Whaler,
OK I will reserve judgment until we get the details to figure out what form this poison pill will take, if enacted. There is no certainty that it will.
There are a few good things as well (some borrowed from the SH board)
1. It gives management time to find competing offers that maximizes selling price.
2. It protects against a corporate raid for the cash in the kitty.
3. Several studies have indicated that companies with a poison pill (shareholder rights plans) have received higher takeover premiums than companies without poison pills. This results in increased shareholder value. The theory behind this is that an increase in the negotiating power of the target is reflected in higher acquisition premiums.
EBF