http://www.blakes.com/english/view.a...

"The decision is arguably an evolution of the position long held by Canadian securities regulators that a rights plan may only stay in place to afford the target company a period of time to seek out alternative bidders with a view to maximizing shareholder value."

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Generally, poison pills offer limited protection to shareholders.

For example, if someone offered $1.60 for 100% of all of QEC's shares then it is possible that they could buy all the shares at that price.

Look at UTS.TO and WCI.VN as examples of low-ball offers.