Onyx Acceptance OKs Poison-Pill Plan

Onyx Acceptance Corp. has adopted a shareholder rights plan, a so-called poison-pill plan to thwart attempted takeovers, that takes effect once any investor or group of investors buys 15% of the company’s common stock.

John C. Hall, president of the automobile finance company, said that directors adopted the plan as a precautionary measure because the stock price is so low that they are worried about a corporate raider gobbling up the stock. But as far as an actual threat, “there’s nothing out there,” he said.

Under the plan, the company will provide preferred shares to existing shareholders as of July 21. The rights plan expires 10 years later.