelines.html http://www.equilar.com/reports/33-director-stock-ownershipguidelines.html PROPN cblr-1720 1052 1 [ [ X cblr-1720 1052 2 https://perma.cc/z46e-4jle https://perma.cc/z46e-4jle X cblr-1720 1052 3 ] ] X cblr-1720 1052 4 ( ( PUNCT cblr-1720 1052 5 reporting report VERB cblr-1720 1052 6 that that SCONJ cblr-1720 1052 7 , , PUNCT cblr-1720 1052 8 for for ADP cblr-1720 1052 9 the the DET cblr-1720 1052 10 past past ADJ cblr-1720 1052 11 three three NUM cblr-1720 1052 12 years year NOUN cblr-1720 1052 13 , , PUNCT cblr-1720 1052 14 90 90 NUM cblr-1720 1052 15 % % NOUN cblr-1720 1052 16 of of ADP cblr-1720 1052 17 fortune fortune NOUN cblr-1720 1052 18 100 100 NUM cblr-1720 1052 19 companies company NOUN cblr-1720 1052 20 disclose disclose VERB cblr-1720 1052 21 director director NOUN cblr-1720 1052 22 stock stock NOUN cblr-1720 1052 23 ownership ownership NOUN cblr-1720 1052 24 guidelines guideline NOUN cblr-1720 1052 25 ) ) PUNCT cblr-1720 1052 26 . . PUNCT cblr-1720 1053 1 shilon shilon NOUN cblr-1720 1053 2 – – PUNCT cblr-1720 1053 3 final final ADJ cblr-1720 1053 4 no no NOUN cblr-1720 1053 5 . . PUNCT cblr-1720 1054 1 2:511 2:511 NOUN cblr-1720 1054 2 ] ] X cblr-1720 1054 3 improving improve VERB cblr-1720 1054 4 corporate corporate ADJ cblr-1720 1054 5 takeover takeover NOUN cblr-1720 1054 6 dynamics dynamic NOUN cblr-1720 1054 7 591 591 NUM cblr-1720 1054 8 clear clear ADJ cblr-1720 1054 9 and and CCONJ cblr-1720 1054 10 detailed,203 detailed,203 VERB cblr-1720 1054 11 so so ADV cblr-1720 1054 12 it it PRON cblr-1720 1054 13 is be AUX cblr-1720 1054 14 impossible impossible ADJ cblr-1720 1054 15 to to PART cblr-1720 1054 16 hide hide VERB cblr-1720 1054 17 any any DET cblr-1720 1054 18 changes change NOUN cblr-1720 1054 19 in in ADP cblr-1720 1054 20 that that DET cblr-1720 1054 21 pay pay NOUN cblr-1720 1054 22 . . PUNCT cblr-1720 1055 1 second second ADJ cblr-1720 1055 2 , , PUNCT cblr-1720 1055 3 if if SCONJ cblr-1720 1055 4 executives executive NOUN cblr-1720 1055 5 compensate compensate VERB cblr-1720 1055 6 outside outside ADP cblr-1720 1055 7 directors director NOUN cblr-1720 1055 8 by by ADP cblr-1720 1055 9 providing provide VERB cblr-1720 1055 10 them they PRON cblr-1720 1055 11 with with ADP cblr-1720 1055 12 additional additional ADJ cblr-1720 1055 13 pay pay NOUN cblr-1720 1055 14 for for ADP cblr-1720 1055 15 consulting consulting NOUN cblr-1720 1055 16 services service NOUN cblr-1720 1055 17 or or CCONJ cblr-1720 1055 18 other other ADJ cblr-1720 1055 19 benefits benefit NOUN cblr-1720 1055 20 in in ADP cblr-1720 1055 21 addition addition NOUN cblr-1720 1055 22 to to ADP cblr-1720 1055 23 their their PRON cblr-1720 1055 24 director director NOUN cblr-1720 1055 25 pay pay NOUN cblr-1720 1055 26 , , PUNCT cblr-1720 1055 27 it it PRON cblr-1720 1055 28 will will AUX cblr-1720 1055 29 clearly clearly ADV cblr-1720 1055 30 violate violate VERB cblr-1720 1055 31 director director NOUN cblr-1720 1055 32 independence independence NOUN cblr-1720 1055 33 rules rule NOUN cblr-1720 1055 34 and and CCONJ cblr-1720 1055 35 force force VERB cblr-1720 1055 36 the the DET cblr-1720 1055 37 directors director NOUN cblr-1720 1055 38 to to PART cblr-1720 1055 39 resign.204 resign.204 VERB cblr-1720 1055 40 third third ADJ cblr-1720 1055 41 , , PUNCT cblr-1720 1055 42 if if SCONJ cblr-1720 1055 43 the the DET cblr-1720 1055 44 executives executive NOUN cblr-1720 1055 45 try try VERB cblr-1720 1055 46 to to PART cblr-1720 1055 47 compensate compensate VERB cblr-1720 1055 48 the the DET cblr-1720 1055 49 outside outside ADJ cblr-1720 1055 50 directors director NOUN cblr-1720 1055 51 for for ADP cblr-1720 1055 52 their their PRON cblr-1720 1055 53 commitment commitment NOUN cblr-1720 1055 54 costs cost NOUN cblr-1720 1055 55 nonetheless nonetheless ADV cblr-1720 1055 56 , , PUNCT cblr-1720 1055 57 iss iss PROPN cblr-1720 1055 58 and and CCONJ cblr-1720 1055 59 other other ADJ cblr-1720 1055 60 proxy proxy ADJ cblr-1720 1055 61 advisory advisory ADJ cblr-1720 1055 62 firms firm NOUN cblr-1720 1055 63 can can AUX cblr-1720 1055 64 be be AUX cblr-1720 1055 65 expected expect VERB cblr-1720 1055 66 to to PART cblr-1720 1055 67 punish punish VERB cblr-1720 1055 68 both both DET cblr-1720 1055 69 the the DET cblr-1720 1055 70 directors director NOUN cblr-1720 1055 71 and and CCONJ cblr-1720 1055 72 the the DET cblr-1720 1055 73 executives executive NOUN cblr-1720 1055 74 by by ADP cblr-1720 1055 75 effectively effectively ADV cblr-1720 1055 76 pushing push VERB cblr-1720 1055 77 institutional institutional ADJ cblr-1720 1055 78 shareholders shareholder NOUN cblr-1720 1055 79 to to PART cblr-1720 1055 80 vote vote VERB cblr-1720 1055 81 “ " PUNCT cblr-1720 1055 82 against against ADP cblr-1720 1055 83 ” " PUNCT cblr-1720 1055 84 the the DET cblr-1720 1055 85 target target NOUN cblr-1720 1055 86 ’s ’s PART cblr-1720 1055 87 compensation compensation NOUN cblr-1720 1055 88 arrangements arrangement NOUN cblr-1720 1055 89 in in ADP cblr-1720 1055 90 the the DET cblr-1720 1055 91 shareholders shareholder NOUN cblr-1720 1055 92 “ " PUNCT cblr-1720 1055 93 say say VERB cblr-1720 1055 94 - - PUNCT cblr-1720 1055 95 on on ADP cblr-1720 1055 96 - - PUNCT cblr-1720 1055 97 pay pay NOUN cblr-1720 1055 98 ” " PUNCT cblr-1720 1055 99 vote.205 vote.205 NOUN cblr-1720 1055 100 moreover moreover ADV cblr-1720 1055 101 , , PUNCT cblr-1720 1055 102 because because SCONJ cblr-1720 1055 103 iss iss PROPN cblr-1720 1055 104 and and CCONJ cblr-1720 1055 105 other other ADJ cblr-1720 1055 106 proxy proxy ADJ cblr-1720 1055 107 advisory advisory ADJ cblr-1720 1055 108 firms firm NOUN cblr-1720 1055 109 have have AUX cblr-1720 1055 110 often often ADV cblr-1720 1055 111 used use VERB cblr-1720 1055 112 withholdvote withholdvote NOUN cblr-1720 1055 113 campaigns campaign NOUN cblr-1720 1055 114 to to PART cblr-1720 1055 115 remove remove VERB cblr-1720 1055 116 directors director NOUN cblr-1720 1055 117 who who PRON cblr-1720 1055 118 make make VERB cblr-1720 1055 119 decisions decision NOUN cblr-1720 1055 120 they they PRON cblr-1720 1055 121 do do AUX cblr-1720 1055 122 not not PART cblr-1720 1055 123 like,206 like,206 VERB cblr-1720 1055 124 it it PRON cblr-1720 1055 125 is be AUX cblr-1720 1055 126 reasonable reasonable ADJ cblr-1720 1055 127 to to PART cblr-1720 1055 128 expect expect VERB cblr-1720 1055 129 that that SCONJ cblr-1720 1055 130 they they PRON cblr-1720 1055 131 will will AUX cblr-1720 1055 132 use use VERB cblr-1720 1055 133 this this DET cblr-1720 1055 134 tactic tactic NOUN cblr-1720 1055 135 against against ADP cblr-1720 1055 136 directors director NOUN cblr-1720 1055 137 who who PRON cblr-1720 1055 138 are be AUX cblr-1720 1055 139 practically practically ADV cblr-1720 1055 140 indemnified indemnify VERB cblr-1720 1055 141 for for ADP cblr-1720 1055 142 their their PRON cblr-1720 1055 143 commitment commitment NOUN cblr-1720 1055 144 costs cost NOUN cblr-1720 1055 145 . . PUNCT cblr-1720 1056 1 203 203 NUM cblr-1720 1056 2 see see VERB cblr-1720 1056 3 , , PUNCT cblr-1720 1056 4 e.g. e.g. ADV cblr-1720 1056 5 , , PUNCT cblr-1720 1056 6 ryan ryan PROPN cblr-1720 1056 7 villard villard NOUN cblr-1720 1056 8 , , PUNCT cblr-1720 1056 9 bigger big ADJ cblr-1720 1056 10 shoes shoe NOUN cblr-1720 1056 11 to to PART cblr-1720 1056 12 fill fill VERB cblr-1720 1056 13 , , PUNCT cblr-1720 1056 14 c c NOUN cblr-1720 1056 15 - - PUNCT cblr-1720 1056 16 suite suite NOUN cblr-1720 1056 17 10 10 NUM cblr-1720 1056 18 , , PUNCT cblr-1720 1056 19 12 12 NUM cblr-1720 1056 20 ( ( PUNCT cblr-1720 1056 21 2017 2017 NUM cblr-1720 1056 22 ) ) PUNCT cblr-1720 1056 23 , , PUNCT cblr-1720 1056 24 https://www.cooley.com/~/media/cooley/pdf/reprints/2017/2017-02-01-csuite-issue-22.ashx?la=en https://www.cooley.com/~/media/cooley/pdf/reprints/2017/2017-02-01-csuite-issue-22.ashx?la=en PROPN cblr-1720 1057 1 [ [ X cblr-1720 1057 2 https://perma.cc/8gq7-byq5 https://perma.cc/8gq7-byq5 X cblr-1720 1057 3 ] ] X cblr-1720 1057 4 ( ( PUNCT cblr-1720 1057 5 explaining explain VERB cblr-1720 1057 6 that that SCONJ cblr-1720 1057 7 boards board NOUN cblr-1720 1057 8 have have AUX cblr-1720 1057 9 responded respond VERB cblr-1720 1057 10 to to ADP cblr-1720 1057 11 growing grow VERB cblr-1720 1057 12 scrutiny scrutiny NOUN cblr-1720 1057 13 around around ADP cblr-1720 1057 14 director director NOUN cblr-1720 1057 15 pay pay NOUN cblr-1720 1057 16 by by ADP cblr-1720 1057 17 increasing increase VERB cblr-1720 1057 18 transparency transparency NOUN cblr-1720 1057 19 and and CCONJ cblr-1720 1057 20 shareholder shareholder NOUN cblr-1720 1057 21 engagement engagement NOUN cblr-1720 1057 22 ) ) PUNCT cblr-1720 1057 23 . . PUNCT cblr-1720 1058 1 204 204 NUM cblr-1720 1058 2 for for ADP cblr-1720 1058 3 example example NOUN cblr-1720 1058 4 , , PUNCT cblr-1720 1058 5 according accord VERB cblr-1720 1058 6 to to ADP cblr-1720 1058 7 the the DET cblr-1720 1058 8 nyse nyse PROPN cblr-1720 1058 9 director director NOUN cblr-1720 1058 10 independence independence NOUN cblr-1720 1058 11 rules rule NOUN cblr-1720 1058 12 , , PUNCT cblr-1720 1058 13 a a DET cblr-1720 1058 14 director director NOUN cblr-1720 1058 15 may may AUX cblr-1720 1058 16 not not PART cblr-1720 1058 17 be be AUX cblr-1720 1058 18 deemed deem VERB cblr-1720 1058 19 independent independent ADJ cblr-1720 1058 20 if if SCONJ cblr-1720 1058 21 he he PRON cblr-1720 1058 22 or or CCONJ cblr-1720 1058 23 she she PRON cblr-1720 1058 24 receives receive VERB cblr-1720 1058 25 an an DET cblr-1720 1058 26 annual annual ADJ cblr-1720 1058 27 payment payment NOUN cblr-1720 1058 28 of of ADP cblr-1720 1058 29 more more ADJ cblr-1720 1058 30 than than ADP cblr-1720 1058 31 $ $ SYM cblr-1720 1058 32 120,000 120,000 NUM cblr-1720 1058 33 for for ADP cblr-1720 1058 34 the the DET cblr-1720 1058 35 past past ADJ cblr-1720 1058 36 three three NUM cblr-1720 1058 37 years year NOUN cblr-1720 1058 38 from from ADP cblr-1720 1058 39 the the DET cblr-1720 1058 40 company company NOUN cblr-1720 1058 41 , , PUNCT cblr-1720 1058 42 other other