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In a recently filed 8K, Itex (OTCQB:ITEX) has announced the implementation of one of the more interesting "Poison Pills" that I have read about. It takes effect when anyone acquires or offers to acquire more than 15% of the companies stock. Interestingly, this doesn't seem to include members that are already on the board, who own over 1/3 of the stock. As I have talked about before, several parties (here and here) have expressed great interest in Itex before. Presently, it seems that members of Polonitza Group seem to be the main target of this poison pill (just look at all of the Form 4s that have been filed).

This, coming since the company recently said it generated ~$2 million in cash flow over the past 12 months. There is no doubt that this company is a cash cow. This said, I do worry that in light of several states debating the legalization of competing currencies, that the federal government may pass a law that could materially hurt Itex.
Anti-takeover measures generally disgust me (a' la, Steak n' Shake, Fremont Insuracorp, and Red Robin). This one is no exception, and, if I were a shareholder, I would probably be angry. I am curious to see if the company has been in talks with an investor that has been talking as if they want to take the company over. With all this said, there is room for improvement in the company, which a new controlling entity could provide; on the flip side, even with present management in place, it seems that the price of the company is still cheap.
Disclosure: None. This is not any kind of advice. Always do a ton of your own research in regard to anything that I say, do, write, or so much as think about.
Source: Itex: Poisoning Their Own Common Stock