Victoria’s Secret & Co. has implemented a shareholder rights plan, commonly known as a poison pill, after BBRC International Pte Limited, controlled by Brett Blundy, increased its stake to about 13% of the company.

The plan will issue rights to existing shareholders effective May 29 and will be triggered if any investor surpasses 15% ownership, aiming to prevent a takeover.

Victoria’s Secret shares rose 2.2% in premarket trading despite a 45% decline year-to-date, as BBRC also launched a competing global lingerie and beauty brand.

BBRC has not commented publicly on these developments.