Whippany, New Jersey, January 14, 2013 - Breeze-Eastern Corporation (NYSE MKT: BZC, the "Company") today announced that it had entered into an amendment to the Company's shareholder rights plan (the "Rights Plan") increasing the threshold by which the rights are triggered from 10% to 12.5%. The Rights Plan was adopted to ensure the fair treatment of all shareholders in connection with any take-over bid for the common stock of the Company. The Rights Plan seeks to provide shareholders with adequate time to properly assess a take-over bid without undue pressure. It also is intended to provide the Board of Directors with time to fully consider an unsolicited take-over bid and, if appropriate, to take requisite action to maximize shareholder value.
The amendment to the Rights Plan was unanimously approved by the Board of Directors. It was not adopted in response to any proposal to acquire control of the Company. The Board of Directors has deemed the amendment to be in the best interests of the Company because it enables stockholders to acquire up to 12.5% of the Company's outstanding shares without meaningfully diminishing the protections of the Rights Plan. In the event that the Company's risk of an adverse take-over bid increases in the future, the Company shall assess whether further modifications to the Rights Plan are in the best interests of the Company.
Breeze-Eastern Corporation (http://www.breeze-eastern.com) is a leading global designer and manufacturer of high performance lifting and pulling devices for military and civilian aircraft, including rescue hoists, winches and cargo hooks, and weapons-lifting systems. The Company employs approximately 180 people at its facilities in Whippany, New Jersey.
President and Chief Executive Officer
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Source: Breeze-Eastern Corporation via Thomson Reuters ONE