“Poison Pills Drop to Lowest Level in 20 Years” (Thomson Reuters)

March 30, 2010

Mr. Aquila was quoted in an article that discussed recent the drop in shareholder rights plans. “In the past, companies viewed rights plans as a fairly low-cost takeover defense. Now, having a rights plan has a cost – [the company] may face consequences such as pressure on [its] directors because of opposition from institutional shareholders,” he said. He noted that increased shareholder activism is a factor in the rise of hostile bids. “Companies are generally more vulnerable to unsolicited bids today, but it's not simply because of the drop in the number of rights plans. The vulnerability comes from the same factors and pressures that are leading to the decline in the number of rights plans – such as institutional shareholders being much more assertive,” he added.