Victoria's Secret (VSCO) said Tuesday that its Board of Directors has approved a one-year shareholder rights plan, expiring on May 18, 2026.

The plan was adopted in response to the substantial accumulation of Victoria's Secret common stock by BBRC International, a company controlled by Brett Blundy.

Under the plan, Victoria's Secret is issuing one right for each share of common stock held as of the close of business on May 29. These rights become exercisable only if a person or group acquires 15% or more of the company's outstanding shares. If triggered, other shareholders may acquire stock at a 50% discount or receive an exchange of one share per right.

Those who own above the triggering percentage may keep their existing shares, but cannot acquire additional stock without activating the plan.

Victoria's Secret shares were up over 2% in recent premarket activity.