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Lear shareholders follow trend by wanting to vote on poison pills.(News)
Crain's Detroit Business, May, 2004 by Kosdrosky, Terry
Byline: Terry Kosdrosky Lear Corp. shareholders last week took a small step in giving themselves more voting rights on poison pills. Shareholders present at the automotive supplier's annual meeting voted 70 percent in favor of a resolution to be able to vote on a new poison pill should the Southfield-based maker of automotive interiors decide to drop its current one.
The board of directors recommended a vote against the resolution, arguing that poison pills protect the company from abusive takeovers and help fetch a higher purchase price. Poison pills typically give the company the right to offer stock at a steep discount if another party buys a certain amount of stock. The provision dilutes the aggressor's percentage of stock owned. Lear's board agreed...
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