The Deal Pipeline Publishes Article on Poison Pills by Frank Aquila and Melissa Sawyer

August 7, 2014

Mr. Aquila and Ms. Sawyer authored the article, “Poison Pills: An Antidote To ‘Raider-like’ Activism?” published by The Deal Pipeline on August 7. The article reviews the advantages of a Short-term Pill over a longer 10-year term Pill, since they lend themselves to customization and are flexible to draft depending on the shareholder activism situation at the time. Mr. Aquila and Ms. Sawyer outline the drafting considerations a board should consider when optimizing Short-term Pill design. They note that the Pill is not a guaranteed antidote against “raider-like” activism, but it can signal to the market that the board is standing up to a looming threat.