Internap Network (INAP) to Amend Poison Pill
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Internap Network Services Corporation (NASDAQ: INAP) today announced that its Board of Directors has unanimously voted to amend its Preferred Stock Rights Agreement, commonly known as a poison pill. Under the terms of the amendment, the purchase rights will now expire on December 31, 2009 rather than on March 23, 2017, as originally provided in the rights agreement.
With the support of external legal and financial advisors, the Board carefully evaluated the existing rights agreement and other stockholder protections. Following this review, the Board concluded to terminate the plan as recommended by a majority of stockholders at Internap's 2009 annual meeting of stockholders. "This decision reflects our ongoing commitment to corporate governance best practices and our responsiveness to stockholders. Further, we believe termination of this plan is in the best interests of the company and our stockholders," said Dr. Daniel Stanzione, Internap's Chairman of the Board.
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