Return of the Poison Pill

Shareholder rights plans (also known as poison pills) have seen a resurgence in 2020 as public company boards worry about vulnerability to activist funds and potential opportunistic acquirers due to depressed share values. The sharp pandemic-caused drop in market prices in February and March of 2020 led to this sense of vulnerability. The report provides brief background on poison pills, and looks at 46 pills adopted in 2020 through May 6. It provides a link to a spreadsheet that CII-REF expects to update. [May 2020]