St. Joe Co , a Florida real-estate firm, said late Tuesday it has adopted a shareholder rights plan to deter any hostile takeover attempt, a day after its largest shareholder quit the company's board. St. Joe said the rights plan enables it to explore financial and strategic alternatives and the company has retained Morgan Stanley as financial adviser. The rights will be exercisable if a person or group acquires 10 percent or more of the company's common stock.
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