- Suppose that company A is attempting to acquire company T via unsolicited tender offer. The offer is for a share exchange with exchange ratio of one share of A for each share of T, whereby T has a poison pill plan that is triggered by this hostile takeover attempt. T's poison pill plan enables each T shareholder, except for the control-seeking one, to obtain a dividend of 2 shares per each share they own at no cost. What will be the effect on the poison pill be, assuming both A and T have each one million shares outstanding? Target Firm Shareholders Shares Outstanding Total Shares Outstanding Acquiring Firm Shareholders Shares Outstanding New Shares Issued Total Shares Outstanding New Company Shares Outstanding Without Pill With Pill Ownership Distribution in New Company (%) Without Pill With Pill