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Corporate Governance

: The Harvard Law School Corporate Governance Blog

Delaware Supreme Court Upholds Poison Pill in Versata

By Harvard Law School Program on Corporate Governance

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Editor?s Note: Scott Davis is the head of the US Mergers and Acquisitions group at Mayer Brown LLP. This post is based on an article by Mr. Davis, William R. Kucera and Michael T. Torres, and refers to the recent Delaware Supreme Court decision in Versata Enterprises Inc. v. Selectica, Inc., which is available here. Other posts about poison pills, including more information about the Versata case, can be found here.

In Versata Enterprises Inc. v. Selectica, Inc., No. 193, 2010 (Del. Oct. 4, 2010), the Delaware Supreme Court addressed the validity of a shareholder rights plan, or ?poison pill?, for the first time in a number of years. The court upheld the adoption of a poison pill with a 4.99% trigger designed to protect a company?s net operating losses (?NOLs?) and the subsequent adoption of a ?reloaded? poison pill to protect against future threats to those net operating losses.

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Full post as published by The Harvard Law School Corporate Governance Blog on October 19, 2010 (boomark / email).

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