Once a niche corporate form, the Delaware public benefit corporation (PBC) has become an increasingly significant feature of the corporate landscape, having been adopted by a number of prominent companies, including highly valued private issuers and established public companies. Until two days ago, however, the PBC statute had generated almost no case law on what PBC directors owe their stockholders in a sale of control. That has now changed.
Stephen Glover
Partner, Washington, D.C.
+1 202.955.8593
Stephen I. Glover is a partner in the Washington, D.C. office of Gibson Dunn who has served as Co-Chair of the firm’s Global Mergers and Acquisitions Practice. Stephen has an extensive practice representing public and private companies in complex mergers and acquisitions, joint ventures, equity and debt offerings, and corporate governance matters. His clients include large public corporations, emerging growth companies and middle market companies in a wide range of industries. He also advises private equity firms, individual investors, and others.