PS Group Inc., a San Diego-based airplane parts manufacturer in which Warren E. Buffett recently acquired a 22.1 percent stake, has raised the threshold of its poison pill shareholders rights plan from 22.5 percent to 45 percent to accommodate the Omaha, Neb., billionaire.
Buffett is chairman of Berkshire Hathaway Inc., which owns the Buffalo News.
Under an agreement with the company, Buffett, who is known to have acquired large passive stakes in several big companies, will not sell his shares to a hostile bidder if PS Group raises the threshold of its pill, according to a Securities and Exchange Commission filing.
In addition, Buffett agreed not to wage a proxy contest to oust PS Group directors or to oppose the company's board.
PS Group recently amended its poison pill to allow Buffett to buy up to 22.5 percent of the company.