ADJ cblr-1720 1058 43 than than ADP cblr-1720 1058 44 for for ADP cblr-1720 1058 45 director director NOUN cblr-1720 1058 46 and and CCONJ cblr-1720 1058 47 committee committee NOUN cblr-1720 1058 48 fees fee NOUN cblr-1720 1058 49 . . PUNCT cblr-1720 1059 1 see see VERB cblr-1720 1059 2 new new PROPN cblr-1720 1059 3 york york PROPN cblr-1720 1059 4 stock stock PROPN cblr-1720 1059 5 exchange exchange PROPN cblr-1720 1059 6 listed list VERB cblr-1720 1059 7 company company NOUN cblr-1720 1059 8 manual manual NOUN cblr-1720 1059 9 , , PUNCT cblr-1720 1059 10 § § PROPN cblr-1720 1059 11 303a.02 303a.02 NUM cblr-1720 1059 12 ( ( PUNCT cblr-1720 1059 13 2017 2017 NUM cblr-1720 1059 14 ) ) PUNCT cblr-1720 1059 15 . . PUNCT cblr-1720 1060 1 205 205 NUM cblr-1720 1060 2 iss iss PROPN cblr-1720 1060 3 recommendations recommendation NOUN cblr-1720 1060 4 on on ADP cblr-1720 1060 5 say say VERB cblr-1720 1060 6 - - PUNCT cblr-1720 1060 7 on on ADP cblr-1720 1060 8 - - PUNCT cblr-1720 1060 9 pay pay NOUN cblr-1720 1060 10 make make VERB cblr-1720 1060 11 a a DET cblr-1720 1060 12 great great ADJ cblr-1720 1060 13 difference difference NOUN cblr-1720 1060 14 . . PUNCT cblr-1720 1061 1 for for ADP cblr-1720 1061 2 example example NOUN cblr-1720 1061 3 , , PUNCT cblr-1720 1061 4 iss iss PROPN cblr-1720 1061 5 “ " PUNCT cblr-1720 1061 6 against against ADP cblr-1720 1061 7 ” " PUNCT cblr-1720 1061 8 voting voting NOUN cblr-1720 1061 9 recommendation recommendation NOUN cblr-1720 1061 10 on on ADP cblr-1720 1061 11 say say VERB cblr-1720 1061 12 - - PUNCT cblr-1720 1061 13 on on ADP cblr-1720 1061 14 - - PUNCT cblr-1720 1061 15 pay pay NOUN cblr-1720 1061 16 in in ADP cblr-1720 1061 17 2012 2012 NUM cblr-1720 1061 18 resulted result VERB cblr-1720 1061 19 in in ADP cblr-1720 1061 20 a a DET cblr-1720 1061 21 significantly significantly ADV cblr-1720 1061 22 reduced reduce VERB cblr-1720 1061 23 level level NOUN cblr-1720 1061 24 of of ADP cblr-1720 1061 25 shareholder shareholder NOUN cblr-1720 1061 26 support support NOUN cblr-1720 1061 27 of of ADP cblr-1720 1061 28 65 65 NUM cblr-1720 1061 29 % % NOUN cblr-1720 1061 30 versus versus ADP cblr-1720 1061 31 95 95 NUM cblr-1720 1061 32 % % NOUN cblr-1720 1061 33 support support NOUN cblr-1720 1061 34 in in ADP cblr-1720 1061 35 executive executive ADJ cblr-1720 1061 36 pay pay NOUN cblr-1720 1061 37 arrangements arrangement NOUN cblr-1720 1061 38 for for ADP cblr-1720 1061 39 firms firm NOUN cblr-1720 1061 40 fortunate fortunate VERB cblr-1720 1061 41 enough enough ADV cblr-1720 1061 42 to to PART cblr-1720 1061 43 receive receive VERB cblr-1720 1061 44 a a DET cblr-1720 1061 45 “ " PUNCT cblr-1720 1061 46 for for ADP cblr-1720 1061 47 ” " PUNCT cblr-1720 1061 48 iss iss PROPN cblr-1720 1061 49 recommendation recommendation NOUN cblr-1720 1061 50 . . PUNCT cblr-1720 1062 1 see see VERB cblr-1720 1062 2 john john PROPN cblr-1720 1062 3 d. d. PROPN cblr-1720 1062 4 england england PROPN cblr-1720 1062 5 , , PUNCT cblr-1720 1062 6 say say VERB cblr-1720 1062 7 on on ADP cblr-1720 1062 8 pay pay NOUN cblr-1720 1062 9 soul soul NOUN cblr-1720 1062 10 searching searching NOUN cblr-1720 1062 11 required require VERB cblr-1720 1062 12 at at ADP cblr-1720 1062 13 proxy proxy ADJ cblr-1720 1062 14 advisory advisory ADJ cblr-1720 1062 15 firms firm NOUN cblr-1720 1062 16 , , PUNCT cblr-1720 1062 17 pay pay VERB cblr-1720 1062 18 governance governance NOUN cblr-1720 1062 19 ( ( PUNCT cblr-1720 1062 20 june june PROPN cblr-1720 1062 21 2012 2012 NUM cblr-1720 1062 22 ) ) PUNCT cblr-1720 1062 23 , , PUNCT cblr-1720 1063 1 http://paygovernance.com/say-on-pay-soulsearching-required-at-proxy-advisory-firms/ http://paygovernance.com/say-on-pay-soulsearching-required-at-proxy-advisory-firms/ PROPN cblr-1720 1064 1 [ [ X cblr-1720 1064 2 https://perma.cc/nbl9pdnd https://perma.cc/nbl9pdnd X cblr-1720 1064 3 ] ] X cblr-1720 1064 4 . . PUNCT cblr-1720 1065 1 206 206 NUM cblr-1720 1065 2 subramanian subramanian ADJ cblr-1720 1065 3 , , PUNCT cblr-1720 1065 4 supra supra PROPN cblr-1720 1065 5 note note NOUN cblr-1720 1065 6 161 161 NUM cblr-1720 1065 7 . . PUNCT cblr-1720 1066 1 shilon shilon NOUN cblr-1720 1066 2 – – PUNCT cblr-1720 1066 3 final final ADJ cblr-1720 1066 4 592 592 NUM cblr-1720 1066 5 columbia columbia PROPN cblr-1720 1066 6 business business NOUN cblr-1720 1066 7 law law PROPN cblr-1720 1066 8 review review NOUN cblr-1720 1067 1 [ [ X cblr-1720 1067 2 vol vol NOUN cblr-1720 1067 3 . . PUNCT cblr-1720 1067 4 2017 2017 NUM cblr-1720 1067 5 e. e. PROPN cblr-1720 1067 6 panglossian panglossian PROPN cblr-1720 1067 7 claims claim VERB cblr-1720 1067 8 finally finally ADV cblr-1720 1067 9 , , PUNCT cblr-1720 1067 10 no no DET cblr-1720 1067 11 discussion discussion NOUN cblr-1720 1067 12 of of ADP cblr-1720 1067 13 a a DET cblr-1720 1067 14 legal legal ADJ cblr-1720 1067 15 reform reform NOUN cblr-1720 1067 16 can can AUX cblr-1720 1067 17 conclude conclude VERB cblr-1720 1067 18 without without ADP cblr-1720 1067 19 addressing address VERB cblr-1720 1067 20 the the DET cblr-1720 1067 21 “ " PUNCT cblr-1720 1067 22 panglossian panglossian ADJ cblr-1720 1067 23 argument argument NOUN cblr-1720 1067 24 , , PUNCT cblr-1720 1067 25 ” " PUNCT cblr-1720 1067 26 which which PRON cblr-1720 1067 27 says say VERB cblr-1720 1067 28 markets market NOUN cblr-1720 1067 29 are be AUX cblr-1720 1067 30 efficient efficient ADJ cblr-1720 1067 31 , , PUNCT cblr-1720 1067 32 and and CCONJ cblr-1720 1067 33 therefore therefore ADV cblr-1720 1067 34 we we PRON cblr-1720 1067 35 live live VERB cblr-1720 1067 36 in in ADP cblr-1720 1067 37 the the DET cblr-1720 1067 38 best good ADJ cblr-1720 1067 39 of of ADP cblr-1720 1067 40 all all DET cblr-1720 1067 41 possible possible ADJ cblr-1720 1067 42 worlds.207 worlds.207 NOUN cblr-1720 1067 43 if if SCONJ cblr-1720 1067 44 a a DET cblr-1720 1067 45 given give VERB cblr-1720 1067 46 arrangement arrangement NOUN cblr-1720 1067 47 were be AUX cblr-1720 1067 48 value value NOUN cblr-1720 1067 49 increasing increase VERB cblr-1720 1067 50 , , PUNCT cblr-1720 1067 51 the the DET cblr-1720 1067 52 parties party NOUN cblr-1720 1067 53 involved involve VERB cblr-1720 1067 54 would would AUX cblr-1720 1067 55 have have AUX cblr-1720 1067 56 already already ADV cblr-1720 1067 57 proposed propose VERB cblr-1720 1067 58 it it PRON cblr-1720 1067 59 because because SCONJ cblr-1720 1067 60 they they PRON cblr-1720 1067 61 would would AUX cblr-1720 1067 62 benefit benefit VERB cblr-1720 1067 63 from from ADP cblr-1720 1067 64 it.208 it.208 NOUN cblr-1720 1067 65 thus thus ADV cblr-1720 1067 66 , , PUNCT cblr-1720 1067 67 if if SCONJ cblr-1720 1067 68 the the DET cblr-1720 1067 69 proposed propose VERB cblr-1720 1067 70 arrangement arrangement NOUN cblr-1720 1067 71 were be AUX cblr-1720 1067 72 efficient efficient ADJ cblr-1720 1067 73 , , PUNCT cblr-1720 1067 74 it it PRON cblr-1720 1067 75 would would AUX cblr-1720 1067 76 have have AUX cblr-1720 1067 77 already already ADV cblr-1720 1067 78 been be AUX cblr-1720 1067 79 implemented implement VERB cblr-1720 1067 80 voluntarily voluntarily ADV cblr-1720 1067 81 . . PUNCT cblr-1720 1068 1 the the DET cblr-1720 1068 2 analysis analysis NOUN cblr-1720 1068 3 in in ADP cblr-1720 1068 4 this this DET cblr-1720 1068 5 article article NOUN cblr-1720 1068 6 shows show VERB cblr-1720 1068 7 , , PUNCT cblr-1720 1068 8 however however ADV cblr-1720 1068 9 , , PUNCT cblr-1720 1068 10 that that SCONJ cblr-1720 1068 11 the the DET cblr-1720 1068 12 panglossian panglossian ADJ cblr-1720 1068 13 argument argument NOUN cblr-1720 1068 14 is be AUX cblr-1720 1068 15 weak weak ADJ cblr-1720 1068 16 in in ADP cblr-1720 1068 17 the the DET cblr-1720 1068 18 case case NOUN cblr-1720 1068 19 of of ADP cblr-1720 1068 20 the the DET cblr-1720 1068 21 reform reform NOUN cblr-1720 1068 22 under under ADP cblr-1720 1068 23 consideration consideration NOUN cblr-1720 1068 24 . . PUNCT cblr-1720 1069 1 as as SCONJ cblr-1720 1069 2 discussed discuss VERB cblr-1720 1069 3 in in ADP cblr-1720 1069 4 section section NOUN cblr-1720 1069 5 v.a v.a PROPN cblr-1720 1069 6 , , PUNCT cblr-1720 1069 7 u.s u.s PROPN cblr-1720 1069 8 . . PROPN cblr-1720 1069 9 federal federal ADJ cblr-1720 1069 10 laws law NOUN cblr-1720 1069 11 have have AUX cblr-1720 1069 12 long long ADV cblr-1720 1069 13 prohibited prohibit VERB cblr-1720 1069 14 directors director NOUN cblr-1720 1069 15 from from ADP cblr-1720 1069 16 trading trade VERB cblr-1720 1069 17 stock stock NOUN cblr-1720 1069 18 in in ADP cblr-1720 1069 19 connection connection NOUN cblr-1720 1069 20 with with ADP cblr-1720 1069 21 a a DET cblr-1720 1069 22 takeover takeover NOUN cblr-1720 1069 23 . . PUNCT cblr-1720 1070 1 in in ADP cblr-1720 1070 2 particular particular ADJ cblr-1720 1070 3 , , PUNCT cblr-1720 1070 4 the the DET cblr-1720 1070 5 tender tender NOUN cblr-1720 1070 6 - - PUNCT cblr-1720 1070 7 offer offer NOUN cblr-1720 1070 8 - - PUNCT cblr-1720 1070 9 specific specific ADJ cblr-1720 1070 10 sec sec PROPN cblr-1720 1070 11 rule rule NOUN cblr-1720 1070 12 14e-3,209 14e-3,209 PROPN cblr-1720 1070 13 as as ADV cblr-1720 1070 14 well well ADV cblr-1720 1070 15 as as ADP cblr-1720 1070 16 the the DET cblr-1720 1070 17 insider insider NOUN cblr-1720 1070 18 trading trading NOUN cblr-1720 1070 19 “ " PUNCT cblr-1720 1070 20 misappropriation misappropriation NOUN cblr-1720 1070 21 theory theory NOUN cblr-1720 1070 22 , , PUNCT cblr-1720 1070 23 ” " PUNCT cblr-1720 1070 24 do do AUX cblr-1720 1070 25 not not PART cblr-1720 1070 26 enable enable VERB cblr-1720 1070 27 target target NOUN cblr-1720 1070 28 directors director NOUN cblr-1720 1070 29 who who PRON cblr-1720 1070 30 possess possess VERB cblr-1720 1070 31 nonpublic nonpublic ADJ cblr-1720 1070 32 material material NOUN cblr-1720 1070 33 information information NOUN cblr-1720 1070 34 to to PART cblr-1720 1070 35 buy buy VERB cblr-1720 1070 36 , , PUNCT cblr-1720 1070 37 or or CCONJ cblr-1720 1070 38 to to PART cblr-1720 1070 39 commit commit VERB cblr-1720 1070 40 to to