Bitter PillBitter Pill

Investors in Siebel Systems last week approved a "poison pill" stock plan, hoping to protect the customer-relationship management software company's low-priced stock and scare off potential takeover bids. Siebel's stock plummeted during the last year, closing at $8.46 on the day the plan was OK'd, down from its 52-week high of $37.65.

Under the plan, if a person or group acquires more than 15% of Siebel's common stock, all shareholders would be allowed to buy a new series of preferred stock, making it more expensive for a takeover to proceed.