Thursday October 2, 2014

Michael Baker board drops ‘poison pill’ plan

Michael Baker has approved an end to its “poison pill” proposal, which was put in place to discourage hostile takeovers.

As part of a review of its corporate governance, Michael Baker has “terminated its ‘poison pill’ proposal that was put into place to discourage hostile takeovers,” reports the Pittsburgh Business Times. The Pennsylvania-based company’s board of directors approved an amendment to make the plan’s expiration date March 30. Baker Chairman Richard L. Shaw remarks, “In addition to terminating the rights plan, the board took other actions — reflected in new corporate governance guidelines being published on the company’s website — designed to better align our governance practices with the prevailing approaches to issues of relevance to our shareholders.”

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