Victoria’s Secret and the Return of the Poison Pill
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Author:
Geoff Robinson -
Level:
Intermediate to advanced -
Study time:
5 minutes
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Course overview
Poison pills are back in the M&A spotlight as companies face activist threats and undervaluation. This essay dissects Victoria’s Secret’s adoption of a poison pill after BBRC International amassed a 13% stake. It explains how these shareholder rights plans work, their defensive purpose, criticisms, and broader market trends.
With turnaround hopes under new leadership, Victoria’s Secret illustrates how poison pills can protect strategic execution—if deployed with restraint. For investors, the case offers lessons in governance signals, valuation modeling, and takeover strategy assessment.
With turnaround hopes under new leadership, Victoria’s Secret illustrates how poison pills can protect strategic execution—if deployed with restraint. For investors, the case offers lessons in governance signals, valuation modeling, and takeover strategy assessment.
What's included?
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1 video
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When control is at stake, poison pills blur the line between protection and entrenchment.
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Insights from a #1 ranked data-driven analyst
Who should watch this playlist?
This analysis is essential for investment analysts, portfolio managers, and M&A professionals evaluating the strategic use of poison pills. It offers critical insights into how defensive structures like flip-in rights influence takeover dynamics, investor choice, and valuation models. A must-read for those navigating activist environments and volatile equity markets.
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Geoff Robinson
FCA FMVA MFM
Thought leader, instructor, writer, financial influencer, Former UBS Managing Director and 8x #1 ranked analysts EMEA Institutional Investor Survey
ABOUT Geoff
Geoff has had a varied career. He was a Managing Director within UBS Equity Research, leading their Global Fundamental Analytics franchise. During this time, he was #1, ranked 9x in the EMEA Institutional Investor Survey. Before UBS, he was a material equity investor and LBO co-investor in two market exited training consultancies. Geoff has a passion for learning and is well-known for his ability to break down complex subject matter and distil it to an audience in a digestible and engaging manner. He brings this passion to TheInvestmentAnalyst.com.