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COMPANY NEWS; 'Poison Pill' Plan Adopted by Disney
The Walt Disney Company said it had adopted a stockholder rights plan to prevent the company from being acquired in a hostile takeover. The company said in a statement, ''The stockholder rights plan represents a sound and reasonable means of safeguarding the interests of all stockholders, should an effort be made to acquire the company at a price not reflective of its fair value.''
The plan, known as a ''poison pill,'' is intended to make a hostile takeover expensive and takes effect if anyone acquires more than 25 percent of Disney's shares or begins a tender offer. It allows other shareholders to acquire additional issues at half price. The announcement came after the stock market closed on Wednesday. On the New York Stock Exchange today, Disney's shares rose 87.5 cents each, to $93.875.
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