61 John is the CEO and chairman of ABC Corp. He entered into an agreement to merge his company with
XYZ Corp. In return, shareholders of ABC will receive XYZ shares as payment, which have a slightly
higher market value. One of the following procedures is the least likely to apply in this scenario. Please
identify it.
(A)Both boards need to call a meeting properly and approve this transaction.
(B)Shareholders in both companies need to convene, with a quorum, to examine the details of the merger
agreement and approve it.
(C)For those shareholders who do not agree to the ratio of the shares exchange, they may turn to the court
and ask it to repudiate the transaction.
(D)As the CEO and chairman, John is not required to excuse himself from voting at the shareholder meeting
automatically, unless he has a conflict of interest that could result in a possible breach of fiduciary
responsibility.
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