PART cblr-1720 1070 41 buy buy VERB cblr-1720 1070 42 , , PUNCT cblr-1720 1070 43 target target VERB cblr-1720 1070 44 stock stock NOUN cblr-1720 1070 45 . . PUNCT cblr-1720 1071 1 such such ADJ cblr-1720 1071 2 federal federal ADJ cblr-1720 1071 3 prohibition prohibition NOUN cblr-1720 1071 4 does do AUX cblr-1720 1071 5 not not PART cblr-1720 1071 6 leave leave VERB cblr-1720 1071 7 it it PRON cblr-1720 1071 8 to to ADP cblr-1720 1071 9 the the DET cblr-1720 1071 10 discretion discretion NOUN cblr-1720 1071 11 of of ADP cblr-1720 1071 12 state state NOUN cblr-1720 1071 13 courts court NOUN cblr-1720 1071 14 , , PUNCT cblr-1720 1071 15 such such ADJ cblr-1720 1071 16 as as ADP cblr-1720 1071 17 the the DET cblr-1720 1071 18 delaware delaware PROPN cblr-1720 1071 19 supreme supreme PROPN cblr-1720 1071 20 court court PROPN cblr-1720 1071 21 , , PUNCT cblr-1720 1071 22 to to PART cblr-1720 1071 23 adopt adopt VERB cblr-1720 1071 24 the the DET cblr-1720 1071 25 arrangement arrangement NOUN cblr-1720 1071 26 , , PUNCT cblr-1720 1071 27 let let VERB cblr-1720 1071 28 alone alone ADV cblr-1720 1071 29 allow allow VERB cblr-1720 1071 30 firms firm NOUN cblr-1720 1071 31 to to PART cblr-1720 1071 32 write write VERB cblr-1720 1071 33 charter charter NOUN cblr-1720 1071 34 or or CCONJ cblr-1720 1071 35 bylaws bylaw NOUN cblr-1720 1071 36 provisions provision NOUN cblr-1720 1071 37 that that PRON cblr-1720 1071 38 will will AUX cblr-1720 1071 39 encourage encourage VERB cblr-1720 1071 40 outside outside ADJ cblr-1720 1071 41 directors director NOUN cblr-1720 1071 42 to to PART cblr-1720 1071 43 adopt adopt VERB cblr-1720 1071 44 it it PRON cblr-1720 1071 45 . . PUNCT cblr-1720 1072 1 the the DET cblr-1720 1072 2 outside outside ADJ cblr-1720 1072 3 directors director NOUN cblr-1720 1072 4 themselves themselves PRON cblr-1720 1072 5 , , PUNCT cblr-1720 1072 6 even even ADV cblr-1720 1072 7 if if SCONJ cblr-1720 1072 8 they they PRON cblr-1720 1072 9 feel feel VERB cblr-1720 1072 10 very very ADV cblr-1720 1072 11 strongly strongly ADV cblr-1720 1072 12 about about ADP cblr-1720 1072 13 the the DET cblr-1720 1072 14 arrangement arrangement NOUN cblr-1720 1072 15 advocated advocate VERB cblr-1720 1072 16 in in ADP cblr-1720 1072 17 this this DET cblr-1720 1072 18 paper paper NOUN cblr-1720 1072 19 , , PUNCT cblr-1720 1072 20 are be AUX cblr-1720 1072 21 forced force VERB cblr-1720 1072 22 to to PART cblr-1720 1072 23 refrain refrain VERB cblr-1720 1072 24 from from ADP cblr-1720 1072 25 using use VERB cblr-1720 1072 26 it it PRON cblr-1720 1072 27 because because SCONJ cblr-1720 1072 28 of of ADP cblr-1720 1072 29 the the DET cblr-1720 1072 30 aforementioned aforementioned ADJ cblr-1720 1072 31 laws law NOUN cblr-1720 1072 32 . . PUNCT cblr-1720 1073 1 207 207 NUM cblr-1720 1073 2 see see VERB cblr-1720 1073 3 stephen stephen PROPN cblr-1720 1073 4 j. j. PROPN cblr-1720 1073 5 gould gould PROPN cblr-1720 1073 6 and and CCONJ cblr-1720 1073 7 richard richard PROPN cblr-1720 1073 8 c. c. PROPN cblr-1720 1073 9 lewontin lewontin PROPN cblr-1720 1073 10 , , PUNCT cblr-1720 1073 11 the the DET cblr-1720 1073 12 spandrels spandrel NOUN cblr-1720 1073 13 of of ADP cblr-1720 1073 14 san san PROPN cblr-1720 1073 15 marco marco PROPN cblr-1720 1073 16 and and CCONJ cblr-1720 1073 17 the the DET cblr-1720 1073 18 panglossian panglossian ADJ cblr-1720 1073 19 paradigm paradigm NOUN cblr-1720 1073 20 : : PUNCT cblr-1720 1073 21 a a DET cblr-1720 1073 22 critique critique NOUN cblr-1720 1073 23 of of ADP cblr-1720 1073 24 the the DET cblr-1720 1073 25 adaptationist adaptationist NOUN cblr-1720 1073 26 programme programme NOUN cblr-1720 1073 27 , , PUNCT cblr-1720 1073 28 proceedings proceeding NOUN cblr-1720 1073 29 of of ADP cblr-1720 1073 30 the the DET cblr-1720 1073 31 royal royal ADJ cblr-1720 1073 32 society society NOUN cblr-1720 1073 33 of of ADP cblr-1720 1073 34 london london PROPN cblr-1720 1073 35 ( ( PUNCT cblr-1720 1073 36 1979 1979 NUM cblr-1720 1073 37 ) ) PUNCT cblr-1720 1073 38 ( ( PUNCT cblr-1720 1073 39 describing describe VERB cblr-1720 1073 40 dr dr PROPN cblr-1720 1073 41 . . PROPN cblr-1720 1073 42 pangloss pangloss PROPN cblr-1720 1073 43 , , PUNCT cblr-1720 1073 44 a a DET cblr-1720 1073 45 naive naive ADJ cblr-1720 1073 46 optimistic optimistic ADJ cblr-1720 1073 47 philosopher philosopher NOUN cblr-1720 1073 48 from from ADP cblr-1720 1073 49 a a DET cblr-1720 1073 50 parody parody NOUN cblr-1720 1073 51 of of ADP cblr-1720 1073 52 gottfried gottfried PROPN cblr-1720 1073 53 w. w. PROPN cblr-1720 1073 54 von von PROPN cblr-1720 1073 55 leibniz leibniz PROPN cblr-1720 1073 56 in in ADP cblr-1720 1073 57 one one NUM cblr-1720 1073 58 of of ADP cblr-1720 1073 59 voltaire voltaire NOUN cblr-1720 1073 60 ’s ’s PART cblr-1720 1073 61 1759 1759 NUM cblr-1720 1073 62 pamphlets pamphlet NOUN cblr-1720 1073 63 , , PUNCT cblr-1720 1073 64 who who PRON cblr-1720 1073 65 claims claim VERB cblr-1720 1073 66 that that SCONJ cblr-1720 1073 67 our our PRON cblr-1720 1073 68 world world NOUN cblr-1720 1073 69 is be AUX cblr-1720 1073 70 the the DET cblr-1720 1073 71 best good ADJ cblr-1720 1073 72 of of ADP cblr-1720 1073 73 all all DET cblr-1720 1073 74 possible possible ADJ cblr-1720 1073 75 worlds world NOUN cblr-1720 1073 76 ) ) PUNCT cblr-1720 1073 77 . . PUNCT cblr-1720 1074 1 208 208 NUM cblr-1720 1074 2 this this DET cblr-1720 1074 3 notion notion NOUN cblr-1720 1074 4 is be AUX cblr-1720 1074 5 similar similar ADJ cblr-1720 1074 6 to to ADP cblr-1720 1074 7 the the DET cblr-1720 1074 8 idea idea NOUN cblr-1720 1074 9 of of ADP cblr-1720 1074 10 coasian coasian ADJ cblr-1720 1074 11 bargaining bargaining NOUN cblr-1720 1074 12 , , PUNCT cblr-1720 1074 13 according accord VERB cblr-1720 1074 14 to to ADP cblr-1720 1074 15 which which PRON cblr-1720 1074 16 individuals individual NOUN cblr-1720 1074 17 may may AUX cblr-1720 1074 18 be be AUX cblr-1720 1074 19 able able ADJ cblr-1720 1074 20 to to PART cblr-1720 1074 21 solve solve VERB cblr-1720 1074 22 the the DET cblr-1720 1074 23 problem problem NOUN cblr-1720 1074 24 of of ADP cblr-1720 1074 25 externalities externality NOUN cblr-1720 1074 26 through through ADP cblr-1720 1074 27 negotiation negotiation NOUN cblr-1720 1074 28 , , PUNCT cblr-1720 1074 29 without without ADP cblr-1720 1074 30 involving involve VERB cblr-1720 1074 31 a a DET cblr-1720 1074 32 government government NOUN cblr-1720 1074 33 . . PUNCT cblr-1720 1075 1 see see VERB cblr-1720 1075 2 ronald ronald PROPN cblr-1720 1075 3 coase coase PROPN cblr-1720 1075 4 , , PUNCT cblr-1720 1075 5 . . PUNCT cblr-1720 1076 1 the the DET cblr-1720 1076 2 problem problem NOUN cblr-1720 1076 3 of of ADP cblr-1720 1076 4 social social ADJ cblr-1720 1076 5 cost cost NOUN cblr-1720 1076 6 , , PUNCT cblr-1720 1076 7 3 3 NUM cblr-1720 1076 8 j.l j.l PROPN cblr-1720 1076 9 . . PROPN cblr-1720 1076 10 & & CCONJ cblr-1720 1076 11 econ econ PROPN cblr-1720 1076 12 . . PROPN cblr-1720 1076 13 , , PUNCT cblr-1720 1076 14 1 1 NUM cblr-1720 1076 15 ( ( PUNCT cblr-1720 1076 16 1960 1960 NUM cblr-1720 1076 17 ) ) PUNCT cblr-1720 1076 18 . . PUNCT cblr-1720 1077 1 209 209 NUM cblr-1720 1077 2 17 17 NUM cblr-1720 1077 3 c.f.r c.f.r NOUN cblr-1720 1077 4 . . PUNCT cblr-1720 1078 1 § § PROPN cblr-1720 1078 2 240.14e-3 240.14e-3 NUM cblr-1720 1078 3 ( ( PUNCT cblr-1720 1078 4 2016 2016 NUM cblr-1720 1078 5 ) ) PUNCT cblr-1720 1078 6 . . PUNCT cblr-1720 1079 1 shilon shilon NOUN cblr-1720 1079 2 – – PUNCT cblr-1720 1079 3 final final ADJ cblr-1720 1079 4 no no NOUN cblr-1720 1079 5 . . PUNCT cblr-1720 1079 6 2:511 2:511 NOUN cblr-1720 1079 7 ] ] X cblr-1720 1079 8 improving improve VERB cblr-1720 1079 9 corporate corporate ADJ cblr-1720 1079 10 takeover takeover NOUN cblr-1720 1079 11 dynamics dynamic NOUN cblr-1720 1079 12 593 593 NUM cblr-1720 1079 13 ix ix ADJ cblr-1720 1079 14 . . PUNCT cblr-1720 1080 1 conclusion conclusion NOUN cblr-1720 1080 2 this this DET cblr-1720 1080 3 article article NOUN cblr-1720 1080 4 analyzes analyze VERB cblr-1720 1080 5 a a DET cblr-1720 1080 6 basic basic ADJ cblr-1720 1080 7 problem problem NOUN cblr-1720 1080 8 in in ADP cblr-1720 1080 9 american american ADJ cblr-1720 1080 10 corporate corporate ADJ cblr-1720 1080 11 law law NOUN cblr-1720 1080 12 : : PUNCT cblr-1720 1080 13 how how SCONJ cblr-1720 1080 14 to to PART cblr-1720 1080 15 improve improve VERB cblr-1720 1080 16 shareholder shareholder NOUN cblr-1720 1080 17 protection protection NOUN cblr-1720 1080 18 from from ADP cblr-1720 1080 19 underpriced underpriced ADJ cblr-1720 1080 20 takeover takeover NOUN cblr-1720 1080 21 bids bid NOUN cblr-1720 1080 22 . . PUNCT cblr-1720 1081 1 shareholders shareholder NOUN cblr-1720 1081 2 need need VERB cblr-1720 1081 3 such such ADJ cblr-1720 1081 4 protection protection NOUN cblr-1720 1081 5 not not PART cblr-1720 1081 6 only only ADV cblr-1720 1081 7 because because SCONJ cblr-1720 1081 8 they they PRON cblr-1720 1081 9 typically typically ADV cblr-1720 1081 10 lack lack VERB cblr-1720 1081 11 access access NOUN cblr-1720 1081 12 to to ADP cblr-1720 1081 13 material material NOUN cblr-1720 1081 14 information information NOUN cblr-1720 1081 15 pertaining pertain VERB cblr-1720 1081 16 to to ADP cblr-1720 1081 17 the the DET cblr-1720 1081 18 intrinsic intrinsic ADJ cblr-1720 1081 19 value value NOUN cblr-1720 1081 20 of of ADP cblr-1720 1081 21 the the DET cblr-1720 1081 22 target target NOUN cblr-1720 1081 23 and and CCONJ cblr-1720 1081 24 , , PUNCT cblr-1720 1081 25 hence hence ADV cblr-1720 1081 26 , , PUNCT cblr-1720 1081 27 the the DET cblr-1720 1081 28 desirability desirability NOUN cblr-1720 1081 29 of of ADP cblr-1720 1081 30 the the DET cblr-1720 1081 31 bid bid NOUN cblr-1720 1081 32 , , PUNCT cblr-1720 1081 33 but but CCONJ cblr-1720 1081 34 also also ADV cblr-1720 1081 35 because because SCONJ cblr-1720 1081 36 the the DET cblr-1720 1081 37 interests interest NOUN cblr-1720 1081 38 of of ADP cblr-1720 1081 39 some some DET cblr-1720 1081 40 shareholder shareholder NOUN cblr-1720 1081 41 groups group