canada africa partner reservation Another publicly traded company announces plan to move into Nevada – is Delaware’s dam about to burst? | Allen Matkins

Another publicly traded company announces plan to move into Nevada – is Delaware’s dam about to burst? | Allen Matkins

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The Delaware dam may not burst, but there are signs it is leaking. In an earlier post I noted that despite all the talk, I hadn’t done that found many recent examples of publicly traded companies relocating to Nevada. I recently came across another Delaware public company with plans to leave the Blue Hen State for the Silver State.

In late April, PAM Transportation Services, Inc. filed a Form 8-K disclosing that its board of directors had approved a proposed plan of conversion pursuant to which it would convert to a Nevada corporation.

The company has not yet filed a proxy statement and other recent documents do not provide a reason for the planned conversion. Curiousa news site, Talking, doing business and politics, stated:

“The filing noted that directors of the company, as a Delaware corporation, may be required to “accept an offer from the highest bidder without regard to the effect of such sale on the company’s constituencies other than shareholders . Thus, the flexibility granted to directors of Nevada companies in making business decisions, including in the context of a hostile takeover, is greater than that granted to directors of Delaware companies.”

I have read the file several times and cannot find this statement. I have contacted the reporter for clarification on the source of this statement.

(View source.)