The beleaguered Mexican chain has been testing a new kind of poison pill in case the Pershing Square chief isn’t just a huge fan of their carnitas and instead has friskier plans. Call it a page out of Simeon Ecuyer’s well-worn playbook. Also, it’s taking some more conventional steps to defend itself against potential activist assault.
Investment banks Goldman Sachs Group Inc and Morgan Stanley, as well as law firm Wachtell, Lipton, Rosen & Katz LLP, are now working for the U.S. restaurant chain, the people said. Chipotle has also hired crisis public relations firm Joele Frank, they added….
People familiar with Ackman's thinking have suggested that he believes Chipotle's long-serving board is due for an overhaul, and that it needs to beef up its marketing, cost controls and information technology.