Woolworth ‘Poison Pill’ Proposal Backed

Woolworth Corp. shareholders approved a proposal asking that the specialty retailer seek their approval before adopting a “poison pill” aimed at thwarting a takeover attempt. A so-called poison pill would make a hostile takeover prohibitively expensive by letting existing shareholders buy additional shares cheaply. In another vote at their annual meeting, shareholders approved the New York-based company’s name change to Venator Group Inc., which will become effective today. “Venator” is Latin for “sportsman.” Woolworth operates sporting-goods chains such as Foot Locker and Champs and is buying the Sports Authority. Woolworth shares fell 75 cents to close at $19.82 on the NYSE.