Manufacturers Hanover Corp., one of the more...

Manufacturers Hanover Corp., one of the more vulnerable New York banking companies, unveiled a “poison pill” shareholder rights plan aimed at deterring unsolicited takeover advances. Under the plan, investors holding stock in Manufacturers Hanover on Oct. 31 would be allowed to buy stock at half-price if an unwanted suitor acquired more than 15% of the banking company’s shares or launched a tender offer for 30% or more. The plan, which resembles a poison pill defense raised by Irving Bank Corp., would have the effect of making a hostile takeover prohibitively expensive.