The Board of Directors of Unitrin 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 held 23 % of the shares .
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 .