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MergerTalk: Poison pills become slightly less bitter

MergerTalk: Poison pills become slightly less bitter

by Rick Turoczy on July 28, 2006

The number of poison pills is still declining in the United States in the aftermath of the corporate governance frenzy that spurred Sarbanes-Oxley legislation in 2002.

But as activist investing, particularly by hedge funds, picks up and companies have tried to make the pills more investor friendly, the strategy seems likely to stick around in some format.

“There are a lot of hedge funds and private equity funds that are basically doing financial deals that companies may not want to take because they are looking for a strategic partner,” said Carl Sanchez, chair of the global mergers and acquisitions practice at Paul, Hastings, Janofsky & Walker, based in San Diego.

MergerTalk: Poison pills become slightly less bitter

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