Lucky Stores will redeem its “poison pill.”

As part of a proposed settlement of three shareholder lawsuits filed against the company, Lucky said it will redeem its stock purchase rights plan that was put into effect in September, shortly before investor Asher B. Edelman made a $1.95-billion offer to take over the Dublin, Calif.-based grocery chain. The company said the rights will be redeemed for 5 cents a share, subject to completion of Lucky’s proposed restructuring and reincorporation in Delaware.