NOUN cblr-1720 1081 42 might might AUX cblr-1720 1081 43 deviate deviate VERB cblr-1720 1081 44 from from ADP cblr-1720 1081 45 maximizing maximize VERB cblr-1720 1081 46 long long ADJ cblr-1720 1081 47 - - PUNCT cblr-1720 1081 48 term term NOUN cblr-1720 1081 49 shareholder shareholder NOUN cblr-1720 1081 50 value value NOUN cblr-1720 1081 51 , , PUNCT cblr-1720 1081 52 leading lead VERB cblr-1720 1081 53 those those DET cblr-1720 1081 54 groups group NOUN cblr-1720 1081 55 to to PART cblr-1720 1081 56 substantively substantively ADV cblr-1720 1081 57 coerce coerce VERB cblr-1720 1081 58 the the DET cblr-1720 1081 59 firm firm NOUN cblr-1720 1081 60 and and CCONJ cblr-1720 1081 61 the the DET cblr-1720 1081 62 other other ADJ cblr-1720 1081 63 shareholders shareholder NOUN cblr-1720 1081 64 into into ADP cblr-1720 1081 65 accepting accept VERB cblr-1720 1081 66 an an DET cblr-1720 1081 67 undesirable undesirable ADJ cblr-1720 1081 68 bid bid NOUN cblr-1720 1081 69 . . PUNCT cblr-1720 1082 1 target target NOUN cblr-1720 1082 2 boards board NOUN cblr-1720 1082 3 , , PUNCT cblr-1720 1082 4 the the DET cblr-1720 1082 5 stewards steward NOUN cblr-1720 1082 6 of of ADP cblr-1720 1082 7 the the DET cblr-1720 1082 8 corporation corporation NOUN cblr-1720 1082 9 who who PRON cblr-1720 1082 10 are be AUX cblr-1720 1082 11 also also ADV cblr-1720 1082 12 best well ADV cblr-1720 1082 13 situated situate VERB cblr-1720 1082 14 to to PART cblr-1720 1082 15 evaluate evaluate VERB cblr-1720 1082 16 the the DET cblr-1720 1082 17 desirability desirability NOUN cblr-1720 1082 18 of of ADP cblr-1720 1082 19 the the DET cblr-1720 1082 20 bid bid NOUN cblr-1720 1082 21 , , PUNCT cblr-1720 1082 22 have have VERB cblr-1720 1082 23 a a DET cblr-1720 1082 24 conflict conflict NOUN cblr-1720 1082 25 of of ADP cblr-1720 1082 26 interest interest NOUN cblr-1720 1082 27 with with ADP cblr-1720 1082 28 their their PRON cblr-1720 1082 29 shareholders shareholder NOUN cblr-1720 1082 30 and and CCONJ cblr-1720 1082 31 tend tend VERB cblr-1720 1082 32 to to PART cblr-1720 1082 33 reject reject VERB cblr-1720 1082 34 hostile hostile ADJ cblr-1720 1082 35 bids bid NOUN cblr-1720 1082 36 to to ADP cblr-1720 1082 37 an an DET cblr-1720 1082 38 excessive excessive ADJ cblr-1720 1082 39 degree degree NOUN cblr-1720 1082 40 . . PUNCT cblr-1720 1083 1 finally finally ADV cblr-1720 1083 2 , , PUNCT cblr-1720 1083 3 the the DET cblr-1720 1083 4 current current ADJ cblr-1720 1083 5 process process NOUN cblr-1720 1083 6 - - PUNCT cblr-1720 1083 7 based base VERB cblr-1720 1083 8 delaware delaware PROPN cblr-1720 1083 9 takeover takeover NOUN cblr-1720 1083 10 doctrine doctrine NOUN cblr-1720 1083 11 is be AUX cblr-1720 1083 12 ineffective ineffective ADJ cblr-1720 1083 13 because because SCONJ cblr-1720 1083 14 it it PRON cblr-1720 1083 15 fails fail VERB cblr-1720 1083 16 to to PART cblr-1720 1083 17 distinguish distinguish VERB cblr-1720 1083 18 between between ADP cblr-1720 1083 19 directors director NOUN cblr-1720 1083 20 ’ ’ PART cblr-1720 1083 21 legal legal ADJ cblr-1720 1083 22 independence independence NOUN cblr-1720 1083 23 and and CCONJ cblr-1720 1083 24 their their PRON cblr-1720 1083 25 factual factual ADJ cblr-1720 1083 26 independence independence NOUN cblr-1720 1083 27 . . PUNCT cblr-1720 1084 1 courts court NOUN cblr-1720 1084 2 also also ADV cblr-1720 1084 3 lack lack VERB cblr-1720 1084 4 competence competence NOUN cblr-1720 1084 5 in in ADP cblr-1720 1084 6 reviewing review VERB cblr-1720 1084 7 the the DET cblr-1720 1084 8 financial financial ADJ cblr-1720 1084 9 and and CCONJ cblr-1720 1084 10 legal legal ADJ cblr-1720 1084 11 expert expert NOUN cblr-1720 1084 12 opinions opinion NOUN cblr-1720 1084 13 that that PRON cblr-1720 1084 14 target target NOUN cblr-1720 1084 15 boards board NOUN cblr-1720 1084 16 rely rely VERB cblr-1720 1084 17 on on ADP cblr-1720 1084 18 to to PART cblr-1720 1084 19 justify justify VERB cblr-1720 1084 20 their their PRON cblr-1720 1084 21 takeover takeover NOUN cblr-1720 1084 22 decisions decision NOUN cblr-1720 1084 23 . . PUNCT cblr-1720 1085 1 this this DET cblr-1720 1085 2 article article NOUN cblr-1720 1085 3 has have AUX cblr-1720 1085 4 proposed propose VERB cblr-1720 1085 5 a a DET cblr-1720 1085 6 novel novel ADJ cblr-1720 1085 7 legal legal ADJ cblr-1720 1085 8 arrangement arrangement NOUN cblr-1720 1085 9 based base VERB cblr-1720 1085 10 on on ADP cblr-1720 1085 11 well well ADV cblr-1720 1085 12 - - PUNCT cblr-1720 1085 13 established establish VERB cblr-1720 1085 14 economic economic ADJ cblr-1720 1085 15 game game NOUN cblr-1720 1085 16 theory theory NOUN cblr-1720 1085 17 models model NOUN cblr-1720 1085 18 . . PUNCT cblr-1720 1086 1 the the DET cblr-1720 1086 2 core core ADJ cblr-1720 1086 3 purpose purpose NOUN cblr-1720 1086 4 of of ADP cblr-1720 1086 5 the the DET cblr-1720 1086 6 arrangement arrangement NOUN cblr-1720 1086 7 is be AUX cblr-1720 1086 8 to to PART cblr-1720 1086 9 ensure ensure VERB cblr-1720 1086 10 that that SCONJ cblr-1720 1086 11 target target NOUN cblr-1720 1086 12 boards board NOUN cblr-1720 1086 13 which which PRON cblr-1720 1086 14 wish wish VERB cblr-1720 1086 15 to to PART cblr-1720 1086 16 reject reject VERB cblr-1720 1086 17 unsolicited unsolicited ADJ cblr-1720 1086 18 acquisition acquisition NOUN cblr-1720 1086 19 offers offer NOUN cblr-1720 1086 20 signal signal VERB cblr-1720 1086 21 their their PRON cblr-1720 1086 22 genuine genuine ADJ cblr-1720 1086 23 beliefs belief NOUN cblr-1720 1086 24 about about ADP cblr-1720 1086 25 the the DET cblr-1720 1086 26 undesirability undesirability NOUN cblr-1720 1086 27 of of ADP cblr-1720 1086 28 the the DET cblr-1720 1086 29 bid bid NOUN cblr-1720 1086 30 by by ADP cblr-1720 1086 31 committing commit VERB cblr-1720 1086 32 to to PART cblr-1720 1086 33 purchase purchase VERB cblr-1720 1086 34 from from ADP cblr-1720 1086 35 the the DET cblr-1720 1086 36 target target NOUN cblr-1720 1086 37 if if SCONJ cblr-1720 1086 38 the the DET cblr-1720 1086 39 bid bid NOUN cblr-1720 1086 40 fails fail VERB cblr-1720 1086 41 and and CCONJ cblr-1720 1086 42 to to PART cblr-1720 1086 43 hold hold VERB cblr-1720 1086 44 for for ADP cblr-1720 1086 45 a a DET cblr-1720 1086 46 specified specified ADJ cblr-1720 1086 47 period period NOUN cblr-1720 1086 48 of of ADP cblr-1720 1086 49 time time NOUN cblr-1720 1086 50 a a DET cblr-1720 1086 51 certain certain ADJ cblr-1720 1086 52 amount amount NOUN cblr-1720 1086 53 of of ADP cblr-1720 1086 54 the the DET cblr-1720 1086 55 target target NOUN cblr-1720 1086 56 ’s ’s PART cblr-1720 1086 57 shares share NOUN cblr-1720 1086 58 at at ADP cblr-1720 1086 59 the the DET cblr-1720 1086 60 bid bid NOUN cblr-1720 1086 61 price price NOUN cblr-1720 1086 62 . . PUNCT cblr-1720 1087 1 just just ADV cblr-1720 1087 2 like like ADP cblr-1720 1087 3 drivers driver NOUN cblr-1720 1087 4 who who PRON cblr-1720 1087 5 choose choose VERB cblr-1720 1087 6 their their PRON cblr-1720 1087 7 participation participation NOUN cblr-1720 1087 8 fees fee NOUN cblr-1720 1087 9 , , PUNCT cblr-1720 1087 10 target target NOUN cblr-1720 1087 11 boards board NOUN cblr-1720 1087 12 are be AUX cblr-1720 1087 13 not not PART cblr-1720 1087 14 expected expect VERB cblr-1720 1087 15 to to PART cblr-1720 1087 16 convey convey VERB cblr-1720 1087 17 each each DET cblr-1720 1087 18 piece piece NOUN cblr-1720 1087 19 of of ADP cblr-1720 1087 20 nonverifiable nonverifiable ADJ cblr-1720 1087 21 information information NOUN cblr-1720 1087 22 separately separately ADV cblr-1720 1087 23 , , PUNCT cblr-1720 1087 24 but but CCONJ cblr-1720 1087 25 should should AUX cblr-1720 1087 26 transmit transmit VERB cblr-1720 1087 27 to to ADP cblr-1720 1087 28 outsiders outsider NOUN cblr-1720 1087 29 their their PRON cblr-1720 1087 30 bottomline bottomline NOUN cblr-1720 1087 31 understanding understanding NOUN cblr-1720 1087 32 about about ADP cblr-1720 1087 33 the the DET cblr-1720 1087 34 desirability desirability NOUN cblr-1720 1087 35 of of ADP cblr-1720 1087 36 the the DET cblr-1720 1087 37 bid bid NOUN cblr-1720 1087 38 as as ADP cblr-1720 1087 39 a a DET cblr-1720 1087 40 whole⎯an whole⎯an NOUN cblr-1720 1087 41 understanding understanding NOUN cblr-1720 1087 42 that that PRON cblr-1720 1087 43 is be AUX cblr-1720 1087 44 communicated communicate VERB cblr-1720 1087 45 by by ADP cblr-1720 1087 46 their their PRON cblr-1720 1087 47 stock stock NOUN cblr-1720 1087 48 commitments commitment NOUN cblr-1720 1087 49 . . PUNCT cblr-1720 1088 1 the the DET cblr-1720 1088 2 motivation motivation NOUN cblr-1720 1088 3 directors director NOUN cblr-1720 1088 4 have have VERB cblr-1720 1088 5 to to PART cblr-1720 1088 6 commit commit VERB cblr-1720 1088 7 comes come VERB cblr-1720 1088 8 from from ADP cblr-1720 1088 9 their their PRON cblr-1720 1088 10 assurance assurance NOUN cblr-1720 1088 11 that that SCONJ cblr-1720 1088 12 in in ADP cblr-1720 1088 13 a a DET cblr-1720 1088 14 potential potential ADJ cblr-1720 1088 15 fiduciary fiduciary ADJ cblr-1720 1088 16 duty duty NOUN cblr-1720 1088 17 lawsuit lawsuit NOUN cblr-1720 1088 18 , , PUNCT cblr-1720 1088 19 courts court NOUN cblr-1720 1088 20 would would AUX cblr-1720 1088 21 give give VERB cblr-1720 1088 22 their their PRON cblr-1720 1088 23 commitments commitment NOUN cblr-1720 1088 24 significant significant ADJ cblr-1720 1088 25 weight weight NOUN cblr-1720 1088 26 in in ADP cblr-1720 1088 27 substantiating substantiate VERB cblr-1720 1088 28 their their PRON cblr-1720 1088 29 defense defense NOUN cblr-1720 1088 30 that that SCONJ cblr-1720 1088 31 they they PRON cblr-1720 1088 32 rejected reject VERB cblr-1720 1088 33 the the DET cblr-1720 1088 34 bid bid NOUN cblr-1720 1088 35 to to PART cblr-1720 1088 36 protect protect VERB cblr-1720 1088 37 their their PRON cblr-1720 1088 38 shareholders shareholder NOUN cblr-1720 1088 39 . . PUNCT cblr-1720 1089 1 shilon shilon NOUN cblr-1720 1089 2 – – PUNCT cblr-1720 1089 3 final final ADJ cblr-1720 1089 4 594 594 NUM cblr-1720 1089 5 columbia columbia PROPN cblr-1720 