NEW YORK (AP) — WebMD extended its poison pill defense, first put into place to ward off billionaire investor Carl Icahn, for another two years.
The company is struggling to maintain advertising revenue as drugmakers pull back spending at the online health information company.
It also changed the plan, so that it will not count stock grants to the company's directors when determining whether a shareholder becomes an "acquiring person" under the plan.
Poison pill measures are designed to prevent unwanted attempts to acquire or take control of a company by giving other shareholders the right to purchase more company stock at a discount, thereby diluting the shares held by the potential suitor and making it more costly to take over the company.
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