Melissa Sawyer Quoted on Timing of Poison Pills by Bloomberg BNA

March 2, 2016

On March 2, Bloomberg BNA published an article quoting Ms. Sawyer titled “Investor Talks May Help in Timing of Poison Pills: Attorney.” The article covered remarks that Ms. Sawyer made at a Practising Law Institute event, where she discussed when a board should decide to put a shareholder rights plan, or poison pill, into action. “A lot of companies have shelf plans, but how do they know when to adopt them?” said Ms. Sawyer, further explaining that a plan can be drafted and discussed, but if it hasn't been signed, issued or publicly announced, it's “just sitting on the shelf.” She went on to describe ways to tell if a takeover is being planned, such as talking with stockholders in order to find out whether they're buying or selling. “If several of your largest investors indicate in those conversations that they are selling down their stake, then the next logical question is who's buying it and is it the same person accumulating a large stake all at once?” she said.