Aeroquip-Vickers, Inc. Announces New Share Purchase Rights Plan.MAUMEE, Ohio--(BUSINESS WIRE)--Dec. 10, 1998---Aeroquip-Vickers, Inc. (NYSE NYSE See: New York Stock Exchange :ANV ANV Army of Northern Virginia ANV Anvik, AK, USA (Airport Code) ANV Autoritatea Nationala a Vamilor (Romania) ANV Alaska Native village (US) ANV Association of Napata Volunteers ) announced today that its Board of Directors has adopted a new share purchase rights plan that provides for rights to be issued to shareholders of record on February 7, 1999. The new rights plan will be effective as of February 7, 1999, and will replace Aeroquip-Vickers' existing rights plan which will expire on February 6, 1999. "The new rights plan is an extension and modification of Aeroquip-Vickers' existing rights plan that is intended to ensure that Aeroquip-Vickers shareholders receive fair and equal treatment if efforts are made to gain control of the company without paying all shareholders a fair price," said Darryl F. Allen, Aeroquip-Vickers chairman, president and chief executive officer. Under the plan, the rights will initially trade together with Aeroquip-Vickers common stock and will not be exercisable. Like the company's existing rights plan, in the absence of further board action, the rights under the new plan generally will become exercisable and allow the holder to acquire Aeroquip-Vickers common stock at a discounted price if a person or group acquires 20% or more of the outstanding shares of Aeroquip-Vickers common stock. Rights held by persons who exceed the 20% threshold will be void. Under certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , the rights 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: the holder to buy shares in an acquiring entity at a discounted price. The plan also includes an exchange option. In general, after the rights become exercisable, the Board of Directors may, at its option, effect an exchange of part or all of the rights -- other than rights that have become void -- for shares of Aeroquip-Vickers common stock. Under this option, Aeroquip-Vickers would issue one share of common stock for each right, subject to adjustment in certain circumstances. Aeroquip-Vickers' Board of Directors may, at its option, redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. all rights for $.01 per right, generally at any time prior to the rights becoming exercisable. The rights will expire on February 7, 2009, unless earlier redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. , exchanged or amended by the Board of Directors. The issuance of the rights is not a taxable event Taxable event An event or transaction that has a tax consequence, such as the sale of stock holding that is subject to capital gains taxes. , will not affect Aeroquip-Vickers' reported financial condition or results of operations (including earnings per share), and will not change the way in which Aeroquip-Vickers common stock is currently traded. Aeroquip-Vickers, Inc. is two companies, Aeroquip Corporation and Vickers, Incorporated, world leaders For a list of heads of state, see . World leaders is a MMORPG. The game involves creating a state, joining an alliance and going into war. It is mostly played by players from Israel, China, USA, Britain, Brazil and Saudi-Arabia. in the design, manufacture and distribution of engineered components and systems to the industrial, aerospace and automotive markets. |
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