The management of Brazilian alternative telecoms operator Global Village Telecom (GVT) plans to seek approval to remove the so-called ‘poison pill’ clause, in a bid to clear the way for its proposed takeover by a larger rival, Reuters reports. Earlier this month the Spanish telecoms giant Telefonica submitted an offer to buy GVT (Holding) SA for USD3.74 billion, trumping an earlier bid of USD2.90 billion made by the French media and telecoms conglomerate Vivendi in September. However, the poison pill clause prevents a change in overall control of the company unless a prospective bidder agrees to pay a minimum 25% premium on the target’s highest stock market price in the past year. In short, the clause can effectively scupper a deal. In a statement, GVT said it was looking to remove the clause to allow ‘the company’s shareholders to benefit from the current offerings or higher offerings if they are presented.’ A meeting is scheduled for 3 November.