News

Occidental launches poison pill as Icahn seeks to oust board

Occidental Petroleum (OXY +7.9%) adopts a limited duration stockholder rights plan – a poison pill – a day after Carl Icahn said he had acquired a nearly 10% stake and promised to shake up the company’s board.

If approved, the rights plan would be exercisable if an investor amasses a 15% stake in the company.

“We adopted the Rights Agreement to protect stockholders from efforts to capitalize on recent market volatility and macroeconomic conditions to gain control of the company without paying all stockholders an appropriate premium for that control,” incoming Chairman Jack Moore says.

Read More

READ MORE:   Coronavirus: Amazon tells Seattle HQ staff not to come to office

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close