May 9, 2018 / 5:26 AM / 4 months ago

Ahold Delhaize extends contested takeover defence

AMSTERDAM, May 9 (Reuters) - Dutch-Belgian supermarket company Ahold Delhaize said on Wednesday it has decided to extend its takeover defence mechanism, against the wish of some of its shareholders.

Investors last month called on Ahold’s management to give them a vote on its plans to maintain its poison pill, which gives an independent body the right to issue shares to thwart a takeover.

The company insisted it had the right to extend the mechanism, set to expire in December, without shareholders’ consent.

Ahold Delhaize on Wednesday said it has modified the option agreement to take shareholders wishes into account.

It will call a shareholders’ meeting to discuss the situation within six months after the option is exercised, and will hold a vote on the cancellation of the issued shares within a year. (Reporting by Bart Meijer; Editing by Biju Dwarakanath)

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