Hardball: I also believe that any possible takeover is at least a couple of years out, unless the terms are highly favorable based on the stock price and circumstances at that time. However, if the proposal is put into place as currently worded: "The declassification shall be phased in a manner that does not affect the unexpired terms of Directors elected prior to 2005." a majority of the new board could be elected in 2006. This would represent the 3 directors, whose terms end in 2006, and the 3 directors who were just elected this year. The only directors who would be grandfathered in would be the three elected last year whose terms expire in 2007.
Correct me if I'm wrong on this: since the BOD elections are currently staggered, even if the BOD adapts the proposal, won't it take several years to phase in--won't directors currently serving be "grandfathered" so it will take a few years to fully accomplish the declassification?
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