There’s a war brewing, and one of its battlefields will be the Netflix boardroom. The streaming and DVD-by-mail company is preparing a “poison pill”, defensive tactic to help thwart takeover attempts. The plan seem squarely aimed at corporate raider Carl Icahn, who just acquired a near-10 percent stake in Netflix.
From Netflix’s statement on the matter:
“The Rights Plan is intended to protect Netflix and its stockholders from efforts to obtain control of Netflix that the Board of Directors determines are not in the best interests of Netflix and its stockholders, and to enable all stockholders to realize the long-term value of their investment in Netflix. The Rights Plan is not intended to interfere with any merger, tender or exchange offer or other business combination approved by the Board of Directors.
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In simple terms, the plan would be set in motion if an individual investor acquires 10 percent or an investor institution acquires 20 percent of Netflix’s stock. The plan would then flood the market with stock, making it very expensive to purchase a large number of shares and gain a controlling stake.
Predictably, Icahn was none too pleased with Netflix’s move:
“This morning the Issuer announced its adoption of a poison pill. The Reporting Persons believe any poison pill without a shareholder vote is an example of poor corporate governance, and find the pill Netflix just adopted is particularly troubling due to its remarkably low and discriminatory 10% threshold. We also note that Netflix is one of the few companies that continues to ignore the fact that the shareholders have strongly expressed their wishes through a majority vote to de-stagger its board. As one of the company’s largest shareholders we are concerned about the poor corporate governance at Netflix that these and other actions reflect.
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How are things going to shake out between Netflix’s board and Icahn? Are we going to have a repeat of Icahn’s Blockbuster boardroom battle?
[via CNET]
Just more greed in America. First is was Microsoft. Now it is some guy that wants more, more, more!
And I hope Netflix just keeps things going as they are. It is fine as it is…
But I can just see it now. MicroFix. Are Some FoolFix. . And then it will sink.
And be a sinkfix..
Leave it be!
I like my Fix as it is..
Gracias por el contenido. Yo he encargado copias de CD en Duplicacion Robotizada y me salieron excelentes. Por suerte no se trataba de copias amateurs realizadas con computadoras e impresoras comunes de malisima calidad.
Carl Icahn is a lot like Romney. He has a history of buying into companies, takeing control, selling off and profiting from the parts of the companies that provide the supporting profits that operate and grow the business…
Then fire or lay-off the employees and bankrupt the rest!
The only poison in the pill that the board is preparing is for Icahn… Good job, Netflix Board!
How good was Icahn for Blockbuster…