Vera Bradley Inc. (NASDAQ: VRA) announced that its board of directors unanimously approved an amendment to accelerate the expiration date of its existing shareholder rights plan from October 11, 2026 to April 17, 2026, effectively terminating the plan.

The Fort Wayne, Indiana-based handbag and accessories company said the board evaluated current circumstances, including risks of any entity gaining control through open market stock accumulations that could disadvantage shareholders. The board concluded the rights plan is no longer required at this time.

Shareholder rights plans, commonly known as poison pills, are defensive measures that make hostile takeovers more expensive by allowing existing shareholders to purchase additional shares at a discount if an acquiring party reaches a certain ownership threshold.

"The Board is committed to acting in the best interests of all shareholders and will evaluate, from time to time, whether to adopt, at its discretion, a new rights plan in order to best position the Board to fulfill its fiduciary duties," the company stated.

The company will file additional details about the amendment in a Form 8-K with the Securities and Exchange Commission.

Vera Bradley operates through two segments: direct sales through its stores and websites, and indirect sales through approximately 1,000 specialty retail locations, department stores, and licensing agreements. The company was founded in 1982 and is known for designing women's handbags, luggage, and accessories.