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Poison Pills: My, How They Have Grown

Previously we highlighted various share ownership thresholds that matter to investors. Among the most notorious and confusing thresholds is the one that triggers a shareholders rights plan, aka a poison pill.

 

This got us thinking about poison pills generally:

  • What's a "structurally coercive tender offer"?
  • Which is the only company to trigger their poison pill?
  • What can we learn from the recent landmark Air Products v. Airgas decision?
Most importantly, how has the poison pill evolved in 25 years, from a defense against a hostile bidder to limiting the shareholdings of any investor that management and the Board of Directors just doesn't like?

 

We answer these and other interesting questions in our current blog post on this subject.

You can find other useful resources at the TAI website, including our research on "Effective Activism, on the Cheap", the guide to proxy access and guide to exec comp, bibliography of academic research on the returns to activist investing, and our white paper with the basics on activism.
For further information, or to discuss a specific turnaround situation, please contact:
 
Michael R. Levin
[email protected]
847.830.1479