South Korea plans to allow the use of “poison pills” to help local companies fend off hostile takeovers as the influence of foreign investors grows in Asia's fifth-largest economy.
The justice ministry held a public hearing yesterday to discuss the introduction of a “poison pill” clause in commercial laws, which would give shareholders the right to buy new shares quickly at a discount when they face an unsolicited takeover bid.
“Our country has made hostile mergers and acquisition attacks easy by removing a mandatory public tender and a ceiling on foreign stock investments,” the ministry said, adding that it had thus far not had any means to prevent such approaches.
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