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A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover.. In the field of mergers and acquisitions, shareholder rights plans were devised in the early 1980s to prevent takeover bids by limiting a shareholder's right to negotiate a price for the sale of shares directly.
The Air Products shareholder rights plan is not in response to a takeover inquiry or proposal to acquire the company, according to Air Products, and will remain in force until July 24, 2014.
The airline said Wednesday that the shareholder rights plan is effective immediately and expires in a year. Shareholder rights plans, or “poison pills,” allow existing shareholders to acquire ...
Using a classic strategy aimed at fending off unwanted takeover attempts, Riverbed Technology has concocted a poison pill defense. The company announced that its board of directors unanimously ...
Moran v. Household International, Inc., 500 A.2d 1346 (Del. 1985) is a decision of the Delaware Supreme Court that upheld a shareholder rights plan (also known as a "poison pill") as a legitimate exercise of business judgment by Household International's board of directors. [1]
Just last week, Bill Ackman resigned from the board of directors of J.C. Penney (NYSE: JCP), after several weeks of tense and arduous disagreement over the direction and leadership of the company.
A voting plan or voting rights plan is one of five main types of poison pills that a target firm can issue against hostile takeover attempts. These plans are implemented when a company charters preferred stock with superior voting rights to common shareholders. If an unfriendly bidder acquired a substantial quantity of the target firm's voting ...
In a move it admits is designed "to discourage any person from becoming a 5% shareholder, thereby reducing the risk" that anyone might want to buy it, Krispy Kreme Doughnuts announced something ...