Chesapeake Adopts Poison Pill After Shares Drop on Oil Rout [Yahoo! Finance News]
Chesapeake Energy Corporation (CHK)
Last chesapeake energy corporation earnings: 2/26 07:00 am
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Source: Yahoo! Finance News
) -- Chesapeake Energy Corp. adopted a poison pill to thwart any takeover attempts after the oil-price crash and coronavirus pandemic sent the debt-burdened shale pioneer’s shares tumbling.The shareholder rights can be exercised if a person or group acquires 4.9% or more of Chesapeake’s outstanding common stock, the company said Thursday in a statement. Under those conditions, holders of the rights can buy common shares at a 50% discount or Chesapeake can exchange each right for one share.The purpose of the new shareholder rights plan is to protect its tax-related assets known as “net operating loss carryforwards,” the Oklahoma City driller said in the statement. At the end of last year, the company had $7.6 billion worth of so-called carryforwards available to offset future federal taxable income, according the statement.“Chesapeake’s ability to use these NOLs would be substantially limited if it experienced an ‘ownership change,’” according to the statement, which was released after
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