Disney Adopts Anti-Takeover Defense: Burbank-based Walt Disney...

Disney Adopts Anti-Takeover Defense: Burbank-based Walt Disney Co. adopted a “poison pill” anti-takeover defense but said it didn’t know of any effort to buy the company. The plan adopted by Disney’s board of directors would entitle present stockholders to buy new stock at half price in the event of a hostile takeover attempt. Such plans are dubbed poison pills because they dilute the holdings of a potential buyer, making a buyout without management consent prohibitively expensive.