Onyx Acceptance OKs Poison-Pill Plan
- Share via
IRVINE — Onyx Acceptance Corp. has adopted a shareholder rights plan, a so-called poison-pill plan to thwart attempted takeovers, that takes effect once any investor or group of investors buys 15% of the company’s common stock.
John C. Hall, president of the automobile finance company, said that directors adopted the plan as a precautionary measure because the stock price is so low that they are worried about a corporate raider gobbling up the stock. But as far as an actual threat, “there’s nothing out there,” he said.
Under the plan, the company will provide preferred shares to existing shareholders as of July 21. The rights plan expires 10 years later.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
