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Nathaniel J. Stuhlmiller, left, and Taylor D. Anderson, right, of Richard Layton & Finger.  Courtesy photos Nathaniel J. Stuhlmiller, left, and Taylor D. Anderson, right, of Richard Layton & Finger. Courtesy photos

A traditional stockholder rights plan remains one of the most effective tools a board of directors may use to protect the corporation’s stockholders from the threat of a hostile or abusive takeover. Rights plans often include specific provisions designed to address unique threats or issues facing the corporation. One such provision is an “acting in concert”—or so-called “wolf pack”—provision, which is designed to aggregate, for purposes of the rights plan’s triggering threshold, ownership of multiple stockholders who may not have an express agreement, arrangement or understanding among themselves, but who are nonetheless acting in concert towards a common goal.

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