Delaware lawmakers are expected to vote as soon as next week to overhaul the state’s corporate law to protect its business-friendly reputation, but opponents have called the bill a giveaway to billionaires.
The bill makes it hard for investors to sue over certain transactions involving controlling shareholders, such as buying a controlling shareholder’s business, if the deal follows certain steps. It also applies to deals with board members and executives, but will not impact existing rules for a takeover of the company by the con