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Use of Poison Pill Needs Vote, Electronic Data Systems Shareholders Say.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, May, 2000 by Ahles, Andrea
May 24--PLANO, Texas--Electronic Data Systems shareholders approved a proposal yesterday that prevents the company from using a poison pill as an anti-takeover device without a shareholder vote.
At the annual shareholder meeting yesterday at the Plano Centre, 61 percent of the shareholders voted in favor of the proposal, despite the board of directors' opposition to the plan.
A poison pill usually allows the shareholders of a company that is a target of a hostile takeover to purchase additional shares at reduced rates, thereby increasing the number of outstanding shares and making an offer prohibitively expensive.
EDS Chairman Richard Brown said he was not surprised by the level of support the proposal received, as many companies are...
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