Business & Tech
Los Gatos' Netflix Ends 'Poison Pill' Plan
Stockholder Rights Plan ends in December of 2013, two years earlier than its original November 2015 expiration date.
Los Gatos-based online media streaming giant Netflix has announced that its stockholder rights plan was amended to accelerate its expiration date to Dec. 30, 2013.
The plan, adopted to protect the growing company from hostile takeovers, effectively terminated it two years earlier than its original expiration date of November 2015.
In connection with the expiration of the rights plan, also known as a "poison pill," Netflix will deregister the related preferred share purchase rights under the Securities Exchange Act of 1934, the company said in a press release.
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It will also delist the preferred share purchase rights from NASDAQ, the release added.
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