Air T Adopts Stockholder Rights Plan
Air T, Inc. (Nasdaq: AIRT) announced today that that its Board of Directors adopted a Rights Agreement, pursuant to which one preferred stock purchase right will be distributed as a dividend on each share of the Company's common stock held of record as of the close of business on April 5. Initially, the Rights will be represented by the Company's common stock certificates, or by the registration of uncertificated shares of common stock in the Company's share register, and will not be exercisable.
The Rights Agreement is designed to protect against any potential coercive or abusive takeover techniques and to help ensure that the Company's stockholders are not deprived of the opportunity to realize full and fair value on their investment. The plan, which was adopted following evaluation and consultation with the Board's outside advisors, is similar to plans adopted by numerous publicly traded companies.
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