Southwest Air adopts 'poison pill' as activist investor Elliott takes significant stake in company

Southwest Airlines Co. Berita

Southwest Air adopts 'poison pill' as activist investor Elliott takes significant stake in company
Dallas,TX State Wire,Mergers And Acquisitions

Southwest Airlines has adopted a ‘poison pill’ following activist investor Elliott Investment Management taking a significant stake in the company. The airline said Wednesday that the shareholder rights plan is effective immediately and expires in a year. Southwest shareholders would need to approve any extension.

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FILE - Southwest Airlines Boeing 737 lands at Manchester Boston Regional Airport, June 2, 2023, in Manchester, N.H. Southwest Airlines has adopted a ‘poison pill’ following activist investor Elliott Investment Management taking a significant stake in the company. The airline said Wednesday, July 3, 2024, that the shareholder rights plan is effective immediately and expires in a year. For any extension to occur, Southwest shareholders would need to give prior approval.

Shareholder rights plans, or “poison pills,” allow existing shareholders to acquire shares at a discounted rate to discourage a takeover by an outside entity. Southwest’s plan is triggered when a shareholder acquires 12.5% of more of its common stock, which would let all other shareholders buy stock at a 50% discount.

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