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Shareholders Hostile Takeover Board of Directors

Kohrman Jackson & Krantz LLP

OpenAI's Governance Overhaul to Prevent Hostile Takeover

Strengthening Board Control - OpenAI is exploring governance changes that would grant its nonprofit board enhanced voting rights to prevent a hostile takeover by Elon Musk. This move follows Musk’s $97.4 billion bid, which...more

Paul Hastings LLP

Judicial Review of Japanese poison pills from the perspective of shareholder coercion—Between Shareholders’ meeting and Board of...

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Since 2005, Japanese courts have reviewed the legality of many poison pills and whether they can withstand the shareholder equality principle. Among those cases, of particular interest have been (a) how courts evaluate...more

Troutman Pepper Locke

Pill with 5% Trigger Too Poisonous to Address Hypothetical Stockholder Activism

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Who Needs to Know - Boards of directors of Delaware corporations contemplating the adoption of a stockholder rights plan (a/k/a poison pill)....more

Morris James LLP

Chancery Court Strikes Down Anti-Activist Poison Pill as Unreasonably Broad

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In a recent post-trial decision the Delaware Court of Chancery upheld a stockholder challenge to a “poison pill” rights plan adopted by The Williams Companies’ board of directors, declaring the plan unenforceable and issuing...more

McGuireWoods LLP

Delaware Court of Chancery Invalidates The Williams Companies’ Poison Pill

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On Feb. 26, 2021, the Delaware Court of Chancery ruled that the board of directors of The Williams Companies breached its fiduciary duties by adopting a stockholder rights plan, otherwise known as a poison pill, because the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Delaware Court Enjoins an ‘Extreme’ Stockholder Rights Plan

On February 26, 2021, Vice Chancellor Kathaleen S. McCormick of the Delaware Court of Chancery permanently enjoined a stockholder rights plan — or so-called “poison pill” — with a 5% trigger that The Williams Companies, Inc....more

Proskauer - The Capital Commitment

Poison Pills In the Wake of COVID-19: A Refresher on Terms and Variations of Shareholder Rights Plans

Shareholder rights plans, commonly known as “poison pills,” are arrangements that can be used by companies to stave off hostile takeovers or activist investors seeking to exert control over a company without paying a control...more

Morrison & Foerster LLP

Poison Pill Deep Dive Series: Last Look

The fifth of a six-part series examining six specific and evolving rights plan provisions. As discussed in greater detail in some of our prior articles, a shareholder rights plan is a protective measure used by a public...more

Morrison & Foerster LLP

Poison Pill Deep Dive Series: The Inadvertent Triggering Exception

The first of a six-part series examining six specific and evolving rights plan provisions. An increasing number of companies are choosing to adopt shareholder rights plans (otherwise known as “poison pills”) in response to...more

BCLP

Dealing with an Unsolicited Offer - The Bank Account

BCLP on

On today's episode Jonathan Hightower and Rob Klingler discuss how to handle unsolicited offers for your bank....more

K2 Integrity

How Intelligence Can Fend Off Hostile Bids

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David Robertson, Managing Director at K2 Intelligence explains that companies this year have become increasingly vulnerable to hostile bids but those that use intelligence as a key part of their defence are more successful at...more

Latham & Watkins LLP

Defending Against The Hostile Bid: Lessons Learned From Allergan

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Readiness, a strong board and delivering good value are the best strategies to thwart activist investors say Latham & Watkins partners Cary Hyden, Paul Tosetti, Michele Johnson and Mark Gerstein in discussion with Allergan’s...more

Latham & Watkins LLP

The Resilient Rights Plan: Recent Poison Pill Developments and Trends

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Shareholder rights plans were developed more than 30 years ago to fend off opportunistic hostile offers and other abusive takeover transactions. Rights plans deter unauthorized stock accumulations by imposing substantial...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2013 Insights: Global M&A

M&A activity in 2012 continued to be constrained by uncertain macroeconomic conditions, which have dampened dealmakers’ confidence. Although there were several bright spots in transactional activity, momentum was difficult to...more

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