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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.
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 ...
The Supreme Court decision was widely seen as a validation of the legality of the poison pill takeover defense scheme under Japanese law. [ 25 ] Although the Supreme Court did not validate the Tokyo High Court's finding that Steel Partners was an "abusive acquirer," the High Court's derogatory label received significant attention in the press ...
Last week, Nuance Communications adopted a "poison pill," aimed at diluting the voting powers of any shareholder who acquires more than 20% of the company's shares outstanding. Although the ...
The new 'poison pill', known as the shareholders rights plan, will trigger when against "creepy" bids accumulating more than 20% of the Bitfarms' common shares, the Canadian company said. The new ...
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.
If the potential acquirer triggers a poison pill by accumulating more than the threshold level of shares, it risks discriminatory dilution in the target company. The threshold level therefore effectively sets a ceiling on the amount of stock that any shareholder can accumulate before being required, for practical purposes, to launch a proxy contest
Shareholder rights plans, or “poison pills,” allow existing shareholders to acquire shares at a discounted rate to discourage a takeover by an outside entity. Southwest's plan is triggered ...