I have a probably naive question. I just learned about the concept of non-voting stock today. Is there typically some contractual obligation for companies that, if they do a stock buyback, some fraction of the shares bought must be non-voting shares?
If not, what is the value of a non-voting share? Particularly for a company that doesn't pay dividends and doesn't have substantial material assets to sell in the event of liquidation (my impression is that this describes many or even most modern publicly traded companies)?
If not, what is the value of a non-voting share? Particularly for a company that doesn't pay dividends and doesn't have substantial material assets to sell in the event of liquidation (my impression is that this describes many or even most modern publicly traded companies)?