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Eli Lilly and Company (LLY) Tries Again to Remove Poison Pill Provision



3/7/2012 8:35:35 AM

Shareholders of Eli Lilly and Co. will once again take aim at the drugmaker’s tough poison-pill provision against unwanted buyers. Lilly’s board is recommending removal of an 80-percent approval threshold for hostile takeover bids during Lilly’s annual meeting of shareholders April 16 at the company’s Indianapolis headquarters. To pass, the proposal itself must receive support from the owners of 80 percent of Lilly’s shares. It has fallen short each of the past two years, receiving 74 percent and 73 percent of all shares, respectively. If passed, the proposal would require just a bare majority of shareholder votes to approve key moves commonly used in hostile takeovers.

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