Victoria’s Secret Adopts Poison Pill to Thwart Investor BBRC

Victoria’s Secret & Co. announced a shareholder rights plan after an investor began acquiring a substantial amount of stock. 

BBRC International Pte Limited, an entity controlled by Brett Blundy, has increased its position to about 13 percent of outstanding shares, Victoria’s Secret said in a statement.

The plan, which is often called a poison pill, will issue one right for each share at the close of business on May 29 and be triggered if an investor acquires 15 percent of outstanding common stock. BBRC began ramping up its position in March, Victoria’s Secret said.

Victoria’s Secret shares rose 2.2 percent in premarket trading as of 7:47 a.m. New York time. The stock had fallen 45 percent this year through Monday’s close.

Victoria’s Secret also said BBRC recently launched a business described as a global lingerie, sleepwear and beauty brand.

BBRC didn’t immediately respond to a request for comment.

By Matt Townsend

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