Retailer Saks has got rid of a so-called "poison pill" measure designed to deter potential hostile takeovers of the company.

The US retailer put the measure in place in November 2008, after Mexican entrepreneur Carlos Slim increased his stake in the company to 17.8%.

It allowed shareholders to purchase stock at a reduced price and block a potential takeover.

However, Saks has now increased its change-of-control threshold from 20% to 40%, rendering the "poison pill" measure unnecessary.

The measure lapsed on Monday (14 December).

"The board concluded that the Rights Plan has served the purpose for which it was originally implemented," said Steve Sadove, Saks chairman and CEO.

Saks also announced that its board had voted to approve amendments to its bylaws to clarify the time and notice requirements that a shareholder must meet to nominate directors or propose new business at shareholders' meetings.