I don't think you can just "take a poison pill" as a board. The board are required to act in shareholders best interests. Taking poison pills is not usually in

I don't think you can just "take a poison pill" as a board. The board are required to act in shareholders best interests. Taking poison pills is not usually in their interest. So you have to do it before their are a lot of shareholders (while you're still privately held) or you need a very good excuse. Doing it during a takeover is especially questionable. So the board would open themselves up to personal liability...