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Netflix Adopts Poison Pill to Stop Icahn From Buying More

Netflix Inc., the world’s largest subscription video service, adopted a so-called poison pill to protect against a hostile takeover after billionaire investor Carl Icahn acquired an almost 10 percent stake in the company.

The stockholder rights plan, approved unanimously by Netflix’s board on Nov. 2, would be triggered if an “activist shareholder” acquired 10 percent of the stock, or an institutional investor bought 20 percent, Jonathan Friedland, a company spokesman, said in an interview.