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On February 26, 2010, the Delaware Court of Chancery, in an opinion addressing the first modern triggering of a shareholdder rights plan, upheld (1) the validity of a “NOL” shareholder rights plan that contained a 4.99 “flip-in” triggering threshold, (2) the directors’ decision to lower the triggering threshold in light of recent acquisitions, and (3) the board’s subsequent decision to dilute an acquiring person who deliberately crossed the pill’s threshold
