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Sara Lee Ready To Take "Poison Pill" Out Of The Oven

Law360 (May 23, 2006, 12:00 AM EDT) -- Bowing to the wishes of company shareholders, Sara Lee Corp. has decided to accelerate the termination of its anti-takeover strategy, which will soon leave the baked goods giant without a “poison pill” defense.

The Chicago-based food and beverage conglomerate announced the move on Monday, cutting short Sara Lee’s poison pill by nearly two years.

The plan was originally scheduled to expire in May 2008, but Sara Lee directors are now seeking to terminate the strategy by Sept. 1 of this year.

“Given today’s corporate governance environment,...
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