On 3 October 2013, Sotheby's responded to Third Point's rapid accumulation of Sotheby's stock by announcing its adoption of a shareholder rights plan, known generally as a "poison pill", whereby it forcibly diluted investor holdings in an attempt to ward off a hostile takeover. Third Point described the action as "a disproportionate response" and "a relic from the 1980s", saying: "Rather than address our well-documented citations of mismanagement and initiate a constructive dialogue with its largest shareholder, the Board and the CEO have attempted to further entrench themselves," putting "their job security ahead of shareholders." Third Point wrote that "no action could have revealed more clearly the need for new blood and fresh views in the boardroom at this critical inflection point" for Sotheby's.