Adaptec Annouces Amendment of Shareholder Rights Plan.MILPITAS, Calif.--(BUSINESS WIRE)--Jan. 13, 1997--The board of directors of Adaptec, Inc. today announced that it has approved amendments to its Shareholder Rights Plan to, among other things, provide for the issuance 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. rather than Common Stock upon exercise of the rights, to increase the exercise price of the rights from $25.00 per right to $180.00 per right, to extend the term of the Shareholder Rights Plan to December 5, 2006, to increase the redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. from $0.0025 per right to $0.01 per right and to add a provision designed to prevent the triggering of the flip-in feature in the event a person or group inadvertently acquires 20% or more of Adaptec's Common Stock outstanding on May 19, 1989 and currently trade with each outstanding share of Adaptec Common Stock. About Adaptec Adaptec provides bandwidth management technologies for organizations building the global information infrastructure. Its high performance I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output , connectivity, and network products are incorporated into the systems and products of major computer and peripheral manufacturers. Founded in 1981 and headquartered in Milpitas, Adaptec (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADPT ADPT Automated Data Processing/Telecommunications ADPT Adaptec Corporation (stock symbol) ADPT Adaptive Prediction ADPT Auger Depth Profiling Technique ADPT Automated Data Processing Telecommunications ADPT Adapter ) employs 2500 people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page is http://www.adaptec.com . CONTACT: Adaptec Paul G. Hansen/Christopher G. O'Meara, 408/945-8600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion