Williams Expert Says Poison Pill No Threat To Shareholders

Law360 (January 14, 2021, 6:09 PM EST) -- An attorney for stockholders challenging an unprecedented "poison pill" shareholder rights measure adopted by The Williams Cos. pushed back Thursday on an expert's testimony before the Delaware Chancery that the provision was unlikely to hamper most shareholders.

Michael J. Barry of Grant & Eisenhofer PA, counsel to a stockholder class challenging Williams directors' approval of the one-year provision in March 2020, asked a proxy solicitation expert retained by the pipeline giant to acknowledge that the poison pill could restrain more than activist or shareholder attempts to replace board members.

Williams' measure was designed to give a major boost to board-aligned voting...

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