Victoria's Secret Adopts Poison Pill After Brett Blundy's Firm Raises Stake to 13%, Limits Control to 49.99% Post May 21

Victoria's Secret has adopted a poison pill strategy following an increase in its stake by Australian billionaire Brett Blundy's firm, BBRC, which recently raised its ownership to 13%. The poison pill is designed to prevent BBRC from gaining control of the company without paying a premium. After a regulatory waiting period ending May 21, BBRC will be able to increase its stake up to 49.99%. This move aims to block any attempt by the activist investor to amass a controlling interest in Victoria's Secret. The development was reported alongside other corporate news including Houlihan Lokey's conference consolidation and Elliott Management facing its first US proxy vote. Separately, a former activist investor in Macy's has not ruled out launching a new takeover campaign.