The last decade has proven to be a landmark era in the area of corporate mergers and acquisitions.' Perhaps the most rapid development in this area has been in the growth of antitakeover devices to defend against unwanted, hostile takeover attempts. The most noteworthy of the devices developed has been the share purchase rights plan. Since its inception in 1983, the use of the share purchase rights plan, or "poison pill" as it is more commonly known, as a defensive mechanism against hostile tender offers has generated much controversy and debate in the legal and business communities. The purpose of this Article is to analyze the poison pill and use it as a vehicle to examine other important topics in the area of corporate mergers and acquisitions, all as reviewed by the Delaware Court of Chancery and, where pertinent, by the Delaware Supreme Court.
Perry V. Kalajian,
Controversial World of Corporate Mergers and Acquisitions: A Critical Assessment, The,
57 Mo. L. Rev.
Available at: https://scholarship.law.missouri.edu/mlr/vol57/iss3/1