pdf

O’Melveny’s Scrivano Quoted in Wall Street Journal on New “Poison Pill”

May 07, 2014 A May 7, 2014, Wall Street Journal piece, titled “Court Ruling Bolsters New Type of 'Poison Pill,'” quotes O’Melveny & Myers partner Paul Scrivano.  The article describes the history of “poison pills” which emerged in the 1980’s to prevent hostile corporate takeovers by threatening to dilute the stakes of unwanted acquirers, and a recent wave of “pills” that target investors “who use smaller positions to push for changes from within.”  According to the report, the legality of these tactics was affirmed in a recent Delaware Court of Chancery ruling in favor of Sotheby’s in connection with its use of a poison pill aimed at activist hedge funds circling the company's stock.  "The poison pill continues to be resilient,” Scrivano said in the article.  "People keep challenging it, and it keeps on surviving."

Scrivano is a member of O’Melveny’s Mergers and Acquisitions Practice.  He divides his time among the Firm’s New York, Century City, and Silicon Valley offices.