BHC Financial Inc. declares dividend distribution of Preferred Stock Purchase Rights.PHILADELPHIA--(BUSINESS WIRE)--Nov. 12, 1996--The board of directors of BHC BHC benzene hexachloride. BHC, ?-BHC see benzene hexachloride. Financial Inc. (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 :BHCF BHCF Bedford Hills Correctional Facility (New York) BHCF Brighton Heights Citizens Federation (Pittsburgh, PA) ) Tuesday declared a dividend distribution of one Preferred Share Purchase Right for each outstanding share of its common stock. Each Right 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 one-hundredth of a share of newly created Series A Junior Participating Preferred Stock Participating Preferred Stock A type of preferred stock that, under certain conditions, gives holders the right to receive earnings payouts over and above the specified dividend rate. of the company at an exercise price of $64.00. The Rights will be exercisable if (i) a person or group hereafter In the future. The term hereafter is always used to indicate a future time—to the exclusion of both the past and present—in legal documents, statutes, and other similar papers. acquires 15% or more of the common stock of the company; (ii) a person or group announces a tender offer for 15% or more of the common stock; or (iii) a current holder of 15% or more of the company's common stock acquires additional shares. The board of directors will 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 one cent per Right at any time before any such person hereafter acquires 15% or more of the outstanding common stock. The Rights are designed to assure that all stockholders of the company receive fair and equal treatment in the event of any proposed takeover of the company and to guard against partial tender offers, open market accumulations and other tactics designed to gain control of the company without paying all stockholders a fair price. If a person hereafter acquires 15% or more of the outstanding common stock of the company, each Right will entitle its holder to purchase, at the Right's exercise price, a number of shares of Common Stock having a market value at that time of twice the Right's exercise price. Rights held by the 15% holder will become void and will not be exercisable to purchase shares at the bargain purchase price. If the company is acquired in a merger or other business combination transaction after a person acquires 15% or more of the company's common stock, each Right will entitle its holder to purchase, at the Right's then-current exercise price, a number of the acquiring company's common shares having a market value at that time of twice the Right's exercise price. The dividend distribution will be payable on Dec. 5, 1996 to stockholders of record on Nov. 25, 1996. The Rights will expire in ten years. The Rights distribution is not taxable to stockholders. BHC Financial Inc., through its principal business unit BHC Securities Inc., is a leading national third-party provider of integrated processing and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to securities brokerage affiliates of banks and other financial institutions and broker dealers. CONTACT: BHC Financial Inc., Philadelphia William T. Spane, 215/636-3003 or Lawrence E. Donato, 215/636-3005 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion