Target board orders new poison pill

Minneapolis — The board of directors of Target Corp. has adopted a shareholder rights plan to protect the company against a potential hostile takeover.

The new plan is substantially the same as an older protection package that expires on Sept. 26, and the company said it's designed to protect the rights of the company's 15,000 shareholders in the event of an unsolicited takeover attempt. The company said the new plan was not put in place in response to any present effort to acquire Target.

The new plan discourages a potential takeover by granting current shareholders the right to acquire a form of preferred shares if any third party accumulates 20 percent or more of the retailer's common stock. Once that trigger is reached, a current shareholder would be able to buy $250 of Target stock for $125.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!