Wilson Sonsini Goodrich & Rosati is advising long-time client Netflix Inc., which adopted a poison pill this week to ward off a potential takeover bid by activist investor Carl Icahn, who recently bought almost 10 percent of the on-demand streaming media and movie rental company.
Netflix announced in a statement Monday that it had adopted a shareholder rights plan, commonly known as a poison pill, to flood the market with discounted Netflix shares if Icahn seeks to increase his stake beyond its current 9.98 percent without the approval of the company’s board of directors. (Netflix’s poison pill has some unusual terms, according to The New York Times‘s DealBook.)
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