Strategic Hotels (BEE) Extends Expiration on Poison Pill Provision
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Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced that it has amended its existing shareholder rights plan to extend the expiration date for an additional 12 months. The rights plan, which was originally adopted in November 2008 and was set to expire on November 30, 2012, will now expire on November 30, 2013, unless the rights issued thereunder are earlier redeemed or amended by the Board of Directors. In addition, the rights plan was amended to revise the definition of beneficial ownership to include derivative instruments.
Following a careful review of the rights plan in consultation with Strategic Hotels' outside advisors, the Board of Directors approved these amendments in order to continue to protect the interests of Strategic Hotels' shareholders, in particular in light of continual equity market fluctuations and lingering economic uncertainty. The rights plan does not prevent the Board of Directors from considering or recommending any offer it considers to be in the best interests of shareholders.
The amendment to the rights plan is effective as of the close of business on November 12, 2012. The full text of the amendment to the rights plan will be filed by the Company with the Securities and Exchange Commission on a Form 8-K.
Following a careful review of the rights plan in consultation with Strategic Hotels' outside advisors, the Board of Directors approved these amendments in order to continue to protect the interests of Strategic Hotels' shareholders, in particular in light of continual equity market fluctuations and lingering economic uncertainty. The rights plan does not prevent the Board of Directors from considering or recommending any offer it considers to be in the best interests of shareholders.
The amendment to the rights plan is effective as of the close of business on November 12, 2012. The full text of the amendment to the rights plan will be filed by the Company with the Securities and Exchange Commission on a Form 8-K.
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