The NOL Pill: A Real Shark Killer!

Law360, New York (May 14, 2010, 11:37 AM EDT) -- Since their appearance about 30 years ago, shareholder rights plans — so-called “poison pills” or “pills” — have been the subject of much debate. In a recent Delaware Chancery Court decision, Selectica Inc. v. Versata Enterprises Inc. and Trilogy Inc., 2010 WL 703062 (Del. Ch., Feb. 26, 2010) (the Selectica Case), a Delaware court yet again upheld the legitimacy of a poison pill in the face of a recalcitrant shareholder’s unwelcome takeover advances.

The central question addressed by Vice Chancellor John W. Noble in the Selectica...
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