The recent adoption of a shareholder rights plan (more commonly known as a “poison pill”) by Netflix Inc. (Nasdaq: NFLX), to defend itself against a takeover by corporate raider Carl Icahn who has taken a nearly 10 percent stake in the Los Gatos, Calif. provider of online movie rental services, provides a good opportunity for Mergers & Acquisitions to get an update on the poison pill. For the update, we turn to Bob Profusek, chair of global M&A practice for law firm Jones Day. One of the top M&A lawyers in the U.S., Profusek led Jones Day’s team in representing home-automation services company Vivint Inc. in its $2 billion sale to the Blackstone Group LP (NYSE: BX) in September.

How has the poison pill evolved over the decades?

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