Southwest Airlines Company (NYSE:LUV) has implemented a limited-duration shareholder rights plan in response to an 11% stake by Elliott Investment Management. Gary Kelly, Executive Chairman of the Board, said, “In light of the potential for Elliott to significantly increase its position in Southwest Airlines, the Board determined that adopting the Rights Plan is prudent to fulfill its fiduciary duties to all Shareholders.”  The plan takes immediate effect and will last for one year, with any extension requiring shareholder approval. The rights plan is designed to deter the acquisition of actual, de facto or negative control of Southwest Airlines by any person or group without appropriately compensating its shareholders for that control. Pursuant ...