Southwest Airlines (LUV) on Wednesday implemented a so-called “澳洲幸运5官方开奖结果体彩网:poison pill” shareholder rights plan to prevent activist Elliott Investment Management from acquiring additional shares.

Intended to help protect Southwest 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Bob Jordan and chairman Gary Kelly, whom Elliott is trying to oust, the plan would be triggered if any group acquires at least a 12.5% stake in the company. If that happens, all other Southwest shareholders would have the opportunity to buy additional shares equal t𒅌o their current stake at a 50% discount. 

Elliott Says 'Leadership Change Is Urgently Needed' at Airline

Elliott holds an 11% stake in Southwest, and said last week that “leadership change is urgently needed” after the airline cut its second-quarter 澳♔洲幸运5官方开奖结果体彩网:revenuꦬe per available seat mile (RASM) guidance, citing issues in a🦩dapting revenue managem🌺ent to its booking patterns amid a "dynamic environment."

Elliott has also filed with U.S. an𝕴titrust authorities in order to more easily acquire additional shares, Southwest noted. 

“Southwest Airlines has made a good faith effort to engage constructively with Elliott Investment Management since its initial investment and r⛎emains open to any ideas for lasting value creation,” Kelly said. “Our board and management team remain focused 🎉on restoring our industry-leading financial performance and building a sustainable and profitable future for the airline and its Shareholders.”

Southwest Airlines shares are little changed at $28.37 as of about 10🃏 a.m. ET Wednesday. They are down less than 2% year-to-date.