Sara Lee Corporation Amends Stockholder Rights Plan.
CHICAGO -- Sara Lee
Sara Lee Corporation (NYSE: SLE) is a global consumer-goods company based in Downers Grove, Illinois, USA. Corporation (NYSE NYSE
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Systemic lupus erythematosus (SLE) ) today announced that its board of directors has accelerated the expiration date Expiration Date
The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.
The expiration date for all listed stock options in the U.S. of its stockholder rights plan from May 25, 2008, to Sept. 1, 2006.
In addition, Sara Lee amended its Corporate Governance Corporate Governance
The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. Guidelines to add a policy that the board of directors will obtain stockholder approval prior to the adoption of a new stockholder rights plan. However, the board may act on its own to adopt a stockholder rights plan if, at the time, a majority of the independent directors believes adoption of a stockholder rights plan without prior stockholder approval is in the best interests of Sara Lee and its stockholders or is otherwise required by the their fiduciary duties.
The amended Corporate Governance Guidelines also provide that if a future stockholder rights plan is adopted by the board without stockholder approval, the board's policy will be to submit the plan to stockholders for ratification within 12 months. If stockholder approval is not obtained, the stockholder rights plan will terminate promptly after the vote has been certified.
"Given today's corporate governance environment, the board firmly believes these are the right actions to take," said Brenda C. Barnes Brenda C. Barnes is the president, chairman and chief executive of Sara Lee, and previously was the first female CEO of Sara Lee. She has been listed in Forbes power rankings of The World's 100 Most Powerful Women since 2004. , chairman and chief executive officer, Sara Lee Corporation. "In addition, these steps allow us to be responsive to our stockholders' requests expressed at the company's 2005 annual meeting."
Sara Lee Corporation (www.saralee.com) is a Chicago-based global manufacturer and marketer of high-quality, brand-name products for consumers throughout the world. In February 2005, the company began executing a bold and ambitious multi-year plan to transform Sara Lee into a company focused on its food, beverage, and household and body care businesses around the world. As part of its transformation plan, Sara Lee will drive growth in its key categories via such strong brands as Ball Park, Douwe Egberts Douwe Egberts (often abbreviated as DE) is a Dutch corporation that processes and trades coffee, tea, and other groceries. Its full name is Douwe Egberts Koninklijke Tabaksfabriek-Koffiebranderijen-Theehandel Naamloze Vennootschap , Hillshire Farm, Jimmy Dean, Kiwi, Sanex, Senseo and its namesake, Sara Lee.