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News Breaks | | | | December 17, 2012 | | 17:57 EDT |  | XRTX | Xyratex adopts shareholders rights plan and preferred share purchase rights
Xyratex announced that its board of directors has adopted a shareholder rights plan, pursuant to which the board of directors declared a dividend distribution of one preferred share purchase right on each outstanding common share of the company. The rights do not prevent a takeover, but should encourage anyone seeking to acquire the company to negotiate with the board prior to attempting a takeover. The rights will expire on December 17, 2013. If a person acquires 15% or more of the outstanding common shares of the company, each right will entitle the right holder to purchase, at the right's then-current exercise price, a number of common shares having a market value at that time of twice the right's exercise price. The dividend will be distributed on January 4, 2013 to shareholders of record as of the close of business on January 3, 2013. | |
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