Alaska Air Group Board Eliminates Rights Plan.Business Editors SEATTLE--(BUSINESS WIRE)--April 1, 2002 The board of directors of Alaska Air Group (NYSE NYSE See: New York Stock Exchange :ALK ALK Alkohol (German: alcohol) ALK Alkaline ALK Anaplastic Lymphoma Kinase ALK Automatisierte Liegenschaftskarte ALK Activin Receptor-Like Kinase ALK Alkylation ALK Srilankan Airlines (ICAO code) ) today announced it intends to eliminate the company's Shareholder Rights Plan. "A substantial percentage of Alaska Air Group shareholders, including Providence Capital, have recently told us they prefer that we eliminate the rights plan," said John F. Kelly, chairman of Alaska Air Group. "In response, the board decided to eliminate the plan for now." In general, corporations institute shareholder rights plans as one means of maximizing value in the event of a hostile takeover Hostile Takeover A takeover attempt that is strongly resisted by the target firm. Notes: Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. . However, some shareholders argue they discourage acquisitions altogether. Alaska Air Group's shareholder rights plan has been in effect since 1986. The board will eliminate the plan by amending its 2006 expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. to April 15, 2002. |
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