Tiffany Drops Pill

The company wants better relations with shareholders.
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Tiffany's (TIF) - Get Report board threw out its poison pill.

The New York-based jeweler said the plan was due to expire in September 2008. Tiffany said it made the move "with an eye to evolving principles of corporate governance and stockholder relations," and not in reference to any possible deal.

Shares of the retailer rose 74 cents to $40.51.

Tiffany said it also adopted a policy that would "generally require it to submit the adoption or extension of any future stockholder rights plan to a stockholder vote, but reserved to itself the option of adopting a poison pill without a stockholder vote if exigent circumstances and the exercise of its fiduciary responsibilities so warrant." If a stockholder-rights plan were adopted without first submitting such matter to a stockholder vote, the plan would expire on the first anniversary of its effective date if not approved by the stockholders prior to that time.