Netflix ends anti-takeover measure two years early

Netflix says it's ending a move meant to help ward off hostile takeovers almost two years early.

The online video company adopted the shareholder rights plan, also known as a poison pill, in November 2012 after activist investor Carl Icahn disclosed a stake of almost 10 percent in the company.

The poison pill was scheduled to expire in November 2015, but the company terminated it effective Monday.

According to FactSet, Icahn now owns a 4.5 percent stake in Netflix Inc.

Netflix stock fell 51 cents to close at $366.99 on Monday. The Los Gatos, Calif.-based company's shares have nearly quadrupled in value this year.


Explore further

Netflix moves to block a hostile takeover (Update)

© 2013 The Associated Press. All rights reserved.

Citation: Netflix ends anti-takeover measure two years early (2013, December 30) retrieved 19 October 2019 from https://phys.org/news/2013-12-netflix-anti-takeover-years-early.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
0 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more