May 9, 2018 / 1:33 PM / a year ago

Activist investor CIAM drops opposition to Ahold poison pill

AMSTERDAM (Reuters) - Activist investor CIAM said on Wednesday it would drop plans for legal action to force Dutch-Belgian supermarket operator Ahold Delhaize to put its decision to extend a takeover defense measure to a shareholder vote.

The poison pill allows an independent body to issue Ahold shares to thwart an unwanted takeover attempt, a common Dutch takeover defense.

In a statement, CIAM Chief Executive Catherine Berjal said she was “pleased” with a compromise put forward by the company.

Earlier on Wednesday Ahold said it would extend an option to use the poison pill for 15 years, but that shareholders would be given the right to vote within a year if it is ever activated.

(This version of the story restores dropped word “plans” to make it clear CIAM had not yet begun a lawsuit.)

Reporting by Toby Sterling, editing by Louise Heavens

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