Delaware Court of Chancery Gives Activists Advance Notice Bylaw Do-Over

Gibson Dunn issued an alert about how the Delaware Court of Chancery recently concluded that a board properly rejected activists’ non-compliant director nomination notice, but nevertheless permitted the activists a rare second attempt at complying with the company’s advance notice bylaw. The do-over followed the Court’s separate conclusion that the board’s decision to reduce its size while in the shadow of a proxy fight was a breach of fiduciary duty. Read the alert here.