June 06, 2012

Bloomberg quotes Jim Hanks on company’s poison-pill shareholder rights plan

1 min

Venable partner Jim Hanks was quoted in a May 31, 2012 Bloomberg article on a recent court ruling on the attempted takeover of Rockville based Human Genome Sciences Inc. by GlaxoSmithKline Plc. The court rejected arguments for a temporary restraining order invalidating Human Genome’s poison pill shareholder rights plan.

Commenting on the matter, Hanks noted that since Human Genome is incorporated in Delaware, that state’s law must be used when examining the company’s takeover defense. “In view of the established Delaware law on the subject, it will be very difficult for plaintiffs to convince the court that the board acted improperly in erecting the defense,” said Hanks.