1089 6 business business NOUN cblr-1720 1089 7 law law PROPN cblr-1720 1089 8 review review NOUN cblr-1720 1090 1 [ [ X cblr-1720 1090 2 vol vol NOUN cblr-1720 1090 3 . . NOUN cblr-1720 1090 4 2017 2017 NUM cblr-1720 1090 5 this this DET cblr-1720 1090 6 article article NOUN cblr-1720 1090 7 explains explain VERB cblr-1720 1090 8 how how SCONJ cblr-1720 1090 9 the the DET cblr-1720 1090 10 proposed propose VERB cblr-1720 1090 11 arrangement arrangement NOUN cblr-1720 1090 12 would would AUX cblr-1720 1090 13 address address VERB cblr-1720 1090 14 important important ADJ cblr-1720 1090 15 problems problem NOUN cblr-1720 1090 16 in in ADP cblr-1720 1090 17 corporate corporate ADJ cblr-1720 1090 18 takeovers takeover NOUN cblr-1720 1090 19 . . PUNCT cblr-1720 1091 1 because because SCONJ cblr-1720 1091 2 target target NOUN cblr-1720 1091 3 boards board NOUN cblr-1720 1091 4 would would AUX cblr-1720 1091 5 find find VERB cblr-1720 1091 6 it it PRON cblr-1720 1091 7 cost cost NOUN cblr-1720 1091 8 - - PUNCT cblr-1720 1091 9 effective effective ADJ cblr-1720 1091 10 to to PART cblr-1720 1091 11 credibly credibly ADV cblr-1720 1091 12 transmit transmit VERB cblr-1720 1091 13 their their PRON cblr-1720 1091 14 genuine genuine ADJ cblr-1720 1091 15 bottom bottom ADJ cblr-1720 1091 16 - - PUNCT cblr-1720 1091 17 line line NOUN cblr-1720 1091 18 understanding understanding NOUN cblr-1720 1091 19 about about ADP cblr-1720 1091 20 the the DET cblr-1720 1091 21 desirability desirability NOUN cblr-1720 1091 22 of of ADP cblr-1720 1091 23 the the DET cblr-1720 1091 24 bid bid NOUN cblr-1720 1091 25 , , PUNCT cblr-1720 1091 26 the the DET cblr-1720 1091 27 effectiveness effectiveness NOUN cblr-1720 1091 28 of of ADP cblr-1720 1091 29 courts court NOUN cblr-1720 1091 30 ’ ' PUNCT cblr-1720 1091 31 judicial judicial ADJ cblr-1720 1091 32 review review NOUN cblr-1720 1091 33 would would AUX cblr-1720 1091 34 greatly greatly ADV cblr-1720 1091 35 improve improve VERB cblr-1720 1091 36 . . PUNCT cblr-1720 1092 1 the the DET cblr-1720 1092 2 fact fact NOUN cblr-1720 1092 3 that that SCONJ cblr-1720 1092 4 directors director NOUN cblr-1720 1092 5 would would AUX cblr-1720 1092 6 no no ADV cblr-1720 1092 7 longer long ADV cblr-1720 1092 8 be be AUX cblr-1720 1092 9 able able ADJ cblr-1720 1092 10 to to PART cblr-1720 1092 11 reject reject VERB cblr-1720 1092 12 takeovers takeover NOUN cblr-1720 1092 13 and and CCONJ cblr-1720 1092 14 keep keep VERB cblr-1720 1092 15 their their PRON cblr-1720 1092 16 jobs job NOUN cblr-1720 1092 17 without without ADP cblr-1720 1092 18 incurring incur VERB cblr-1720 1092 19 any any DET cblr-1720 1092 20 personal personal ADJ cblr-1720 1092 21 costs cost NOUN cblr-1720 1092 22 would would AUX cblr-1720 1092 23 make make VERB cblr-1720 1092 24 them they PRON cblr-1720 1092 25 more more ADV cblr-1720 1092 26 fearful fearful ADJ cblr-1720 1092 27 of of ADP cblr-1720 1092 28 a a DET cblr-1720 1092 29 takeover takeover NOUN cblr-1720 1092 30 , , PUNCT cblr-1720 1092 31 thereby thereby ADV cblr-1720 1092 32 improving improve VERB cblr-1720 1092 33 market market NOUN cblr-1720 1092 34 discipline discipline NOUN cblr-1720 1092 35 and and CCONJ cblr-1720 1092 36 reducing reduce VERB cblr-1720 1092 37 agency agency NOUN cblr-1720 1092 38 costs cost NOUN cblr-1720 1092 39 . . PUNCT cblr-1720 1093 1 however however ADV cblr-1720 1093 2 , , PUNCT cblr-1720 1093 3 because because SCONJ cblr-1720 1093 4 directors director NOUN cblr-1720 1093 5 would would AUX cblr-1720 1093 6 now now ADV cblr-1720 1093 7 incur incur VERB cblr-1720 1093 8 personal personal ADJ cblr-1720 1093 9 costs cost NOUN cblr-1720 1093 10 for for ADP cblr-1720 1093 11 rejecting reject VERB cblr-1720 1093 12 hostile hostile ADJ cblr-1720 1093 13 bids bid NOUN cblr-1720 1093 14 , , PUNCT cblr-1720 1093 15 their their PRON cblr-1720 1093 16 expost expost ADJ cblr-1720 1093 17 tendency tendency NOUN cblr-1720 1093 18 to to PART cblr-1720 1093 19 reject reject VERB cblr-1720 1093 20 such such ADJ cblr-1720 1093 21 bids bid NOUN cblr-1720 1093 22 to to ADP cblr-1720 1093 23 an an DET cblr-1720 1093 24 excessive excessive ADJ cblr-1720 1093 25 degree degree NOUN cblr-1720 1093 26 would would AUX cblr-1720 1093 27 be be AUX cblr-1720 1093 28 reduced reduce VERB cblr-1720 1093 29 . . PUNCT cblr-1720 1094 1 finally finally ADV cblr-1720 1094 2 , , PUNCT cblr-1720 1094 3 by by ADP cblr-1720 1094 4 favoring favor VERB cblr-1720 1094 5 firms firm NOUN cblr-1720 1094 6 with with ADP cblr-1720 1094 7 high high ADJ cblr-1720 1094 8 longterm longterm NOUN cblr-1720 1094 9 value value NOUN cblr-1720 1094 10 , , PUNCT cblr-1720 1094 11 the the DET cblr-1720 1094 12 arrangement arrangement NOUN cblr-1720 1094 13 would would AUX cblr-1720 1094 14 assist assist VERB cblr-1720 1094 15 in in ADP cblr-1720 1094 16 efforts effort NOUN cblr-1720 1094 17 to to PART cblr-1720 1094 18 improve improve VERB cblr-1720 1094 19 what what PRON cblr-1720 1094 20 is be AUX cblr-1720 1094 21 perhaps perhaps ADV cblr-1720 1094 22 the the DET cblr-1720 1094 23 biggest big ADJ cblr-1720 1094 24 failure failure NOUN cblr-1720 1094 25 of of ADP cblr-1720 1094 26 corporate corporate ADJ cblr-1720 1094 27 governance governance NOUN cblr-1720 1094 28 today today NOUN cblr-1720 1094 29 : : PUNCT cblr-1720 1094 30 its its PRON cblr-1720 1094 31 emphasis emphasis NOUN cblr-1720 1094 32 on on ADP cblr-1720 1094 33 short short ADJ cblr-1720 1094 34 - - PUNCT cblr-1720 1094 35 term term NOUN cblr-1720 1094 36 performance performance NOUN cblr-1720 1094 37 . . PUNCT cblr-1720 1095 1 more more ADJ cblr-1720 1095 2 work work NOUN cblr-1720 1095 3 remains remain VERB cblr-1720 1095 4 to to PART cblr-1720 1095 5 be be AUX cblr-1720 1095 6 done do VERB cblr-1720 1095 7 before before SCONJ cblr-1720 1095 8 the the DET cblr-1720 1095 9 consequences consequence NOUN cblr-1720 1095 10 of of ADP cblr-1720 1095 11 the the DET cblr-1720 1095 12 proposed propose VERB cblr-1720 1095 13 arrangement arrangement NOUN cblr-1720 1095 14 can can AUX cblr-1720 1095 15 be be AUX cblr-1720 1095 16 fully fully ADV cblr-1720 1095 17 assessed assess VERB cblr-1720 1095 18 . . PUNCT cblr-1720 1096 1 the the DET cblr-1720 1096 2 analysis analysis NOUN cblr-1720 1096 3 of of ADP cblr-1720 1096 4 this this DET cblr-1720 1096 5 article article NOUN cblr-1720 1096 6 can can AUX cblr-1720 1096 7 provide provide VERB cblr-1720 1096 8 a a DET cblr-1720 1096 9 framework framework NOUN cblr-1720 1096 10 for for ADP cblr-1720 1096 11 such such ADJ cblr-1720 1096 12 examination examination NOUN cblr-1720 1096 13 . . PUNCT cblr-1720 1097 1 protecting protect VERB cblr-1720 1097 2 shareholders shareholder NOUN cblr-1720 1097 3 from from ADP cblr-1720 1097 4 underpriced underpriced ADJ cblr-1720 1097 5 corporate corporate ADJ cblr-1720 1097 6 takeovers takeover NOUN cblr-1720 1097 7 is be AUX cblr-1720 1097 8 a a DET cblr-1720 1097 9 subject subject NOUN cblr-1720 1097 10 that that SCONJ cblr-1720 1097 11 warrants warrant VERB cblr-1720 1097 12 a a DET cblr-1720 1097 13 careful careful ADJ cblr-1720 1097 14 reconsideration reconsideration NOUN cblr-1720 1097 15 by by ADP cblr-1720 1097 16 all all PRON cblr-1720 1097 17 interested interested ADJ cblr-1720 1097 18 in in ADP cblr-1720 1097 19 improving improve VERB cblr-1720 1097 20 corporate corporate ADJ cblr-1720 1097 21 governance governance NOUN cblr-1720 1097 22 and and CCONJ cblr-1720 1097 23 corporate corporate ADJ cblr-1720 1097 24 control control NOUN cblr-1720 1097 25 . . PUNCT cblr-1720 1098 1 shilon shilon NOUN cblr-1720 1098 2 – – PUNCT cblr-1720 1098 3 final final ADJ cblr-1720 1098 4 no no NOUN cblr-1720 1098 5 . . PUNCT cblr-1720 1098 6 2:511 2:511 NOUN cblr-1720 1098 7 ] ] X cblr-1720 1098 8 improving improve VERB cblr-1720 1098 9 corporate corporate ADJ cblr-1720 1098 10 takeover takeover NOUN cblr-1720 1098 11 dynamics dynamic NOUN cblr-1720 1098 12 595 595 NUM cblr-1720 1098 13 appendix210 appendix210 NOUN cblr-1720 1098 14 an an DET cblr-1720 1098 15 unsolicited unsolicited ADJ cblr-1720 1098 16 bidder bidder NOUN cblr-1720 1098 17 approaches approach NOUN cblr-1720 1098 18 target target VERB cblr-1720 1098 19 shareholders shareholder NOUN cblr-1720 1098 20 and and CCONJ cblr-1720 1098 21 offers offer NOUN cblr-1720 1098 22 to to PART cblr-1720 1098 23 tender tender VERB cblr-1720 1098 24 all all PRON cblr-1720 1098 25 of of ADP cblr-1720 1098 26 the the DET cblr-1720 1098 27 target target NOUN cblr-1720 1098 28 ’s ’s PART cblr-1720 1098 29 shares share NOUN cblr-1720 1098 30 at at ADP cblr-1720 1098 31 a a DET cblr-1720 1098 32 total total ADJ cblr-1720 1098 33 price price NOUN cblr-1720 1098 34 of of ADP cblr-1720 1098 35 b.211 b.211 NOUN cblr-1720 1098 36 let let VERB cblr-1720 1098 37 𝛼 𝛼 PRON cblr-1720 1098 38 ∋ ∋ VERB cblr-1720 1098 39     SPACE cblr-1720 1099 1 [ [ X cblr-1720 1099 2 0,1 0,1 NUM cblr-1720 1099 3 ] ] PUNCT cblr-1720 1099 4 be be VERB cblr-1720 1099 5 the the DET cblr-1720 1099 6 fraction fraction NOUN cblr-1720 1099 7 of of ADP cblr-1720 1099 8 the the DET cblr-1720 1099 9 target target NOUN cblr-1720 1099 10 ’s ’s PART cblr-1720 1099 11 outstanding outstanding ADJ cblr-1720 1099 12 shares share NOUN cblr-1720 1099 13 that that PRON cblr-1720 1099 14 its its PRON cblr-1720 1099 15 outside outside ADJ cblr-1720 1099 16 directors director NOUN cblr-1720 1099 17 commit commit VERB cblr-1720 1099 18 to to PART cblr-1720 1099 19 purchase purchase VERB cblr-1720 1099 20 at at ADP cblr-1720 1099 21 the the DET cblr-1720 1099 22 bid bid NOUN cblr-1720 1099 23 price price NOUN cblr-1720 1099 24 and and CCONJ cblr-1720 1099 25 hold hold VERB cblr-1720 1099 26 for for ADP cblr-1720 1099 27 the the DET cblr-1720 1099 28 long long ADJ cblr-1720 1099 29 term term NOUN cblr-1720 1099 30 , , PUNCT cblr-1720 1099 31 should should AUX cblr-1720 1099 32 the the DET cblr-1720 1099 33 bid bid NOUN cblr-1720 1099 34 fail fail VERB cblr-1720 1099 35 . . PUNCT cblr-1720 1100 1 𝛼 𝛼 PROPN cblr-1720 1100 2 is be AUX cblr-1720 1100 3 observed observe VERB cblr-1720 1100 4 by by ADP