GPU, Inc. Board of Directors Declares Dividend.MORRISTOWN, N.J.--(BUSINESS WIRE)--Nov. 30, 1998--The GPU GPU: see secret police. (Graphics Processing Unit) A specialized logic chip devoted to rendering 2D or 3D images. Display adapters contain one or more GPUs for fast graphics rendering. , Inc. (NYSE NYSE See: New York Stock Exchange : GPU) Board of Directors today declared a regular quarterly common stock dividend of 51.5 cents a share, payable February 24, 1999 to shareholders of record as of January 29, 1999. Additionally, the Securities and Exchange Commission has approved GPU's previously announced Shareholder Rights Plan. Under the Plan, GPU will distribute to its shareholders of record as of December 14, 1998 a dividend of one right for each outstanding common share. No action is required by shareholders. Initially, the rights will not be represented by separate certificates, but will be represented by the existing certificates for GPU common stock, and will not trade separately from GPU shares. Upon a "triggering event Triggering Event A certain milestone or event that a participant in a qualified plan must experience in order to be eligible to receive a distribution from a qualified plan. " under the Plan - 10 days after a person or group acquires or announces, without the prior consent of the Board, a tender or exchange offer to acquire 10 percent or more of GPU's outstanding common stock - the rights will become exercisable and will trade independently of the shares. Intended to ensure fair and equitable equitable adj. 1) just, based on fairness and not legal technicalities. 2) refers to positive remedies (orders to do something, not money damages) employed by the courts to solve disputes or give relief. (See: equity) EQUITABLE. treatment for all shareholders 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. attempt, the Plan is designed to encourage a potential acquirer to negotiate a fair price with the Board for all shareholders before attempting a takeover. Approximately 1,700 other public corporations 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. , including about half the Fortune 500 and about 60 public utilities have adopted rights plans. GPU, Inc., headquartered in Morristown, NJ, is a registered utility holding company. GPU's transmission and distribution subsidiaries--currently doing business under the trade name GPU Energy--serve approximately two million customers in a service area encompassing about half the land areas of New Jersey and Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . GPU's other subsidiaries include: GPU Generation, Inc.; GPU Advanced Resources, Inc.; GPU Nuclear, Inc.; GPU Service, Inc.; and the GPU International Group which owns, operates, develops and invests in power generation, transmission and distribution facilities globally. |
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