Poison Pill expired on Aug 5th. Now takeover bids will come!
From: Business Journal, July 16th, 2002 (Search for "Joy Global adopts poison pill" in google. Yahoo is not letting me post a link)
Joy Global adopts poison pill The Business Journal Date: Tuesday, July 16, 2002, 4:45pm CDT
The board of directors of mining equipment manufacturer Joy Global Inc. has adopted a so-called "poison-pill provision" granting shareholders one preferred share purchase right for each outstanding share of the company's common stock they own. The company said Tuesday that the board has declared a dividend distribution of the rights effective Aug. 5 and expiring Aug. 5, 2012. The rights are designed to guard the company against any proposed takeover or any abusive tactics to gain control of the company. The rights are not being adopted due to any specific takeover threat, the Milwaukee-based company said."
The ideal time for takeover is before the company reports on Aug 29th. Most takeovers have happened just before earnings!