OAKLAND, Calif.–After rebuffing Pier 1 Imports’ acquisition offer, Cost Plus has approved the renewal of its preferred shares rights agreement, also known as “a poison pill,” through June 30, 2013.
Cost Plus’ board of directors unanimously approved the extension of the rights agreement “as an effective means to guard against the potential use of coercive takeover tactics,” according to a press statement.
Prior to the renewal, the rights agreement had been scheduled to expire on June 30, 2008.