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twitterVegas utility drops ‘poison pill’
Monday, Feb. 3, 2003 | 9:43 a.m.
A newspaper is reporting that Southwest Gas Corp. of Las Vegas has canceled a shareholder rights plan, effectively removing a "poison pill" provision discouraging hostile takeover bids.
Ken Kenny, assistant treasurer of Southwest Gas, Southern Nevada's dominant natural gas utility, said "poison pill" provisions have a negative aspect under new corporate governance rules. A "poison pill" is a tactic used by a takeover target to make it less attractive to the acquiring company.
"Having a plan in play doesn't provide a whole lot of value for the company," Kenny told In Business Las Vegas, a sister newspaper to the Las Vegas Sun. "There's an incremental cost in having a poison pill and it doesn't play too well when stocks are rated."
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