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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.
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]
Unitrin, Inc. v. American General Corp., 651 A.2d 1361 (Del. 1995) is the leading case on a board of directors' ability to use defensive measures, such as poison pills or buybacks, to prevent a hostile takeover.
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 ...
The decision, Japan's first on a bid to exclude an investor from a shareholder vote on whether to adopt a poison pill, could make it much easier for other firms to thwart hostile takeovers using a ...
Poison pill plans, including shareholder rights plans, are used by corporate boards to thwart hostile takeover bids. Under Bitfarm's plan, if an entity accumulates more than 15% of Bitfarms' stake ...
In 1982 Lipton created the Shareholder rights plan or poison pill, which has been described by Ronald Gilson of the Columbia and Stanford Law Schools as "the most important innovation in corporate law since Samuel Calvin Tate Dodd invented the trust for John D. Rockefeller and Standard Oil in 1879."
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