Morgans Hotel Group’s Board Votes to Eliminate Poison-Pill Plan

Morgans Hotel Group Co., the hotelier embroiled in a legal dispute with its largest investor, said its board voted to end a poison-pill plan and instated a new policy requiring shareholder approval of any future rights plan.

The change will require investors to endorse any new stockholder-rights plan within a year of its implementation, the New York-based company said today in a statement. The vote will end the current rights plan by Oct. 3, two years before it was scheduled to expire, Morgans said.