cblr-1720 1100 5 courts court NOUN cblr-1720 1100 6 and and CCONJ cblr-1720 1100 7 target target VERB cblr-1720 1100 8 shareholders shareholder NOUN cblr-1720 1100 9 . . PUNCT cblr-1720 1101 1 let let VERB cblr-1720 1101 2 v v PART cblr-1720 1101 3 be be AUX cblr-1720 1101 4 the the DET cblr-1720 1101 5 target target NOUN cblr-1720 1101 6 value value NOUN cblr-1720 1101 7 if if SCONJ cblr-1720 1101 8 the the DET cblr-1720 1101 9 target target NOUN cblr-1720 1101 10 stays stay VERB cblr-1720 1101 11 independent independent ADJ cblr-1720 1101 12 . . PUNCT cblr-1720 1102 1 unlike unlike ADP cblr-1720 1102 2 incumbent incumbent ADJ cblr-1720 1102 3 directors director NOUN cblr-1720 1102 4 , , PUNCT cblr-1720 1102 5 courts court NOUN cblr-1720 1102 6 and and CCONJ cblr-1720 1102 7 target target VERB cblr-1720 1102 8 shareholders shareholder NOUN cblr-1720 1102 9 are be AUX cblr-1720 1102 10 unable unable ADJ cblr-1720 1102 11 to to PART cblr-1720 1102 12 observe observe VERB cblr-1720 1102 13 v. v. ADP cblr-1720 1102 14 if if SCONJ cblr-1720 1102 15 the the DET cblr-1720 1102 16 court court NOUN cblr-1720 1102 17 is be AUX cblr-1720 1102 18 persuaded persuade VERB cblr-1720 1102 19 that that SCONJ cblr-1720 1102 20 𝛼 𝛼 PRON cblr-1720 1102 21 is be AUX cblr-1720 1102 22 big big ADJ cblr-1720 1102 23 enough enough ADV cblr-1720 1102 24 to to PART cblr-1720 1102 25 credibly credibly ADV cblr-1720 1102 26 signal signal VERB cblr-1720 1102 27 the the DET cblr-1720 1102 28 incumbent incumbent NOUN cblr-1720 1102 29 ’s ’s PART cblr-1720 1102 30 belief belief NOUN cblr-1720 1102 31 that that SCONJ cblr-1720 1102 32 b b X cblr-1720 1102 33 < < X cblr-1720 1102 34 v v NOUN cblr-1720 1102 35 , , PUNCT cblr-1720 1102 36 it it PRON cblr-1720 1102 37 allows allow VERB cblr-1720 1102 38 the the DET cblr-1720 1102 39 board board NOUN cblr-1720 1102 40 to to PART cblr-1720 1102 41 fend fend VERB cblr-1720 1102 42 off off ADP cblr-1720 1102 43 the the DET cblr-1720 1102 44 raider raider NOUN cblr-1720 1102 45 . . PUNCT cblr-1720 1103 1 there there PRON cblr-1720 1103 2 are be VERB cblr-1720 1103 3 two two NUM cblr-1720 1103 4 possible possible ADJ cblr-1720 1103 5 types type NOUN cblr-1720 1103 6 of of ADP cblr-1720 1103 7 directors director NOUN cblr-1720 1103 8 , , PUNCT cblr-1720 1103 9 𝜃𝐺 𝜃𝐺 NOUN cblr-1720 1103 10 and and CCONJ cblr-1720 1103 11 𝜃 𝜃 NOUN cblr-1720 1103 12 ! ! PROPN cblr-1720 1103 13 , , PUNCT cblr-1720 1103 14 as as SCONJ cblr-1720 1103 15 follows follow VERB cblr-1720 1103 16 : : PUNCT cblr-1720 1103 17 𝜃 𝜃 X cblr-1720 1103 18 ! ! PUNCT cblr-1720 1103 19 — — PUNCT cblr-1720 1103 20 “ " PUNCT cblr-1720 1103 21 good good ADJ cblr-1720 1103 22 type type NOUN cblr-1720 1103 23 directors director NOUN cblr-1720 1103 24 , , PUNCT cblr-1720 1103 25 ” " PUNCT cblr-1720 1103 26 who who PRON cblr-1720 1103 27 produce produce VERB cblr-1720 1103 28 a a DET cblr-1720 1103 29 relatively relatively ADV cblr-1720 1103 30 high high ADJ cblr-1720 1103 31 v v NOUN cblr-1720 1103 32 , , PUNCT cblr-1720 1103 33 v(high v(high NOUN cblr-1720 1103 34 ) ) PUNCT cblr-1720 1103 35 , , PUNCT cblr-1720 1103 36 satisfying satisfy VERB cblr-1720 1103 37 v(high)>b v(high)>b NOUN cblr-1720 1103 38 . . PUNCT cblr-1720 1104 1 the the DET cblr-1720 1104 2 probability probability NOUN cblr-1720 1104 3 for for ADP cblr-1720 1104 4 “ " PUNCT cblr-1720 1104 5 good good ADJ cblr-1720 1104 6 type type NOUN cblr-1720 1104 7 directors director NOUN cblr-1720 1104 8 ” " PUNCT cblr-1720 1104 9 is be AUX cblr-1720 1104 10 1 1 NUM cblr-1720 1104 11     SPACE cblr-1720 1104 12 𝜆. 𝜆. NOUN cblr-1720 1104 13 𝜃 𝜃 PROPN cblr-1720 1104 14 ! ! PUNCT cblr-1720 1104 15 — — PUNCT cblr-1720 1104 16 “ " PUNCT cblr-1720 1104 17 bad bad ADJ cblr-1720 1104 18 type type NOUN cblr-1720 1104 19 directors director NOUN cblr-1720 1104 20 , , PUNCT cblr-1720 1104 21 ” " PUNCT cblr-1720 1104 22 who who PRON cblr-1720 1104 23 produce produce VERB cblr-1720 1104 24 a a DET cblr-1720 1104 25 relatively relatively ADV cblr-1720 1104 26 low low ADJ cblr-1720 1104 27 v v NOUN cblr-1720 1104 28 , , PUNCT cblr-1720 1104 29 v(low v(low PROPN cblr-1720 1104 30 ) ) PUNCT cblr-1720 1104 31 , , PUNCT cblr-1720 1104 32 satisfies satisfy VERB cblr-1720 1104 33 v(low) > X cblr-1720 1122 1 c c X cblr-1720 1122 2 ! ! PUNCT cblr-1720 1122 3     SPACE cblr-1720 1122 4 ( ( PUNCT cblr-1720 1122 5 𝛼 𝛼 X cblr-1720 1122 6 ) ) PUNCT cblr-1720 1122 7 for for ADP cblr-1720 1122 8 any any DET cblr-1720 1122 9 𝛼. 𝛼. NOUN cblr-1720 1122 10 also also ADV cblr-1720 1122 11 , , PUNCT cblr-1720 1122 12 standard standard ADJ cblr-1720 1122 13 assumptions assumption NOUN cblr-1720 1122 14 apply apply VERB cblr-1720 1122 15 here here ADV cblr-1720 1122 16 , , PUNCT cblr-1720 1122 17 satisfying satisfy VERB cblr-1720 1122 18 c c X cblr-1720 1122 19 ! ! PUNCT cblr-1720 1123 1 ( ( PUNCT cblr-1720 1123 2 0 0 NUM cblr-1720 1123 3 ) ) PUNCT cblr-1720 1123 4 = = SYM cblr-1720 1123 5 0 0 NUM cblr-1720 1123 6 , , PUNCT cblr-1720 1123 7 c′ c′ NUM cblr-1720 1123 8 ! ! PUNCT cblr-1720 1124 1 ( ( PUNCT cblr-1720 1124 2 𝛼 𝛼 X cblr-1720 1124 3 ) ) PUNCT cblr-1720 1124 4 > > X cblr-1720 1124 5 0 0 NUM cblr-1720 1124 6 , , PUNCT cblr-1720 1124 7 c″ c″ NOUN cblr-1720 1124 8 ! ! PUNCT cblr-1720 1124 9     SPACE cblr-1720 1124 10 ( ( PUNCT cblr-1720 1124 11 𝛼 𝛼 NOUN cblr-1720 1124 12 ) ) PUNCT cblr-1720 1124 13 > > X cblr-1720 1124 14 0 0 NUM cblr-1720 1124 15 , , PUNCT cblr-1720 1124 16 c′ c′ NUM cblr-1720 1124 17 ! ! PUNCT cblr-1720 1124 18     SPACE cblr-1720 1125 1 ( ( PUNCT cblr-1720 1125 2 𝛼 𝛼 NOUN cblr-1720 1125 3 ) ) PUNCT cblr-1720 1125 4 > > X cblr-1720 1125 5     SPACE cblr-1720 1125 6 c′ c′ NOUN cblr-1720 1125 7 ! ! PUNCT cblr-1720 1126 1 ( ( PUNCT cblr-1720 1126 2 𝛼 𝛼 X cblr-1720 1126 3 ) ) PUNCT cblr-1720 1126 4 for for ADP cblr-1720 1126 5 any any DET cblr-1720 1126 6 𝛼. 𝛼. NOUN cblr-1720 1126 7 a a DET cblr-1720 1126 8 court court NOUN cblr-1720 1126 9 forms form VERB cblr-1720 1126 10 a a DET cblr-1720 1126 11 belief belief NOUN cblr-1720 1126 12 , , PUNCT cblr-1720 1126 13 𝜇(𝛼,p 𝜇(𝛼,p X cblr-1720 1126 14 , , PUNCT cblr-1720 1126 15 c(𝛼 c(𝛼 PROPN cblr-1720 1126 16 ) ) PUNCT cblr-1720 1126 17 ) ) PUNCT cblr-1720 1126 18 , , PUNCT cblr-1720 1126 19 as as ADP cblr-1720 1126 20 to to ADP cblr-1720 1126 21 the the DET cblr-1720 1126 22 relationship relationship NOUN cblr-1720 1126 23 between between ADP cblr-1720 1126 24 𝛼 𝛼 PRON cblr-1720 1126 25 and and CCONJ cblr-1720 1126 26 v v NOUN cblr-1720 1126 27 and and CCONJ cblr-1720 1126 28 , , PUNCT cblr-1720 1126 29 in in ADP cblr-1720 1126 30 particular particular ADJ cblr-1720 1126 31 , , PUNCT cblr-1720 1126 32 decides decide VERB cblr-1720 1126 33 whether whether SCONJ cblr-1720 1126 34 𝛼 𝛼 PRON cblr-1720 1126 35 constitutes constitute VERB cblr-1720 1126 36 a a DET cblr-1720 1126 37 credible credible ADJ cblr-1720 1126 38 commitment commitment NOUN cblr-1720 1126 39 for for ADP cblr-1720 1126 40 target target NOUN cblr-1720 1126 41 directors director NOUN cblr-1720 1126 42 to to PART cblr-1720 1126 43 be be AUX cblr-1720 1126 44 of of ADP cblr-1720 1126 45 type type NOUN cblr-1720 1126 46 𝜃 𝜃 NOUN cblr-1720 1126 47 ! ! PUNCT cblr-1720 1126 48 . . PUNCT cblr-1720 1127 1 accordingly accordingly ADV cblr-1720 1127 2 , , PUNCT cblr-1720 1127 3 the the DET cblr-1720 1127 4 court court NOUN cblr-1720 1127 5 issues issue VERB cblr-1720 1127 6 a a DET cblr-1720 1127 7 judicial judicial ADJ cblr-1720 1127 8 decision decision NOUN cblr-1720 1127 9 , , PUNCT cblr-1720 1127 10 d d X cblr-1720 1127 11 ( ( PUNCT cblr-1720 1127 12 𝜇 𝜇 NOUN cblr-1720 1127 13 ) ) PUNCT cblr-1720 1127 14 , , PUNCT cblr-1720 1127 15 whereby whereby SCONJ cblr-1720 1127 16 it it PRON cblr-1720 1127 17 holds hold VERB cblr-1720 1127 18 that that SCONJ cblr-1720 1127 19 the the DET cblr-1720 1127 20 target target NOUN cblr-1720 1127 21 board board NOUN cblr-1720 1127 22 has have AUX cblr-1720 1127 23 successfully successfully ADV cblr-1720 1127 24 articulated articulate VERB cblr-1720 1127 25 a a DET cblr-1720 1127 26 cognizable cognizable ADJ cblr-1720 1127 27 substantive substantive ADJ cblr-1720 1127 28 coercion coercion NOUN cblr-1720 1127 29 threat threat NOUN cblr-1720 1127 30 to to ADP cblr-1720 1127 31 the the DET cblr-1720 1127 32 target target NOUN cblr-1720 1127 33 ’s ’s PART cblr-1720 1127 34 effectiveness effectiveness NOUN cblr-1720 1127 35 and and CCONJ cblr-1720 1127 36 policy policy NOUN cblr-1720 1127 37 if if SCONJ cblr-1720 1128 1 and and CCONJ cblr-1720 1128 2 only only ADV cblr-1720 1128 3 if if SCONJ cblr-1720 1128 4 it it PRON cblr-1720 1128 5 is be AUX cblr-1720 1128 6 more more ADV cblr-1720 1128 7 likely likely ADJ cblr-1720 1128 8 that that SCONJ cblr-1720 1128 9 target target NOUN cblr-1720 1128 10 directors director NOUN cblr-1720 1128 11 are be AUX cblr-1720 1128 12 𝜃 𝜃 NOUN cblr-1720 1128 13 ! ! PUNCT cblr-1720 1129 1 than than ADP cblr-1720 1129 2 𝜃 𝜃 PROPN cblr-1720 1129 3 ! ! PUNCT cblr-1720 1129 4 . . PUNCT cblr-1720 1130 1 bad bad ADJ cblr-1720 1130 2 type type NOUN cblr-1720 1130 3 and and CCONJ cblr-1720 1130 4 good good ADJ cblr-1720 1130 5 type type NOUN cblr-1720 1130 6 directors director NOUN cblr-1720 1130 7 maximize maximize VERB cblr-1720 1130 8 their their PRON cblr-1720 1130 9 utility utility NOUN cblr-1720 1130 10 functions function NOUN cblr-1720 1130 11 , , PUNCT cblr-1720 1130 12 respectively respectively ADV cblr-1720 1130 13 : : PUNCT cblr-1720 1130 14 ub(𝛼 ub(𝛼 X cblr-1720 1130 15 ) ) PUNCT cblr-1720 1131 1 = = SYM cblr-1720 1131 2 p p X cblr-1720 1131 3 ( ( PUNCT cblr-1720 1131 4 d(𝛼 d(𝛼 PROPN cblr-1720 1131 5 ) ) PUNCT cblr-1720 1131 6 ) ) PUNCT cblr-1720 1131 7 c!(𝛼 c!(𝛼 NUM cblr-1720 1131 8 ) ) PUNCT cblr-1720 1132 1 ug ug ADP cblr-1720 1132 2 ( ( PUNCT cblr-1720 1132 3 𝛼 𝛼 X cblr-1720 1132 4 ) ) PUNCT cblr-1720 1132 5 = = SYM cblr-1720 1132 6 p p X cblr-1720 1132 7 ( ( PUNCT cblr-1720 1132 8 d(𝛼 d(𝛼 PROPN cblr-1720 1132 9 ) ) PUNCT cblr-1720 1132 10 ) ) PUNCT cblr-1720 1132 11 c!(𝛼 c!