$THCB We know about the switch from April 30th to May 1st, but I went back into the original Articles of Incorporation and this is the section that allows it to pass by 50% as a "routine" proposal (meaning you vote the same as management by default). The "unless a higher vote is required by law" clause is what expired on Friday (the end of the "Target Business Acquisition Period"). TLDR: Loophole inception has been there since Day 1, buried deep in the Articles of Incorporation, which is why Vogel scheduled the annual meeting two days before the Extension deadline.
@WaikikiGuy I’m following you on the idea that the articles of incorporation clearly state Vogel can legally switch the extension vote to a simple majority on May 1st. Where are you seeing the confirmation that it will now be considered a ‘routine proposal’ which would allow for automatic ‘for’ votes for anyone who doesn’t vote?
@LongAndFragile Realistically, even though the option is there if they want to push it, they may just keep it at 52% (or whatever the final number is) so they don't get too cute with the regulators. They just want to get on with it so they can start the merger vote process.