![Trusts & Estates logo Trusts & Estates logo](https://eu-images.contentstack.com/v3/assets/bltabaa95ef14172c61/bltbd5defc64f6009ee/670cf9093dbe55752cb9da04/cf81ba8d-3b13-48d4-9e34-9fad6c8627d7.jpg?width=700&auto=webp&quality=80&disable=upscale)
JONATHAN KLICK AND ROBERT H. SITKOFF, Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off, 108 Columbia Law Review 749 (May 2008)JONATHAN KLICK AND ROBERT H. SITKOFF, Agency Costs, Charitable Trusts, and Corporate Control: Evidence from Hershey's Kiss-Off, 108 Columbia Law Review 749 (May 2008)
Jonathan Klick and Robert H. Sitkoff's engaging, enlightening and thorough article examines the controversy over the attempt by the trustees of the Milton Hershey School Trust to divest a controlling interest in the Hershey Company in 2002. At that time, the trust's $4.7 billion of Hershey stock constituted 53 percent of the trust's $8.8 billion of assets. The trustees announced their intention to
CHRISTOPHER R. HOYT
Jonathan Klick and Robert H. Sitkoff's engaging, enlightening and thorough article examines the controversy over the attempt by the trustees of the Milton Hershey School Trust to divest a controlling interest in the Hershey Company in 2002. At that time, the trust's $4.7 billion of Hershey stock constituted 53 percent of the trust's $8.8 billion of assets. The trustees announced their intention to sell in order to diversify the trust's investments.
Although the trust held only 30 percent of the company's stock, that stock possessed 75 percent of the voting power because the company operated with a dual stock arrangement that granted the trust's stock with greater voting power. After the announcement, the price of public...
Unlock All Access Premium Subscription
Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!
Already Subscribed?