Question
In: Finance
You want a seat on the board of directors of Four Keys, Inc. The company has...
You
want a seat on the board of directors of Four Keys, Inc. The
company has 215,000 shares of stock outstanding and the stock sells
for $72 per share. There are currently 4 seats up for election. If
the company uses cumulative voting, how many shares do you need to
guarantee that you will be elected to the board?
Solutions
Expert Solution
| Shares needed = [# of shares outstanding/(n+1)]+1, where |
| n = # seats open for election. |
| Hence, shares needed = (215000/5)+1 = 43,001 |
| Answer: 43,001 shares |
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