However, there is no single law plan and it is the responsibility of a body considering adopting a rights plan (including the adoption of a rights plan that was previously “on the shelf”) to receive contributions from its advisors on the current state of the market with respect to the main features of the plan. There are several characteristics that allow a board to adjust its rights plan to take into account, among other things, market conditions and the particular facts and circumstances applicable to it. In the next section, we give a brief discussion on some of the key levers available to a board of directors that are currently being discussed in virtual meeting rooms. In the third section, we give additional details about the changes made to these levers that we observe.  The purpose of this measure is to require an accounting firm to take into account the withdrawal or conversion of the rights plan in the event of a merger or consolidation. The term generally refers to a conversion provision that allows the right holder to acquire shares of the voting purchaser with a significant discount. Since Lipton used the poison pill, several techniques have developed. However, the general idea is to discourage any attempt to acquire from outside, either by making the business less desirable or by placing existing shareholders at a higher point of power. Both of these objectives can be achieved by selling cheaper shares to existing shareholders, thereby reducing the potential equity a buyer receives and increasing the equity of existing shareholders. In a voting schedule, a company will charter preferred shares with higher voting rights than ordinary shareholders. If a hostile bidder acquired a significant amount of voting common shares of the target entity, it would still not be able to exercise control over its purchase. Thus, ASARCO established a voting schedule in which 99% of the company`s common shares sold only 16.5% of the total voting rights.
 Here is an example. Suppose a Flip-in-gift pill plan is triggered when the purchaser buys 30% of the target company`s shares. Once triggered, each shareholder, with the exception of the purchaser, has the right to buy new shares at a reduced rate. The more shareholders who buy additional shares, the more the interest of the acquisition company becomes diluted. As a result, the cost of supply is much higher. Overall, the rights plans adopted in March contain more aggressive measures than the active rights plans, which are in effect on December 31, 2019: the courts also have mixed opinions on the legality of poison pills. Some courts have found poison pills in themselves illegal. See Amalgamated Sugar Co. v. NL Industries, 644 F. Supp. 1229 (S.D.N.Y.
1986). While most dishes traditionally exist pills, they are sometimes skeptical about the use of pills by management. In general, when the courts find that management has refused to simply eliminate the pill to raise the price paid to shareholders (as a bargaining tactic), the courts support the use of the pills. However, in situations where the chambers have firmly refused to remove a pill against a reasonable bidder with a valid offer, the courts may be angry with the management team that clearly places its own interests above those of the shareholders. See Revlon, Inc. v. MacAndrews – Forbes Hodlings, Inc., 506 A.2d 173 (Del. Sup. Ct. 1986). It is important to understand that the form of the rights plan, which would be acceptable to ISS or Glass Lewis, reduces the effectiveness of a rights plan in an acquisition competition, and we believe that a board of directors should adopt a rights plan if there is a strong justification for it to be used in its strongest form.