Philips NV plans to seek shareholder approval for a scheme that would make the company invulnerable to a hostile takeover bid: under the plan, a new class of voting preference shares just exceeding the number of ordinary shares outstanding, would be authorised by not issued unless a hostile bid was made, whereupon an independent trust […]
Philips NV plans to seek shareholder approval for a scheme that would make the company invulnerable to a hostile takeover bid: under the plan, a new class of voting preference shares just exceeding the number of ordinary shares outstanding, would be authorised by not issued unless a hostile bid was made, whereupon an independent trust would have an option to buy enough of the preference shares to outvote the total issued share capital.
