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A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover. Typically, such a plan gives shareholders the right to buy more shares at a discount if one shareholder buys a certain percentage or more of the company's shares. The plan could be triggered, for instance, if any one shareholder buys 20% of the company's shares, at which point every shareholder (except the one who possesses 20%) will have the right to buy a new issue of shares at a discount. If every other shareholder is able to buy more shares at a discount, such purchases would dilute the bidder's interest, and the cost of the bid would rise substantially. Knowing that such a plan could be activated, the bidder could be disinclined

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rdf:type
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  • Shareholder rights plan
  • Giftpille (Wirtschaft)
  • Pilule empoisonnée
  • Poison pill
  • 毒丸防御
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  • Eine Giftpille (englisch poison pill) ist ein abwehrendes Vorgehen von börsennotierten Aktiengesellschaften, die der Gefahr ausgesetzt sind, durch ein öffentliches Übernahmeangebot feindlich übernommen zu werden. Mit einer Giftpille soll die Übernahme weit weniger attraktiv gestaltet oder gar unmöglich gemacht werden. Es geht darum, die Strategie des Angreifers auszuhebeln oder zu schwächen.
  • Una poison pill, letteralmente "pillola avvelenata", è una tecnica di difesa da un'offerta pubblica di acquisto ostile, generalmente lanciata dal management di una società al fine di scoraggiare il possibile acquirente dal completare l'operazione. Solitamente tale tecnica consiste nell'attuazione di meccanismi societari al fine di incrementare il costo necessario per acquisire il controllo della società. Il metodo più ricorrente è il lancio di un aumento di capitale, tramite il quale viene offerto un quantitativo di azioni a prezzo di favore ai soci esistenti; tale operazione, aumentando il numero di azioni in circolazione, permette di diluire la partecipazione del potenziale acquirente.
  • A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover. Typically, such a plan gives shareholders the right to buy more shares at a discount if one shareholder buys a certain percentage or more of the company's shares. The plan could be triggered, for instance, if any one shareholder buys 20% of the company's shares, at which point every shareholder (except the one who possesses 20%) will have the right to buy a new issue of shares at a discount. If every other shareholder is able to buy more shares at a discount, such purchases would dilute the bidder's interest, and the cost of the bid would rise substantially. Knowing that such a plan could be activated, the bidder could be disinclined
  • La pilule empoisonnée, « poison pill » dans le jargon financier anglo-saxon, est une clause destinée à se protéger d'une prise de pouvoir inamicale par un groupe ou une société hostile. Elle peut prendre de multiples formes : il peut s'agir d'une possibilité offerte d'émettre des actions supplémentaires, d'attribuer des options d'achat d'actions destinées à augmenter le nombre d'actions en circulation, ou d'avantages offerts aux clients en période d'OPA hostile. Il s'agit plus globalement d'un ensemble de mesures financières, juridiques, comptables ou réglementaires destinées à contrecarrer une prise de contrôle non souhaitée.
  • 毒丸防御(英语:poison pill),又称“股权摊薄反收购措施”或“股东权益计划”,是目标公司抵御恶意收购的一种防御措施,1982年由美国Wachtell, Lipton, Rosen & Katz律师行的并购律师马丁·利普顿(Martin Lipton)发明,在美国是经过1985年特拉华州大法官法庭(Delaware Chancery Court)的判决才被合法化的,由于它不需要股东的直接批准就可以实施,故在八十年代后期被广泛采用。 实施毒丸防御的公司,由公司董事会事先通过一项股权摊薄条款,一旦敌意方收购公司一定比例的股份(通常是10%至20%的股份),即触发该条款生效,使公司原有股东可以较低的价格获得公司大量股份,从而抬高收购方的成本。 在过去20年里毒丸防御一直是最受欢迎的反收购措施之一,在美国曾先后有2000多家公司采用毒丸防御,2001年搜狐就通过实施毒丸防御成功击退北大青鸟的恶意收购,搜狐在2001年8月3日收盘时的市值只有4867.1万美元,但通过实施毒丸防御,使得北大青鸟的收购成本高达27.812亿美元。 毒丸防御虽是防止敌意收购的有效措施,但却不利于公司治理,阻碍资本自由流通,尤其是公司在陷入困境或发生丑闻时重组成本高昂,一些公司评估机构也往往会给那些实施毒丸防御的公司较低的评级,所以近几年来被不少公司弃用。
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