ISS Asks Williams Stockholders to Block Chairman re Poison Pill

A couple of weeks ago midstream giant Williams said it had swallowed a big, fat poison pill (see Williams Swallows Poison Pill to Prevent Company Takeover). The Williams board adopted something called a “limited duration stockholder rights agreement” to fend off potential hostile takeover attempts from those who would buy up a significant number of shares of stock while the company’s share price is down due to the worldwide stock market crash over COVID-19 coronavirus concerns. A major (and influential) proxy adviser, Institutional Shareholder Services (ISS), has taken the “unusual step” of advising Williams shareholders to vote against reelecting board Chairman Stephen Bergstrom at the annual meeting later this month, in retaliation for his poison pill.

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