Victoria's Secret up after adopting 'poison pill'

Shares of lingerie maker Victoria's Secret VSCO.N up 3.2% at $23.51 premarket

Co adopts "poison pill" shareholder rights plan after Australian billionaire Brett Blundy's investment firm increases stake in VSCO

Victoria's Secret is issuing one right for each share of common stock on May 29, says right will become exercisable if any person acquires 15% or more of outstanding common stock

Says once exercisable, holders of right can acquire shares of co at 50% discount, or co may exchange each right for one share of common stock, and that the plan expires in one year

Up to last close, stock has fallen 45% YTD