Victoria's Secret adopts one-year poison pill after BBRC accumulates 13% stake

Victoria's Secret & Co.

Rights plan triggers at 15% (20% for passive) ownership; expires May 18, 2026.
BBRC International (Brett Blundy) holds ~13%; HSR corrective filing allows up to 49.99% after May 21, 2025.
Board cites BBRC's history of acquiring control in retail and launch of competing lingerie brand.
If triggered, other holders can buy shares at 50% discount; plan has no dead-hand provision.

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