Website after the date listed below represents your consent to our terms and conditions. BEN – JERRY`S FOUNDATION, INC. is committed to maintaining your trust. Suppose a Vermont court asked the House to act to recover its poison pill or to reach a merger agreement. Cohen and Greenfield still had a card to play to preserve Ben and Jerry`s independence. A board`s decision to exchange a pill only authorizes the submission of an offer to shareholders for approval. This does not mean that the offer will be successful. If a majority of shareholders do not agree to put their shares up for sale, attempts to acquire them fail. If they did not testify, they retained their stock and control over the company.
The crowd shouted „Si se puede“ as dairy workers and migrant justice officials encouraged themselves to sign a poster of the agreement. If the super-voting action was somehow insufficient, Ben-Jerry`s had another defence: an unusual class of preferred shares that held vetoes over mergers and tenders. The Ben and Jerry Foundation owned all these preferred shares. The acquisition of Ben and Jerry`s therefore required the foundation`s approval, and two of the Foundation`s three directors were the same principal shareholders. The foundation itself could not be taken over because its board members elected its own successors.