Jarden (JAH) Adopts Sharholder Rights Plan

November 20, 2008 9:17 AM EST

Jarden Corporation (NYSE: JAH) today announced that its Board approved the adoption of a stockholder rights plan under which one right will be distributed as a dividend on each share of common stock held of record as of the close of business on December 1, 2008.

Each Right, if and when it becomes exercisable, entitles the holder to buy one one-thousandth of a share of a new series of junior participating preferred stock for $51.00. If any person or group becomes the beneficial owner of 10% or more (or, in the case of certain institutional investors, 15% or more) of the Company's common stock at any time after the date of the Plan (with certain limited exceptions), then each Right not owned by such person or group will entitle its holder to purchase, at the Right's then-current exercise price, shares of common stock of the Company or the acquiring person having a market value of twice the Right's then-current exercise price. The Rights may be redeemed by the Company for $0.0001 per Right, at its option, in response to a proposed takeover which it deems to be in the best interests of the stockholders. The Rights will otherwise expire on November 19, 2011.

Jarden Corporation engages in the manufacture, sourcing, marketing, and distribution of consumer products in the United States and internationally.

Related Categories

Corporate News

Stocks Mentioned

Related Entities

• Dividend

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?