(𝛼 NUM cblr-1720 1132 12 ) ) PUNCT cblr-1720 1132 13     SPACE cblr-1720 1132 14 𝛼 𝛼 PROPN cblr-1720 1132 15 and and CCONJ cblr-1720 1132 16 d(𝜇 d(𝜇 PROPN cblr-1720 1132 17 ) ) PUNCT cblr-1720 1132 18 do do AUX cblr-1720 1132 19 not not PART cblr-1720 1132 20 affect affect VERB cblr-1720 1132 21 v v ADP cblr-1720 1132 22 , , PUNCT cblr-1720 1132 23     SPACE cblr-1720 1132 24 𝜃 𝜃 NOUN cblr-1720 1132 25 or or CCONJ cblr-1720 1132 26 p. p. NOUN cblr-1720 1132 27 solution solution NOUN cblr-1720 1132 28 of of ADP cblr-1720 1132 29 the the DET cblr-1720 1132 30 model model NOUN cblr-1720 1132 31 general general NOUN cblr-1720 1132 32 : : PUNCT cblr-1720 1132 33 a a DET cblr-1720 1132 34 director director NOUN cblr-1720 1132 35 ’s ’s PART cblr-1720 1132 36 commitment commitment NOUN cblr-1720 1132 37 choice choice NOUN cblr-1720 1132 38 , , PUNCT cblr-1720 1132 39 𝛼 𝛼 X cblr-1720 1132 40 , , PUNCT cblr-1720 1132 41 a a DET cblr-1720 1132 42 court court NOUN cblr-1720 1132 43 decision decision NOUN cblr-1720 1132 44 function function NOUN cblr-1720 1132 45 d(𝜇 d(𝜇 PROPN cblr-1720 1132 46 ) ) PUNCT cblr-1720 1132 47 , , PUNCT cblr-1720 1132 48 and and CCONJ cblr-1720 1132 49 a a DET cblr-1720 1132 50 belief belief NOUN cblr-1720 1132 51 function function NOUN cblr-1720 1132 52 𝜇 𝜇 X cblr-1720 1132 53 ( ( PUNCT cblr-1720 1132 54     SPACE cblr-1720 1132 55 𝛼,p 𝛼,p ADJ cblr-1720 1132 56 , , PUNCT cblr-1720 1132 57 c(𝛼))∋[𝜃!,𝜃 c(𝛼))∋[𝜃!,𝜃 PROPN cblr-1720 1132 58 ! ! PUNCT cblr-1720 1132 59 ] ] PUNCT cblr-1720 1133 1 giving give VERB cblr-1720 1133 2 courts court NOUN cblr-1720 1133 3 ’ ’ PART cblr-1720 1133 4 probability probability NOUN cblr-1720 1133 5 assessment assessment NOUN cblr-1720 1133 6 that that SCONJ cblr-1720 1133 7 directors director NOUN cblr-1720 1133 8 are be AUX cblr-1720 1133 9 of of ADP cblr-1720 1133 10 a a DET cblr-1720 1133 11 certain certain ADJ cblr-1720 1133 12 type type NOUN cblr-1720 1133 13 after after ADP cblr-1720 1133 14 observing observe VERB cblr-1720 1133 15 𝛼 𝛼 NOUN cblr-1720 1133 16 , , PUNCT cblr-1720 1133 17 is be AUX cblr-1720 1133 18 a a DET cblr-1720 1133 19 bayesian bayesian NOUN cblr-1720 1133 20 equilibrium equilibrium NOUN cblr-1720 1133 21 ( ( PUNCT cblr-1720 1133 22 be be AUX cblr-1720 1133 23 ) ) PUNCT cblr-1720 1133 24 if if SCONJ cblr-1720 1133 25 ( ( PUNCT cblr-1720 1133 26 i i NOUN cblr-1720 1133 27 ) ) PUNCT cblr-1720 1133 28     SPACE cblr-1720 1133 29 𝛼 𝛼 NOUN cblr-1720 1133 30 is be AUX cblr-1720 1133 31 optimal optimal ADJ cblr-1720 1133 32 given give VERB cblr-1720 1133 33 d. d. PROPN cblr-1720 1133 34 ( ( PUNCT cblr-1720 1133 35 ii ii PROPN cblr-1720 1133 36 ) ) PUNCT cblr-1720 1134 1 d d NOUN cblr-1720 1134 2 is be AUX cblr-1720 1134 3 optimal optimal ADJ cblr-1720 1134 4 given give VERB cblr-1720 1134 5     SPACE cblr-1720 1134 6 𝛼 𝛼 PROPN cblr-1720 1134 7 .. .. PUNCT cblr-1720 1134 8 ( ( PUNCT cblr-1720 1134 9 iii iii X cblr-1720 1134 10 ) ) PUNCT cblr-1720 1134 11 consistency consistency NOUN cblr-1720 1134 12 between between ADP cblr-1720 1134 13 court court NOUN cblr-1720 1134 14 beliefs belief NOUN cblr-1720 1134 15 𝜇(𝛼,p 𝜇(𝛼,p PROPN cblr-1720 1134 16 , , PUNCT cblr-1720 1134 17 c(𝛼 c(𝛼 PROPN cblr-1720 1134 18 ) ) PUNCT cblr-1720 1134 19 ) ) PUNCT cblr-1720 1134 20 and and CCONJ cblr-1720 1134 21 strategy strategy NOUN cblr-1720 1134 22 d(𝜇 d(𝜇 PROPN cblr-1720 1134 23 ) ) PUNCT cblr-1720 1134 24 . . PUNCT cblr-1720 1135 1 directors director NOUN cblr-1720 1135 2 choose choose VERB cblr-1720 1135 3 𝛼 𝛼 NOUN cblr-1720 1135 4 to to PART cblr-1720 1135 5 maximize maximize VERB cblr-1720 1135 6 their their PRON cblr-1720 1135 7 utility utility NOUN cblr-1720 1135 8 function function NOUN cblr-1720 1135 9 u!(𝛼 u!(𝛼 ADV cblr-1720 1135 10 ) ) PUNCT cblr-1720 1136 1 = = SYM cblr-1720 1136 2 p(d(𝛼))−c!(𝛼 p(d(𝛼))−c!(𝛼 NOUN cblr-1720 1136 3 ) ) PUNCT cblr-1720 1136 4 . . PUNCT cblr-1720 1137 1 as as SCONJ cblr-1720 1137 2 shown show VERB cblr-1720 1137 3 in in ADP cblr-1720 1137 4 figure figure NOUN cblr-1720 1137 5 ap-1 ap-1 ADV cblr-1720 1137 6 , , PUNCT cblr-1720 1137 7 the the DET cblr-1720 1137 8 director director NOUN cblr-1720 1137 9 utility utility NOUN cblr-1720 1137 10 function function NOUN cblr-1720 1137 11 ’s ’s PART cblr-1720 1137 12 slope slope NOUN cblr-1720 1137 13 is be AUX cblr-1720 1137 14 lower low ADJ cblr-1720 1137 15 for for ADP cblr-1720 1137 16 good good ADJ cblr-1720 1137 17 type type NOUN cblr-1720 1137 18 directors director NOUN cblr-1720 1137 19 because because SCONJ cblr-1720 1137 20 any any DET cblr-1720 1137 21 incremental incremental ADJ cblr-1720 1137 22 increase increase NOUN cblr-1720 1137 23 in in ADP cblr-1720 1137 24     SPACE cblr-1720 1137 25 𝛼 𝛼 NOUN cblr-1720 1137 26 increases increase NOUN cblr-1720 1137 27 p p X cblr-1720 1137 28 identically identically ADV cblr-1720 1137 29 for for ADP cblr-1720 1137 30 both both DET cblr-1720 1137 31 types type NOUN cblr-1720 1137 32 of of ADP cblr-1720 1137 33 directors director NOUN cblr-1720 1137 34 alike alike ADV cblr-1720 1137 35 but but CCONJ cblr-1720 1137 36 increases increase VERB cblr-1720 1137 37 costs cost VERB cblr-1720 1137 38 more more ADV cblr-1720 1137 39 significantly significantly ADV cblr-1720 1137 40 for for ADP cblr-1720 1137 41 bad bad ADJ cblr-1720 1137 42 type type NOUN cblr-1720 1137 43 directors director NOUN cblr-1720 1137 44 , , PUNCT cblr-1720 1137 45 as as ADP cblr-1720 1137 46 c′!(𝛼 c′!(𝛼 NOUN cblr-1720 1137 47 ) ) PUNCT cblr-1720 1137 48 > > X cblr-1720 1137 49 c′!(𝛼 c′!(𝛼 NOUN cblr-1720 1137 50 ) ) PUNCT cblr-1720 1137 51 for for ADP cblr-1720 1137 52 any any DET cblr-1720 1137 53 𝛼. 𝛼. ADJ cblr-1720 1137 54 shilon shilon NOUN cblr-1720 1137 55 – – PUNCT cblr-1720 1137 56 final final ADJ cblr-1720 1137 57 no no NOUN cblr-1720 1137 58 . . PUNCT cblr-1720 1138 1 2:511 2:511 NOUN cblr-1720 1138 2 ] ] X cblr-1720 1138 3 improving improve VERB cblr-1720 1138 4 corporate corporate ADJ cblr-1720 1138 5 takeover takeover NOUN cblr-1720 1138 6 dynamics dynamic NOUN cblr-1720 1138 7 597 597 NUM cblr-1720 1138 8 figure figure NOUN cblr-1720 1138 9 ap ap PROPN cblr-1720 1138 10 – – PUNCT cblr-1720 1138 11 1 1 NUM cblr-1720 1138 12 – – PUNCT cblr-1720 1138 13 directors director NOUN cblr-1720 1138 14 ’ ' PUNCT cblr-1720 1138 15 utility utility NOUN cblr-1720 1138 16 functions function VERB cblr-1720 1138 17 an an DET cblr-1720 1138 18 asymmetric asymmetric ADJ cblr-1720 1138 19 information information NOUN cblr-1720 1138 20 solution solution NOUN cblr-1720 1138 21 of of ADP cblr-1720 1138 22 the the DET cblr-1720 1138 23 model model NOUN cblr-1720 1138 24 – – PUNCT cblr-1720 1138 25 separating separate VERB cblr-1720 1138 26 equilibrium equilibrium NOUN cblr-1720 1138 27 in in ADP cblr-1720 1138 28 a a DET cblr-1720 1138 29 separating separate VERB cblr-1720 1138 30 bayesian bayesian NOUN cblr-1720 1138 31 equilibrium equilibrium NOUN cblr-1720 1138 32 , , PUNCT cblr-1720 1138 33 d*(𝛼*g)= d*(𝛼*g)= NOUN cblr-1720 1138 34 𝜃 𝜃 X cblr-1720 1138 35 ! ! PUNCT cblr-1720 1138 36 d*(𝛼*b)= d*(𝛼*b)= PROPN cblr-1720 1138 37 𝜃 𝜃 X cblr-1720 1138 38 ! ! PUNCT cblr-1720 1138 39 . . PUNCT cblr-1720 1139 1 also also ADV cblr-1720 1139 2 , , PUNCT cblr-1720 1139 3     SPACE cblr-1720 1139 4 𝛼*b 𝛼*b NOUN cblr-1720 1139 5 = = NOUN cblr-1720 1139 6 0 0 NUM cblr-1720 1139 7 and and CCONJ cblr-1720 1139 8     SPACE cblr-1720 1139 9 𝛼 𝛼 PROPN cblr-1720 1139 10 * * PUNCT cblr-1720 1139 11 g g PROPN cblr-1720 1139 12 ∈ ∈ PROPN cblr-1720 1140 1 [ [ X cblr-1720 1140 2 𝛼′,𝛼″ 𝛼′,𝛼″ NUM cblr-1720 1140 3 ] ] PUNCT cblr-1720 1140 4 . . PUNCT cblr-1720 1141 1 courts court NOUN cblr-1720 1141 2 are be AUX cblr-1720 1141 3 unable unable ADJ cblr-1720 1141 4 to to PART cblr-1720 1141 5 observe observe VERB cblr-1720 1141 6 v v ADP cblr-1720 1141 7 and and CCONJ cblr-1720 1141 8 , , PUNCT cblr-1720 1141 9 hence hence ADV cblr-1720 1141 10 , , PUNCT cblr-1720 1141 11 are be AUX cblr-1720 1141 12 unable unable ADJ cblr-1720 1141 13 to to PART cblr-1720 1141 14 infer infer VERB cblr-1720 1141 15 the the DET cblr-1720 1141 16 type type NOUN cblr-1720 1141 17 of of ADP cblr-1720 1141 18 incumbent incumbent ADJ cblr-1720 1141 19 directors director NOUN cblr-1720 1141 20 . . PUNCT cblr-1720 1142 1 however however ADV cblr-1720 1142 2 , , PUNCT cblr-1720 1142 3 they they PRON cblr-1720 1142 4 can can AUX cblr-1720 1142 5 observe observe VERB cblr-1720 1142 6 p p NOUN cblr-1720 1142 7 and and CCONJ cblr-1720 1142 8 all all DET cblr-1720 1142 9 characteristics characteristic NOUN cblr-1720 1142 10 of of ADP cblr-1720 1142 11 directors director NOUN cblr-1720 1142 12 ’ ' PUNCT cblr-1720 1142 13 commitment commitment NOUN cblr-1720 1142 14 costs cost NOUN cblr-1720 1142 15 other other ADJ cblr-1720 1142 16 than than ADP cblr-1720 1142 17 v. v. ADP cblr-1720 1142 18 therefore therefore ADV cblr-1720 1142 19 , , PUNCT cblr-1720 1142 20 they they PRON cblr-1720 1142 21 are be AUX cblr-1720 1142 22 able able ADJ cblr-1720 1142 23 to to PART cblr-1720 1142 24 infer infer VERB cblr-1720 1142 25 the the DET cblr-1720 1142 26 utility utility NOUN cblr-1720 1142 27 function function NOUN cblr-1720 1142 28 of of ADP cblr-1720 1142 29 a a DET cblr-1720 1142 30 hypothetical hypothetical ADJ cblr-1720 1142 31 target target NOUN cblr-1720 1142 32 ’s ’s PART cblr-1720 1142 33 pivotal pivotal ADJ cblr-1720 1142 34 director director NOUN cblr-1720 1142 35 , , PUNCT cblr-1720 1142 36 who who PRON cblr-1720 1142 37 is be AUX cblr-1720 1142 38 able able ADJ cblr-1720 1142 39 to to PART cblr-1720 1142 40 generate generate VERB cblr-1720 1142 41 v v NOUN cblr-1720 1142 42 = = NOUN cblr-1720 1142 43 b. b. NOUN cblr-1720 1142 44 hence hence ADV cblr-1720 1142 45 , , PUNCT cblr-1720 1142 46 courts court NOUN cblr-1720 1142 47 infer infer VERB cblr-1720 1142 48 such such DET cblr-1720 1142 49 a a DET cblr-1720 1142 50 director director NOUN cblr-1720 1142 51 ’s ’s PART cblr-1720 1142 52 maximum maximum ADJ cblr-1720 1142 53 willingness willingness NOUN cblr-1720 1142 54 to to PART cblr-1720 1142 55 commit commit VERB cblr-1720 1142 56 . . PUNCT cblr-1720 1143 1 courts court NOUN cblr-1720 1143 2 form form VERB cblr-1720 1143 3 their their