“Delaware Chancery Court Rules that Company’s General Notice of Elections Properly Brings Stockholder Director Nominations Before Annual Meeting”

In Levitt Corporation v. Office Depot, Inc., the Delaware Chancery Court held that Office Depot’s notice to stockholders of elections at the company’s next annual meeting properly brought before the annual meeting the business of nomination of competing candidates by a stockholder.  Consequently, the Court issued a declaratory judgment in favor of the stockholder, Levitt Corporation, permitting it to nominate directors at the annual meeting, even though Levitt had not provided the required advance notice set forth in Office Depot’s bylaws for stockholder business at annual meetings.

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