I don't think you can just "take a poison pill" as a board.
The board are required to act in shareholders best interests. Taking poison pills is not usually in their interest. So you have to do it before their are a lot of shareholders (while you're still privately held) or you need a very good excuse. Doing it during a takeover is especially questionable. So the board would open themselves up to personal liability...
The board are required to act in shareholders best interests. Taking poison pills is not usually in their interest. So you have to do it before their are a lot of shareholders (while you're still privately held) or you need a very good excuse. Doing it during a takeover is especially questionable. So the board would open themselves up to personal liability...