I'm writing a summary of recent anti-(hostile)-takeover provisions for a client, and I thought I'd take a second to share a little terminology. One of the most powerful forms of shark repellent is the poison pill, which may come in the flip-in or flip-over variety, and which could also, until recently (in Delaware, at least), be a dead-hand pill or a no-hand pill. Of course, if a board fighting off a hostile takeover gets really desperate, it might offer a lock up to a white night, or turn instead to the pac man defense. And if the directors get to keep their jobs, the board might just go out and get staggered. Serious bidness, folks.
