kaal:claim:5583610-015

In a change of control setting, LER issuance that favors long-term holders over other shareholders is impermissible under Revlon because it can undermine the highest bid or fragment shareholder support.

LER issuers must avoid discriminatory LER voucher reward distributions. For example, LER issuance cannot favor long-term holders over others in a bidding war. This is impermissible because such LER reward allocation could undermine the highest bid

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 4.3. Legal Boundaries Under Delaware and SEC Rules, p. 20
https://ssrn.com/abstract=5583610 · source PDF

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

• company in play for a change of control
• competing bids present

failuresupport: arguedfailure: Revlon tiering defectfamily: investor-protection-gapinstitutional-design

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