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Judge voids board requirement

May 16, 2022 Updated Mon., May 16, 2022 at 8:17 p.m.

LOS ANGELES – A Los Angeles judge has ruled that California’s landmark law requiring women on corporate boards is unconstitutional.

Superior Court Judge Maureen Duffy-Lewis said the law that would have required boards have up to three female directors by this year violated the right to equal treatment. The ruling was dated Friday.

The conservative legal group Judicial Watch had challenged the law, claiming it was illegal to use taxpayer funds to enforce a law that violates the equal protection clause of the California Constitution by mandating a gender-based quota.

The law was on shaky ground from the get-go with a legislative analysis saying it could be difficult to defend and then-Gov. Jerry Brown saying he was signing it despite the potential for it to be overturned by a court. Brown said he signed the bill to send a message during the #MeToo era.

JetBlue bid going hostile

JetBlue launched a hostile takeover bid for Spirit Airlines on Monday and asked shareholders of the low-cost carrier to reject a proposed acquisition by Frontier Airlines.

JetBlue hopes that its move will push Spirit’s board to the negotiating table after the board rejected an earlier offer.

Spirit said that it will “carefully review” JetBlue’s tender offer and plans to make a recommendation to shareholders within 10 business days.

Spirit asked the shareholders not to sell their shares to JetBlue until the board finishes the review.

From wire reports

Shares of Spirit, based in Miramar, Florida, jumped 13% in afternoon trading.

JetBlue pitched a new offer of $30 per share in cash, or more than $3.2 billion, to Spirit stockholders but said its April 5 offer of $33 per share is still available if Spirit enters negotiations.

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