The board of directors of Unitrin, who held 23% of the shares, did not think the price offered was adequate and so initiated a poison pill and offered a buyback to increase their holdings to 28% of the total shares.
Unitrin's board of directors, holding 23% of the company's shares, did not agree with the proposed offer price. They took action by deploying a poison pill mechanism and initiating a buyback program to acquire additional shares, ultimately aiming for a greater ownership stake in the company.