Netflix moves to thwart hostile takeover
The Economics of Wall Street by Tony Fischer Photography
License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
NEW YORK Netflix (NFLX) is moving to protect itself against a hostile takeover, less than a week after activist investor Carl Icahn disclosed that he has accumulated a stake of nearly 10 percent in the online video company. Netflix said Monday that it has adopted a shareholder rights plan, also known as a poison pill. Such a plan is designed to make it difficult or even impossible for someone to take over the company without an agreement from the board. When the provision is triggered, additional shares flood the market and make it prohibitively expensive for a takeover. Netflix said the provision is triggered if a person or group acquires 10 percent of Netflix, or 20 percent in the case of institutional investors, in a deal not approved by the board. The Los Gatos, Calif. -company said that its plan isn't intended to interfere with a board-approved transaction.
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Carl Icahn
Overall Sentiment: -0.0147858
Relevance: 0.830238
| Sentiment | Quote |
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| -0.229738 | Icahn called the adoption of a poison pill without a shareholder vote "an example of poor corporate governance." |
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Disambiguation: BoardMember | CompanyFounder | CompanyShareholderReferences:
Jonathan Friedland
Overall Sentiment: 0.0171184
Relevance: 0.259513
| Sentiment | Quote |
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| 0.131011 | "Adopting a rights plan is a very reasonable thing to do in light of the recent accumulation of a lot of Netflix stock by an activist shareholder," spokesman Jonathan Friedland said. ... |
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Additional Info:
Company: Netflix
Overall Sentiment: 0.0452135
Relevance: 0.890088
Disambiguation: VentureFundedCompanyReferences:
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Source : Click
New plan makes it difficult or even impossible for someone to take over the comapany without approval from the board
Site Provided Keywords:
- $14 billion
- activist investor
- carl icahn
- jonathan friedland
- netflix
- poison pill
- reed hastings
- shareholder rights plan
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Netflix moves to thwart hostile takeover
Source : Click
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