Marc Weingarten (pictured here) and Nicholas Tomasetti from Schulte Roth & Zabel authored a Client Alert regarding Selectica's (SLTC) implementation of their posion pill. In the Alert, the authors stated, "This represents a rare instance of a poison pill being triggered. Selectica's amended triggering threshold of 4.99% is extraordinarily low, with the norm generally being at a 15% or 20% level, and was adopted only after an activist investor surfaced. Whether the court accepts Selectica's purported justification for the low threshold of protecting NOLs will be a significant development, as other companies would be encouraged to find a basis to lower their pill thresholds as well."
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