As PeopleSoft Inc. was firing CEO Craig Conway last week, the software company was preparing for a legal battle that not only could affect its acquisition fight with Oracle Corp., but also how the courts treat corporate anti-takeover defenses.
The case, due to go before Delaware Vice Chancellor Leo Strine Jr. today, will be the first in 15 years in which a Delaware court has addressed the legality of the poison pill, the takeover defense made famous in the 1980s. A pill limits a hostile bidder from acquiring more than a modest percentage of a target’s stock by threatening substantial dilution of the bidder’s stake if it exceeds the threshold.
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