Sirius Puts In "Poison Pill"
Sirius XM Radio Wednesday adopted a "poison pill" plan, meant to make it more difficult for the company to be taken over.
According to the Associated Press, which cited SEC documents, the satellite radio firm put into motion a plan in which any investor attempting to take over the firm without board approval would find their stake significantly diluted. The plan must be approved by the company's board by next year.
Sirius was able to avoid bankruptcy earlier this year when Liberty Media purchased a 40 percent equity stake.