At a recent meeting of the Houston chapter of the National Association of Corporate Directors (NACD), one of the speakers on a panel dealing with enterprise risk issues to be considered by corporate directors highlighted energy industry takeovers as a possible emerging risk. William Gutermuth from the Houston office of Bracewell & Giuliani LLP discussed unfriendly takeovers as an enterprise risk and the role of poison pill defensive plans. Changes in attitudes toward poison pills in recent years coupled with the dramatic decline in energy company share prices during the past 12 months presents an environment that is ripe for a possible increase in the number of unfriendly takeover attempts in this industry.

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