Lawyer Steve Wolosky usually helps activist investors like Starboard Value take on corporate America. Now he is taking center stage himself, wading into a governance fight over a tool that limits how much stock unwanted investors can buy.
Williams, like dozens of other companies, raced to adopt poison pills as protective measures when their stock prices cratered along with oil prices and fuel demand this year during the COVID-19 pandemic. "During a time of unprecedented dislocation in equity market valuations, the board acted to support the rights of shareholders and maintain a fair value for their investment, protecting against those who would seek short-term gains to take advantage of market conditions at the expense of the company and its long-term investors," according to an email from Williams Media Relations.
Poison pills are generally frowned upon in the governance arena for their dilutive effect on ownership and had been used sparingly, reserved as emergency measures. But this year's volatile markets brought them back.
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