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News Breaks | | | | November 21, 2012 | | 16:18 EDT |  | BMTC | Bryn Mawr Bank adopts shareholder rights plan
Bryn Mawr Bank Corporation announced that its board had unanimously adopted a shareholder rights agreement in which one common stock purchase right will be distributed as a dividend on each outstanding share of the company's common stock to shareholders of record as of the close of business on December 1. Under the rights agreement, the rights become exercisable if any person or group acquires 15% or more of the company's common stock or, in the case of any person or group that currently owns 15% percent or more of the company's common stock, upon the acquisition of a specified additional amount of shares by such person or group. Until the rights become exercisable, they will not be evidenced by separate certificates and will trade automatically with shares of the company's common stock. The rights are set to expire on November 16, 2015. | |
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