Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, May 20th, and I'm your host, Kim Khan. Our top story so far,

Victoria's Secret announced the immediate adoption of a limited duration shareholder rights plan,

which will remain in effect

for one year. The poison pill move followed shortly after BBRC International, controlled by

Aussie billionaire Brett Blundee, rapidly increased its stake in the company to about 13 percent,

and made regulatory filings that could allow it to acquire up to 49.99% of Victoria Secrets voting stock after May 21st.

BBRC, which has a history of taking controlling interests in retail companies, and recently

launched a competing global lingerie brand, shifted from passive to active investor status earlier

this year and had previously failed to comply with U.S. antitrust

filing requirements, only recently making the necessary corrective filings. The Victoria's Secret

Board said the new rights plan is designed to protect the interests of all shareholders

by preventing any party from gaining control of the company without paying an appropriate

premium or providing the board's sufficient time to evaluate alternatives.

They added the plan was not a direct response to a specific takeover offer,

but rather a preemptive measure given BBRC's aggressive accumulation of shares

and the current volatility in the retail sector, which has led to VSCO stock being undervalued.

Also in the apparel arena?

Is this the official end of the business casual era?

Levi Strauss announced that it struck a deal to sell Dockers to authentic brand group for an initial transaction value of $311 million, subject to customary adjustments and closing

conditions.

The deal price has the potential to reach up to $391 million through an $80 million

...