Southwest Airlines adopts 'poison pill' to fend off activist Elliott Management [MSNBC.com]
Southwest Airlines Company (LUV)
Last southwest airlines company earnings: 4/28 06:00 am
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Source: MSNBC.com
Southwest AirlinesElliott Management's investmentThe poison pill will only activate if Elliott — or another investor — acquires at least 12.5% of the company. If that threshold is crossed, all other shareholders will be entitled to purchase one new Southwest share for every share they currently own at a 50% discount.Southwest shares were up a little under 1% in morning trading Wednesday after Southwest's announcement.Elliott disclosed in June that it had amassed a $1.9 billion stake, or about 11% of Southwest. The firm called out Southwest's underperformance relative to some of its larger airline rivals that offer more products like premium seating.Southwest said the poison pill was adopted in part because Elliott had made filings with antitrust authorities, known as HSR filings, that would allow the activist to acquire an even larger stake by next week. There is a 30-day waiting period after making an HSR filing, suggesting that Elliott began that process around the same time that it
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