By Sabela Ojea
Shares of Vera Bradley were higher in post-market trading on Friday after the luggage and handbag company said its board unanimously approved a poison pill provision.
The stock was up 7.3% to $5.56. Shares have dropped 33% this year.
The plan provides for the issuance of one right for each outstanding share of the company's common stock, exercisable if a person, entity or group acquires beneficial ownership of 15% or more of the company's outstanding common stock in a transaction not approved by the board, the company said on Friday.
The poison pill comes as macroeconomic headwinds continue to dampen the company's turnaround efforts. In its most recent quarter, Vera Bradley lowered its outlook after posting lower profit and sales, dragged down by continued pressure on consumers.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 11, 2024 18:04 ET (22:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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