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Lear drops poison-pill provision.(News)(Lear Corp., shareholder rights plans.)(Brief Article)
Crain's Detroit Business, December, 2004 by Kosdrosky, Terry
Byline: Terry Kosdrosky Lear Corp. dropped its poison-pill provision as of Dec. 15, seven months after a majority of shareholders voted in favor of a nonbinding resolution to put such a plan to a shareholder vote. Lear's board of directors did not say why it dropped the plan, which wouldn't have expired until 2010.
So-called shareholder rights plans, commonly known as poison pills, give companies the right to offer stock at a steep discount if another party buys a certain amount of stock. That dilutes the aggressor's percentage of stock owned. Companies argue the provisions protect it from abusive hostile takeovers. Shareholders often complain that poison pills shield management from accountability. Lear's shares closed at $58.70 on Friday after...
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