The steel industry was but the canary in the coal mine, the first victim of what we now recognize as deindustrialization wrought by hostile foreign competition.
largest integrated steelmakers
in the country. If it falls into the wrong hands, our industrial base and national security could be at risk. But the corporation’s board is unlikely to care about that, because legally it’s not required to — thanks to aIn general, courts are reluctant to micromanage corporate boards’ decisions on behalf of shareholders.
But that changes the moment an active bidding process begins. At that point, by the logic of corporate legal doctrine, each shareholder’s only remaining interest is receiving as much money in the immediate term as possible — regardless of whether any given shareholder actually cares to sell or whether a sale serves the firm’s long-term interests. As the Delaware Supreme Court explained,
“from defenders of the corporate bastion to auctioneers charged with getting the best price for the stockholders at a sale of the company.” All other interests or obligations must be set aside.
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