Morgans Hotel's New Board Won't Kill Poison Pill

Law360, New York (October 1, 2013, 4:11 PM EDT) -- The new board of Morgans Hotel Group Co., installed in a June shareholder coup, has reversed its predecessor's plan to retire the company's poison pill by Thursday, and instead will extend the takeover defense for two more years.

The previous board had agreed to kill the pill as part of its last-minute efforts to stay in power during a bruising proxy fight last spring. It failed and was ousted by the company's largest shareholder, OTK Associates LLC, by a wide margin.

The OTK-appointed directors have now...
To view the full article, register now.