盛大与新浪的故事很热闹。平静已久的媒体找到的宣泄的出口…… 懒得说什么了，只是对最近一个很“热”的词语“毒丸计划”不太了解，搜索了下，转载在此。

中文注解：

毒丸计划（poison pills）是美国80年代出现的一种反兼并与反收购的策略。是指敌意收购的目标公司通过发行证券以降低公司在收购方眼中的价值的措施，它在对付敌意收购时往往很有效。毒丸计划是美国著名的并购律师马丁·利普顿（Martin Lipton）1982年发明的，最初的形式很简单，就是目标公司向普通股股东发行优先股，一旦公司被收购，股东持有的优先股就可以转换为一定数额的收购方股票。“吞食毒丸”是指目标公司为避免被其他公司收购，采取一些会对自身造成伤害的行动，以降低自己的吸引力，故又称为 “焦土战略”(Scorched Earth Policy)。

英文注解：

Poison Pill

A strategy used by corporations to discourage a hostile takeover by another company. The target company attempts to make its stock less attractive to the acquirer. There are two types of poison pills:

  1. A “flip-in” allows existing shareholders (except the acquirer) to buy more shares at a discount.

  2. The “flip-over” allows stockholders to buy the acquirer’s shares at a discounted price after the merger.

  3. By purchasing more shares cheaply (flip-in), investors get instant profits and, more importantly, they dilute the shares held by the competitors. As a result, the competitor’s takeover attempt is made more difficult and expensive.

  4. An example of a flip-over is when shareholders have the right to purchase stock of the acquirer on a 2-for-1 basis in any subsequent merger.

This is similar to the macaroni defense, except it uses equity rather than bonds.