Del. Justices Uphold Williams Cos. Poison Pill Shutdown
By Jeff Montgomery (November 3, 2021, 8:48 PM EDT) -- Delaware's full Supreme Court upheld without elaboration on Wednesday a Chancery Court strike-down of what was described as an "extreme'' shareholder rights — or "poison pill" — provision adopted by The Williams Cos. last year.
The brief ruling emerged two weeks after Williams and attorneys for shareholders made their cases for and against then-Vice Chancellor Kathaleen S. McCormick's 90-page decision on Feb. 26.
In the Chancery Court opinion, now-Chancellor McCormick termed Williams' measure a "disproportionate" response to purported concerns about stock accumulations by activist or takeover-minded investors after the COVID-19 pandemic weakened both energy stock prices and stock prices generally in...
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