Hedge Fund Targets Try New Flavor of Poison Pill

So-called specific-purpose pills are gaining popularity among companies that are finding themselves on the business end of hedge fund activist campaigns.

December 17, 2025

Poison pills, used by companies since the 1980s to fend off the unwelcome advances of corporate raiders, have been employed less and less frequently in recent years. But a new kind of pill strategy has lately gained interest among the targets of so-called shareholder activist

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