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Coronavirus-stricken US companies pop poison pills

Updated : March 26, 2020 08:53 AM IST

The S&P 500 Index has lost about a quarter of its value in the last month, as large swathes of the US economy shut down and people stay at home to prevent the spread of the virus. This has made the shares of many companies cheaper and more vulnerable to approaches by corporate rivals and hedge funds.
Ten US companies have announced poison pills in March, setting a record, according to FactSet Research Systems Inc and Deal Point Data LLC.
Poison pills prevent other companies and investors from amassing ownership stakes above a certain threshold, by authorising the targeted company to sell new stock to its shareholders at a discount.
Coronavirus-stricken US companies pop poison pills

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