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Professor Robert M. Daines is quoted in a Christian Science Monitor story about the legal fall-out of Microsoft's failed Yahoo takeover bid:
"In practice, courts defer to managers in these matters and give boards great latitude," says Robert Daines, a professor at Stanford Law School. "Courts will say, 'Shareholders, if you don't like it, vote the board out'. "
That's easier said than done, Mr. Daines adds, because boards often stagger the election of their directors.