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FXCM adopts poison pill with 10% trigger
FXCM Inc. has adopted a shareholder rights plan with a 10% trigger, a move intended to reduce the chance of a hostile takeover attempt at a low valuation. The foreign-exchange brokerage accepted a $300 million rescue package earlier this month from Jefferies Group LLC parent Leucadia National Corp. LUK, +0.57% to cover client losses following an unexpected surge in the Swiss franc. Those losses of about $225 million stemmed from the surprise decision of the Swiss National Bank to end its cap on the franc’s exchange ratio to the euro, putting FXCM’s capital levels at risk and sending its stock plunging. Shares ... (full story)
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