PRON cblr-1720 1143 4 belief belief NOUN cblr-1720 1143 5 , , PUNCT cblr-1720 1143 6     SPACE cblr-1720 1143 7 𝜇(𝛼,p 𝜇(𝛼,p X cblr-1720 1143 8 , , PUNCT cblr-1720 1143 9 c(𝛼 c(𝛼 PROPN cblr-1720 1143 10 ) ) PUNCT cblr-1720 1143 11 ) ) PUNCT cblr-1720 1143 12 , , PUNCT cblr-1720 1143 13 as as SCONJ cblr-1720 1143 14 follows follow VERB cblr-1720 1143 15 : : PUNCT cblr-1720 1143 16 iff iff PROPN cblr-1720 1143 17     SPACE cblr-1720 1143 18 𝛼 𝛼 PROPN cblr-1720 1143 19 * * NOUN cblr-1720 1143 20 ≥ ≥ NUM cblr-1720 1143 21 max max PROPN cblr-1720 1143 22 𝛼 𝛼 PROPN cblr-1720 1143 23 * * PROPN cblr-1720 1143 24 ( ( PUNCT cblr-1720 1143 25 marginal marginal ADJ cblr-1720 1143 26 incumbent incumbent ADJ cblr-1720 1143 27 directors director NOUN cblr-1720 1143 28 ) ) PUNCT cblr-1720 1143 29 , , PUNCT cblr-1720 1143 30 then then ADV cblr-1720 1143 31 θ θ PROPN cblr-1720 1143 32 = = SYM cblr-1720 1143 33 𝜃 𝜃 PROPN cblr-1720 1143 34 ! ! PUNCT cblr-1720 1143 35 , , PUNCT cblr-1720 1143 36 and and CCONJ cblr-1720 1143 37 iff iff PROPN cblr-1720 1143 38 𝛼 𝛼 PROPN cblr-1720 1143 39 * * PROPN cblr-1720 1143 40 < < X cblr-1720 1143 41 max max PROPN cblr-1720 1143 42 𝛼 𝛼 PROPN cblr-1720 1143 43 * * PROPN cblr-1720 1143 44 ( ( PUNCT cblr-1720 1143 45 marginal marginal ADJ cblr-1720 1143 46 incumbent incumbent ADJ cblr-1720 1143 47 directors director NOUN cblr-1720 1143 48 ) ) PUNCT cblr-1720 1143 49 , , PUNCT cblr-1720 1143 50 then then ADV cblr-1720 1143 51 θ θ PROPN cblr-1720 1143 52 = = SYM cblr-1720 1143 53 𝜃 𝜃 PROPN cblr-1720 1143 54 ! ! PUNCT cblr-1720 1143 55 . . PUNCT cblr-1720 1144 1 good good ADJ cblr-1720 1144 2 type type NOUN cblr-1720 1144 3 directors director NOUN cblr-1720 1144 4 will will AUX cblr-1720 1144 5 choose choose VERB cblr-1720 1144 6 to to PART cblr-1720 1144 7 commit commit VERB cblr-1720 1144 8 , , PUNCT cblr-1720 1144 9 in in ADP cblr-1720 1144 10 equilibrium equilibrium NOUN cblr-1720 1144 11 , , PUNCT cblr-1720 1144 12 at at ADP cblr-1720 1144 13 the the DET cblr-1720 1144 14 minimum minimum ADJ cblr-1720 1144 15 credible credible ADJ cblr-1720 1144 16 level level NOUN cblr-1720 1144 17 , , PUNCT cblr-1720 1144 18 which which PRON cblr-1720 1144 19 equals equal VERB cblr-1720 1144 20 to to ADP cblr-1720 1144 21 max max PROPN cblr-1720 1144 22     SPACE cblr-1720 1144 23 𝛼 𝛼 PROPN cblr-1720 1144 24 * * PUNCT cblr-1720 1144 25 ( ( PUNCT cblr-1720 1144 26 pivotal pivotal ADJ cblr-1720 1144 27 director director NOUN cblr-1720 1144 28 ) ) PUNCT cblr-1720 1144 29 . . PUNCT cblr-1720 1145 1 committing commit VERB cblr-1720 1145 2 in in ADP cblr-1720 1145 3 excess excess NOUN cblr-1720 1145 4 of of ADP cblr-1720 1145 5 that that DET cblr-1720 1145 6 level level NOUN cblr-1720 1145 7 will will AUX cblr-1720 1145 8 be be AUX cblr-1720 1145 9 costly costly ADJ cblr-1720 1145 10 for for ADP cblr-1720 1145 11 the the DET cblr-1720 1145 12 directors director NOUN cblr-1720 1145 13 but but CCONJ cblr-1720 1145 14 not not PART cblr-1720 1145 15 generate generate VERB cblr-1720 1145 16 any any DET cblr-1720 1145 17 marginal marginal ADJ cblr-1720 1145 18 benefit benefit NOUN cblr-1720 1145 19 . . PUNCT cblr-1720 1146 1 committing commit VERB cblr-1720 1146 2 at at ADP cblr-1720 1146 3 a a DET cblr-1720 1146 4 lower low ADJ cblr-1720 1146 5 level level NOUN cblr-1720 1146 6 will will AUX cblr-1720 1146 7 mistakenly mistakenly ADV cblr-1720 1146 8 identify identify VERB cblr-1720 1146 9 𝜃 𝜃 NOUN cblr-1720 1146 10 ! ! PUNCT cblr-1720 1147 1 as as ADP cblr-1720 1147 2 𝜃 𝜃 PROPN cblr-1720 1147 3 ! ! PUNCT cblr-1720 1147 4 . . PUNCT cblr-1720 1148 1 figure figure NOUN cblr-1720 1148 2 ap ap PROPN cblr-1720 1148 3 – – PUNCT cblr-1720 1148 4 3 3 NUM cblr-1720 1148 5 illustrates illustrate VERB cblr-1720 1148 6 that that SCONJ cblr-1720 1148 7 for for ADP cblr-1720 1148 8 𝜃 𝜃 PROPN cblr-1720 1148 9 ! ! PUNCT cblr-1720 1148 10 , , PUNCT cblr-1720 1148 11 providing provide VERB cblr-1720 1148 12 a a DET cblr-1720 1148 13 credible credible ADJ cblr-1720 1148 14 commitment commitment NOUN cblr-1720 1148 15 always always ADV cblr-1720 1148 16 dominates dominate VERB cblr-1720 1148 17 a a DET cblr-1720 1148 18 decision decision NOUN cblr-1720 1148 19 not not PART cblr-1720 1148 20 to to PART cblr-1720 1148 21 commit commit VERB cblr-1720 1148 22 at at ADV cblr-1720 1148 23 all all ADV cblr-1720 1148 24 . . PUNCT cblr-1720 1149 1 it it PRON cblr-1720 1149 2 essentially essentially ADV cblr-1720 1149 3 builds build VERB cblr-1720 1149 4 on on ADP cblr-1720 1149 5 the the DET cblr-1720 1149 6 result result NOUN cblr-1720 1149 7 that that SCONJ cblr-1720 1149 8 , , PUNCT cblr-1720 1149 9 for for ADP cblr-1720 1149 10 𝜃 𝜃 PROPN cblr-1720 1149 11 ! ! PUNCT cblr-1720 1149 12 , , PUNCT cblr-1720 1149 13 𝛼 𝛼 PROPN cblr-1720 1149 14 d d NOUN cblr-1720 1149 15     SPACE cblr-1720 1149 16 ( ( PUNCT cblr-1720 1149 17 𝜇 𝜇 NOUN cblr-1720 1149 18 ) ) PUNCT cblr-1720 1149 19 ub ub INTJ cblr-1720 1149 20 ug ug ADP cblr-1720 1149 21 shilon shilon PROPN cblr-1720 1149 22 – – PUNCT cblr-1720 1149 23 final final ADJ cblr-1720 1149 24 598 598 NUM cblr-1720 1149 25 columbia columbia PROPN cblr-1720 1149 26 business business NOUN cblr-1720 1149 27 law law NOUN cblr-1720 1149 28 review review NOUN cblr-1720 1149 29 [ [ X cblr-1720 1149 30 vol vol NOUN cblr-1720 1149 31 . . PUNCT cblr-1720 1149 32 2017 2017 NUM cblr-1720 1149 33 p p X cblr-1720 1149 34 > > X cblr-1720 1149 35 c c X cblr-1720 1149 36 ! ! PUNCT cblr-1720 1149 37     SPACE cblr-1720 1149 38 ( ( PUNCT cblr-1720 1149 39     SPACE cblr-1720 1149 40 𝛼 𝛼 NOUN cblr-1720 1149 41 * * NOUN cblr-1720 1149 42 ) ) PUNCT cblr-1720 1149 43 for for ADP cblr-1720 1149 44 any any DET cblr-1720 1149 45     SPACE cblr-1720 1149 46 𝛼 𝛼 NOUN cblr-1720 1149 47 * * NOUN cblr-1720 1149 48 < < X cblr-1720 1149 49     SPACE cblr-1720 1149 50 𝛼″. 𝛼″. NUM cblr-1720 1149 51 figure figure NOUN cblr-1720 1149 52 ap-3 ap-3 PUNCT cblr-1720 1149 53 illustrates illustrate VERB cblr-1720 1149 54 that that SCONJ cblr-1720 1149 55 it it PRON cblr-1720 1149 56 is be AUX cblr-1720 1149 57 always always ADV cblr-1720 1149 58 true true ADJ cblr-1720 1149 59 that that SCONJ cblr-1720 1149 60     SPACE cblr-1720 1149 61 𝛼 𝛼 X cblr-1720 1149 62 * * X cblr-1720 1149 63 < < X cblr-1720 1149 64     SPACE cblr-1720 1149 65 𝛼″. 𝛼″. NOUN cblr-1720 1149 66 this this DET cblr-1720 1149 67 outcome outcome NOUN cblr-1720 1149 68 results result VERB cblr-1720 1149 69 from from ADP cblr-1720 1149 70 the the DET cblr-1720 1149 71 property property NOUN cblr-1720 1150 1 that that PRON cblr-1720 1150 2 the the DET cblr-1720 1150 3 maximum maximum ADJ cblr-1720 1150 4 willingness willingness NOUN cblr-1720 1150 5 to to PART cblr-1720 1150 6 commit commit VERB cblr-1720 1150 7 for for ADP cblr-1720 1150 8 𝜃 𝜃 PROPN cblr-1720 1150 9 ! ! PUNCT cblr-1720 1150 10 ( ( PUNCT cblr-1720 1150 11 which which PRON cblr-1720 1150 12 is be AUX cblr-1720 1150 13     SPACE cblr-1720 1150 14 𝛼″ 𝛼″ NUM cblr-1720 1150 15 ) ) PUNCT cblr-1720 1150 16 is be AUX cblr-1720 1150 17 always always ADV cblr-1720 1150 18 higher high ADJ cblr-1720 1150 19 than than ADP cblr-1720 1150 20 the the DET cblr-1720 1150 21 maximum maximum ADJ cblr-1720 1150 22 willingness willingness NOUN cblr-1720 1150 23 to to PART cblr-1720 1150 24 commit commit VERB cblr-1720 1150 25 for for ADP cblr-1720 1150 26 the the DET cblr-1720 1150 27 pivotal pivotal ADJ cblr-1720 1150 28 director director NOUN cblr-1720 1150 29 who who PRON cblr-1720 1150 30 only only ADV cblr-1720 1150 31 generates generate VERB cblr-1720 1150 32 v v PROPN cblr-1720 1150 33 = = PROPN cblr-1720 1150 34 b. b. NOUN cblr-1720 1150 35 this this PRON cblr-1720 1150 36 happens happen VERB cblr-1720 1150 37 because because SCONJ cblr-1720 1150 38 commitment commitment NOUN cblr-1720 1150 39 costs cost NOUN cblr-1720 1150 40 are be AUX cblr-1720 1150 41 lower low ADJ cblr-1720 1150 42 for for ADP cblr-1720 1150 43 𝜃 𝜃 PROPN cblr-1720 1150 44 ! ! PUNCT cblr-1720 1151 1 than than SCONJ cblr-1720 1151 2 they they PRON cblr-1720 1151 3 are be AUX cblr-1720 1151 4 for for ADP cblr-1720 1151 5 the the DET cblr-1720 1151 6 said say VERB cblr-1720 1151 7 pivotal pivotal ADJ cblr-1720 1151 8 director director NOUN cblr-1720 1151 9 . . PUNCT cblr-1720 1152 1 for for ADP cblr-1720 1152 2 𝜃 𝜃 PROPN cblr-1720 1152 3 ! ! PROPN cblr-1720 1152 4 , , PUNCT cblr-1720 1152 5 the the DET cblr-1720 1152 6 nominal nominal ADJ cblr-1720 1152 7 cost cost NOUN cblr-1720 1152 8 of of ADP cblr-1720 1152 9 holding hold VERB cblr-1720 1152 10 the the DET cblr-1720 1152 11 commitment commitment NOUN cblr-1720 1152 12 stock stock NOUN cblr-1720 1152 13 , , PUNCT cblr-1720 1152 14 ( ( PUNCT cblr-1720 1152 15 b b X cblr-1720 1152 16 - - PUNCT cblr-1720 1152 17 v v NOUN cblr-1720 1152 18 ) ) PUNCT cblr-1720 1152 19 , , PUNCT cblr-1720 1152 20 is be AUX cblr-1720 1152 21 negative negative ADJ cblr-1720 1152 22 , , PUNCT cblr-1720 1152 23 while while SCONJ cblr-1720 1152 24 this this DET cblr-1720 1152 25 sum sum NOUN cblr-1720 1152 26 equals equal VERB cblr-1720 1152 27 to to ADP cblr-1720 1152 28 zero zero NUM cblr-1720 1152 29 for for ADP cblr-1720 1152 30 the the DET cblr-1720 1152 31 pivotal pivotal ADJ cblr-1720 1152 32 director director NOUN cblr-1720 1152 33 and and CCONJ cblr-1720 1152 34 all all DET cblr-1720 1152 35 other other ADJ cblr-1720 1152 36 commitment commitment NOUN cblr-1720 1152 37 costs cost NOUN cblr-1720 1152 38 are be AUX cblr-1720 1152 39 equal equal ADJ cblr-1720 1152 40 . . PUNCT cblr-1720 1153 1 figure figure NOUN cblr-1720 1153 2 ap ap PROPN cblr-1720 1153 3 – – PUNCT cblr-1720 1153 4 2 2 NUM cblr-1720 1153 5 : : PUNCT cblr-1720 1153 6 separating separate VERB cblr-1720 1153 7 equilibrium equilibrium NOUN cblr-1720 1153 8 d d X cblr-1720 1153 9 𝜃 𝜃 NOUN cblr-1720 1153 10 ! ! PUNCT cblr-1720 1153 11 𝜃 𝜃 X cblr-1720 1153 12 ! ! PUNCT cblr-1720 1154 1 𝛼*b 𝛼*b NOUN cblr-1720 1154 2 𝛼*g 𝛼*g PROPN cblr-1720 1154 3 𝛼′ 𝛼′ PROPN cblr-1720 1154 4 𝛼″ 𝛼″ PROPN cblr-1720 1154 5     SPACE cblr-1720 1154 6 ub ub X cblr-1720 1154 7 ug ug ADP cblr-1720 1154 8 𝛼 𝛼 NOUN