- More U.S. companies are rushing to adopt so-called poison pills, dusting off a nearly 40-year-old takeover defense tool to ward off hostile bidders and activist shareholders eager to exploit the coronavirus-induced market sell-off.
The S&P 500 Index has lost about a quarter of its value in the last month, as large swathes of the U.S. economy shut down and people stay at home to prevent the spread of the virus. This has made the shares of many companies cheaper and more vulnerable to approaches by corporate rivals and hedge funds.
Poison pills prevent other companies and investors from amassing ownership stakes above a certain threshold, by authorizing the targeted company to sell new stock to its shareholders at a discount. Pioneered by corporate lawyer Martin Lipton in the early 1980s, their use can make amassing a stake in a company much more expensive.
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