This is very good news. ALL poison pills are there to protect the incumbents and against shareholder interests. In any takeover situation, if the shareholders want incumbents to stay they will vote that way. If not, no.
Poisong pills are just there to take away this choice from shareholders.
OAM
See article:
Career Education Corporation (Nasdaq:CECO) today announced that its Board of Directors has approved the accelerated termination of the Shareholder Rights Plan, commonly referred to as a "poison pill," along with other directives to further enhance the company's corporate governance profile. The Board's actions follow a lengthy and thorough evaluation of the company's governance practices.
The Board announced in May that it had directed its Nominating and Governance Committee to complete an evaluation of the company's corporate governance practices. During the review process, the Nominating and Governance Committee examined a full range of corporate governance measures, including practices and policies currently in place as well as potential enhancements to these measures. The Committee consulted with corporate governance experts and focused on the corporate governance research, recommendations and analytics of Institutional Shareholder Services (ISS), a leading provider of corporate governance services and related data. Company management also met with shareholders holding a majority of the company's shares, and listened closely to their views on corporate governance.
See full Article.
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