| American Axle & Manufacturing Holdings announced that it's Board of Directors has approved an amended and restated Rights Plan to preserve the long-term value and availability of AAM's net operating loss carryforwards, or NOLs, and related tax benefits. Modifications to the Rights Plan include, among other things, a reduction of the beneficial ownership threshold from 15% to 4.99% of AAM's common stock and an expansion of the scope of the definition of "Acquiring Person" to include persons and certain groups that would be considered "5% stockholders" under Section 382. The Amended and Restated Rights Plan exempts stockholders who currently beneficially own 5% or more of AAM's stock for so long as their ownership exceeds 5%, provided they do not acquire an additional 0.5% or more of AAM's common stock. The Amended and Restated Rights Plan will automatically expire on September 15, 2013. :theflyonthewall.com |
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