Overview

• Victoria’s Secret has implemented a one-year shareholder rights plan to prevent acquisitions without a control premium.
• The poison pill activates if any shareholder exceeds a 15% stake, allowing others to purchase stock at a discount.
• BBRC International, led by Brett Blundy, currently holds a 13% stake and could increase its position to 49.99% after the Hart-Scott-Rodino Act waiting period ends on May 21, 2025.
• The board, chaired by Donna James, has engaged in discussions with BBRC while focusing on brand strategy under new CEO Hillary Super.
• Victoria’s Secret shares rose 3.2% in premarket trading following the announcement of the poison pill plan.