CII's Research & Education Fund (CII REF) tracked 46 poison pill adoptions in 2020 through May 6, with 42 of those having been adopted since March 10. Its new report: "Return of the Poison Pill" includes a table summarizing each of those pills by company, adoption date, state of incorporation, and basic terms including the trigger threshold, whether the pill includes a "passive investor" exception, pill expiration date, shareholder approval requirements, and whether the pill includes qualifying offer and dead hand provisions. The table further color codes each of the pills to denote those which (from CII REF's perspective) pose high or moderate concerns from a shareholder rights perspective based on their terms, as discussed in the body of the report. The accompanying spreadsheet - which CII REF reportedly will update as more pills are adopted - includes links to the company source documents.
See alos our recent report: "Poison Pill Perspectives: Trend or Trickle?"and additional resources on our Coronavirus (COVID-19) Resources under M&A / Hostile Transactions / Antitrust.
In-House public company members: Register HERE for Tuesday's Society webinar: "COVID-19: Poison Pill Pandemic? Trends, Considerations & Best Practices."
This post first appeared in the weekly Society Alert!