Suppose a firm has 51 million shares of common stock outstanding and ten candidates are up for election to eight seats on the board of directors. a. If the firm uses cumulative voting to elect its board, what is the minimum number of votes needed to ensure election to the board? b. If the firm uses straight voting to elect its board, what is the minimum number of votes needed to ensure election to the board? (For all requirements, enter your answers in dollars, not millions of dollars.)
Suppose a firm has 51 million shares of common stock outstanding and ten candidates are up for election to eight seats on the board of directors. a. If the firm uses cumulative voting to elect its board, what is the minimum number of votes needed to ensure election to the board? b. If the firm uses straight voting to elect its board, what is the minimum number of votes needed to ensure election to the board? (For all requirements, enter your answers in dollars, not millions of dollars.)
Chapter7: Common Stock: Characteristics, Valuation, And Issuance
Section: Chapter Questions
Problem 27P
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