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Victoria’s Secret Implements Poison Pill Defense Against Hostile Takeover

Victoria’s Secret has taken decisive action to protect against a potential hostile takeover. The company’s board of directors recently approved the implementation of a limited-duration shareholder rights plan, commonly known as a poison pill. This strategic move aims to safeguard the interests of shareholders and prevent any unwarranted acquisition attempts.

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The catalyst for this defensive maneuver was the significant accumulation of Victoria’s Secret stock by investment firm BBRC International. BBRC has steadily increased its stake in Victoria’s Secret, amassing approximately 13% of the company’s outstanding shares. In response, Victoria’s Secret will issue one right per share of common stock, effective May 29, triggering if a shareholder acquires a 15% or higher stake.

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Victoria’s Secret has raised concerns about BBRC’s stock acquisitions, alleging violations of U.S. antitrust laws. The investment firm, owned by Australian businessman Brett Blundy, failed to file necessary forms under the Hart-Scott-Rodino Act, according to the retailer. Despite subsequent corrective filings made by BBRC, Victoria’s Secret remains wary of the firm potentially gaining a controlling interest.

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Under the poison pill provision, if a shareholder surpasses the 15% ownership threshold, it would trigger the rights plan, diluting the acquirer’s stake and making a takeover more challenging and costly. This defensive tactic aligns with the board’s commitment to upholding its fiduciary duties and protecting the long-term interests of all shareholders.

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Victoria’s Secret emphasized the necessity of the rights plan to prevent any attempts to gain control of the company without offering an appropriate premium to existing shareholders. Donna James, the board chair, underscored the decision as a proactive measure to safeguard shareholder value and deter any hostile takeover tactics.

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BBRC International, the investment firm at the center of this contentious situation, has not responded to requests for comment from Retail Dive. The firm’s founder, Brett Blundy, an experienced businessman known for his success in the lingerie industry, has been engaged in discussions with Victoria’s Secret over the past few years.

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Despite acknowledging the value of Blundy’s perspective as a shareholder, Victoria’s Secret expressed reservations about BBRC’s intentions, citing the firm’s history of acquiring controlling interests in retail companies. Moreover, BBRC’s recent foray into launching a new lingerie, sleepwear, and beauty brand called Léays has raised additional concerns within Victoria’s Secret’s leadership.

Brett Blundy’s entrepreneurial journey in the lingerie sector dates back to the 1980s when he founded Bras N Things, a successful venture eventually acquired by Hanesbrands for a substantial sum in 2018. This background underscores Blundy’s deep-rooted experience and expertise in the intimate apparel industry, further amplifying the significance of his involvement in the current developments surrounding Victoria’s Secret.

The adoption of the poison pill by Victoria’s Secret signifies a pivotal moment in the company’s ongoing efforts to protect its autonomy and shareholder value amidst external pressures. As the situation unfolds, industry experts and analysts are closely monitoring the implications of this defensive strategy on Victoria’s Secret’s future trajectory and the broader retail landscape.

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