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Foot Locker (FL) Adopts Poison Pill as Czech Billionaire Kretinsky Amasses Massive Stake

December 8, 2020 7:39 AM EST

Foot Locker (NYSE: FL) announced Tuesday it is adopting a poison pill, which comes amid a mass accumulation of the stock by Czech billionaire Daniel Kretinsky.

Kretinsky currently owns 12,722,406 shares after buying another 153,730 shares on 12/02. This makes him the largest shareholder at 12.2%. Kretinsky owns the shares through Vesa Equity Investment S.a.r.l..

Vesa previously received clearance under the Hart-Scott-Rodino Act allowing it to acquire up to 50% of the Company's common stock.

The Board believes that the Rights Plan provides the Board with sufficient time to make informed judgments that are in the best interests of shareholders, while it continues to oversee the execution of the Company's strategic plan to drive long-term growth, profitability, and shareholder value. The Rights Plan has not been adopted in response to any specific proposal and is not intended to prevent or deter any action or offer that the Board determines to be in the best interests of shareholders.



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