When KMPG Consulting Inc. was spun off from its parent, KPMG, last February, it had so many bells and whistles in the form of hostile takeover defenses that you could have mistaken it for a battle-scarred veteran of earlier mergers and acquisitions wars.
After all, the new issuer’s law firm, Sidley Austin Brown & Wood, wrote eight major hostile-takeover protections-the full menu-into KPMG Consulting’s charter before its $2.02 billion initial public offering. About six months later the company’s board added a poison-pill defense to its litany of shields.
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