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Industry: Email Alert RSS FeedPOISON PILL PROTECTS WACHNER FROM HOSTILE TAKEOVER ANALYST: PURCHASE OF BOTH WACHNER AND CALVIN WOULD RENDER DISPUTE ACADEMIC.(Brief Article)
Daily News Record, June, 2000 by CUNNINGAM, THOMAS
NEW YORK -- A "poison pill" anti-takeover provision instituted by Warnaco last summer makes a hostile takeover of the beseiged firm unlikely, but not impossible.
Calvin Klein's lawsuit against the company, alleging trademark violations and seeking the termination of Warnaco's license for cK jeans, has helped push Warnaco's market capitalization down to around $385 million, down from about $1.2 billion when the poison pill was implemented last August.
Warnaco's anti-takeover measure is triggered when any group acquires or tries to acquire 15 percent or more of Warnaco's stock without the approval of Warnaco's board, according to a form 8-K filed with the Securities and Exchange Commission on Aug. 20, 1999. A Warnaco spokesman said the provision was...
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