14.6 a. An election is being held to fill two seats on the board of directors of...
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14.6
a. An election is being held to fill two seats on the board of directors of a firm in which you hold stock. There is a total of 420 shares outstanding. If the election is conducted under cumulative voting and you own 120 shares, how many more shares must you buy to be assured of earning a seat on the board?
b. The shareholders of Motive Power Corp. need to elect three new directors to the board.
There are 2,000,000 shares of common stock outstanding and current share price is $5.
If Motive Power uses cumulative voting procedures, how much will it cost to guarantee yourself one seat on the Motive Power’s board?
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Related Book For 
Corporate Finance
ISBN: 9780071229036
6th International Edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe
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