Brett Blundy’s BBRC was reported to violate US laws with its purchases of shares in lingerie giant Victoria’s Secret during the past three years, resulting in the target adopting a ‘poison pill’ plan as a response.

BBRC bought Victoria’s Secret shares for nearly three years “without the required filings, which was in violation of US antitrust rules”, Reuters reported, citing the lingerie brand.

As of last month, the investment firm held about 10.31 million shares, or a 13 per cent stake, in Victoria’s Secret.

BBRC previously owned the Bras N Things chain in Australia, which it sold in 2018, and the more upmarket lingerie chain Honey Birdette, which it sold in 2021 to PLBY Group for $443 million. The company still has investments in retail brands, including Lovisa and Universal Store.

BBRC is currently preparing to launch a new lingerie chain called Leays, which plans to grow into a global brand.

Victoria’s Secret’s parent announced Tuesday it has adopted the ‘poison pill’ plan, known as a limited-duration shareholder rights plan to prevent a hostile takeover by Blundy.

“In light of the circumstances and consistent with its fiduciary duties, the board determined it was necessary to adopt a rights plan to protect the long-term interests of all Victoria’s Secret shareholders and guard against tactics to gain control of the company without paying all shareholders an appropriate premium for that control,” said chair Donna James in a statement.

Under the protection plan, Victoria’s Secret will issue one right per share on May 29, which would become active only if a shareholder acquires a 15 per cent or more stake.

BBRC has corrected its paperwork, which will enable it to acquire up to 49.99 per cent of voting stock once a mandatory waiting period ends on May 21, the brand added.

BBRC did not immediately respond to Reuters’ request for comment.

Retail Dive reports that Victoria’s Secret has been in talks with BBRC representatives, including Blundy, for the past three years. “We value Mr Blundy’s input as a shareholder and look forward to continuing our dialogue,” James said.