Newport REIT Approves ‘Poison Pill’

Health Care Property Investors Inc.’s board approved a new “poison pill” plan to discourage hostile takeover efforts. The Newport Beach real estate investment trust, which invests in health care-related facilities, said the move isn’t in response to any specific attempt to acquire control of the company. The plan calls for shareholders to receive a right to purchase one share of preferred stock for each share of common stock if a person or group acquires at least a 15% stake in the company. The plan, which will expire in 2010, replaces the previous rights plan, which expires July 30. The company’s stock closed Friday at $28.31, down 19 cents a share, on the New York Stock Exchange.