ARIA - Seems clearly designed to fend off the hedge funds. I think they are trying to sell off 113 or Iclusig and carry on or sell the whole thing to one buyer. Maybe some new shareholders want that.
The poison pill per se is neutral rather than positive, IMO. What you’re seeing is a kneejerk reaction that’s similar (but in an opposite direction) to the selling that often accompanies a financing transaction, even when it’s a good one.