Pennwalt poison pill
Executive Summary
Dividend distribution plan creates one "preference" share purchase right on each outstanding share of common stock, with each right entitling shareholders to buy a fraction of a share of a new series of preference stock at an exercise price of $225. Rights will be exercisable only if a person or group acquires 20% or more of Pennwalt's stock or announces a tender offer.
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Dividend distribution plan creates one "preference" share purchase
right on each outstanding share of common stock, with each right
entitling shareholders to buy a fraction of a share of a new series
of preference stock at an exercise price of $225. Rights will be
exercisable only if a person or group acquires 20% or more of
Pennwalt's stock or announces a tender offer. |