Southwest Airlines has adopted a ‘poison pill’ following activist investor Elliott Investment Management taking a significant stake in the company. The airline said Wednesday that the shareholder rights plan is effective immediately and expires in a year. Southwest shareholders would need to approve any extension.
FILE - Southwest Airlines Boeing 737 lands at Manchester Boston Regional Airport, June 2, 2023, in Manchester, N.H. Southwest Airlines has adopted a ‘poison pill’ following activist investor Elliott Investment Management taking a significant stake in the company. The airline said Wednesday, July 3, 2024, that the shareholder rights plan is effective immediately and expires in a year. For any extension to occur, Southwest shareholders would need to give prior approval.
Shareholder rights plans, or “poison pills,” allow existing shareholders to acquire shares at a discounted rate to discourage a takeover by an outside entity. Southwest’s plan is triggered when a shareholder acquires 12.5% of more of its common stock, which would let all other shareholders buy stock at a 50% discount.
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