US/POLAND: CEDC strengthens takeover defences
Central European Distribution Corp protects against hostile takeover
Central European Distribution Corp has announced a share rights agreement that it says will better protect the company from hostile takeovers.
The agreement provides for common shareholders to receive a proportionate weighting of preferred stock purchase rights, Central European Distribution Corp (CEDC) said yesterday (6 September). The move will bolster CEDC's takeover defences.
"The Rights Agreement is designed to deter coercive takeover tactics and to prevent an acquiror from gaining control of the company without offering a fair price to all of the company's stockholders," CEDC said. "The rights will not prevent a takeover, but should encourage anyone seeking to acquire the company to negotiate with the board of directors prior to attempting a takeover."
Each purchase right, if and when it becomes exercisable, will entitle the holder to buy one one-thousandth of a share of a new series junior participating preferred stock for $45.00, said the group. It did not say whether the move has been prompted by takeover interest.
The rights agreement will take effect from the close of business on 19 September.
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