ADD to BW1447, HOENIG-GROUP, which ran on Jan. 14, 1997.RYE BROOK, N.Y.--(BUSINESS WIRE)--Jan. 14, 1997--Hoenig Group Inc. (the "Company"), announced today that its Board of Directors adopted a Stockholder Rights Plan in which rights will be distributed as a dividend at the rate of one right for each share of common stock, par value $0.01 per share, of the Company held by stockholders of record as of the close of business on Jan. 31, 1997. The Rights Plan was not adopted in response to any effort to acquire control of the Company. The Rights Plan, however, is designed to deter coercive co·er·cive adj. Characterized by or inclined to coercion. co·er  cive·ly adv. takeover tactics, including the accumulation of shares
in the open market or through private transactions, and to prevent an
acquiror from gaining control of the Company without offering a fair and
adequate price to all of the Company's stockholders. The rights
will expire on Jan. 14, 2007.
Each right initially will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: stockholders to buy one unit of a share of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. for $18. The rights generally will be exercisable only if a person or group acquires beneficial ownership of 20% or more of the Company's common stock or commences a tender or exchange offer upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of which such person or group would beneficially own 20% or more of the Company's common stock. The Company will generally be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to redeem the rights at $0.01 per right at any time until 10 days following a public announcement that a 20% position in the Company's common stock has been acquired. Wasserstein, Perella & Co. provided financial advice regarding the company's Stockholder Rights Plan. Details of the Stockholder Rights Plan are outlined in a letter which will be mailed to all stockholders. Hoenig Group Inc. provides global securities brokerage through its wholly-owned subsidiaries in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , United Kingdom, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Japan. Hoenig Group Inc.'s wholly-owned subsidiary, Axe-Houghton Associates Inc., provides professional investment management to public and corporate employee benefit plans, investment partnerships and other institutional clients. CONTACT: Hoenig Group Inc. Fredric P. Sapirstein, 914/935-9000 |
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