New York-based International Seaways is taking no chances when it comes to its relationship with its largest shareholder and famed corporate raider, John Fredriksen.
The company’s board has approved a three-year extension of “poison pill” provisions in its bylaws that promise Fredriksen serious dilution should he move his stake in the company beyond the 20% threshold.
However, the amended “shareholder rights agreement” is in effect a somewhat weaker form of poison.
