Replies to post #63095 on Ayala Pharmaceuticals Inc (ADXS)

[ignatiusrielly35]

True, but I would bet you money that ADXS’s corporate rules require shareholder approval by an actual vote, not just the assumption that the acquirer will approve it by already having a majority of shares. A formality yes, but nonetheless ... And some companies’ rules require more than a simple majority. Corporations are able to adopt stricter shareholder protections than the statute provides, and they typically do. They just can’t make them more lenient.