Manitowoc Company Enters New Rights Agreement

Thursday, March 22, 2007
The Manitowoc Company announced that its Board of Directors has adopted a new Rights Agreement. In connection with its approval of the Rights Agreement, the Board of Directors declared, to shareholders of record as of March 30, 2007, a dividend distribution of one right for each outstanding share of Common Stock of the Company. The new rights replace similar rights that the Company issued under its Rights Agreement that expired on September 18, 2006. Generally, the rights will be exercisable only if a person or group acquires 20% or more of the Company’s Common Stock or announces a tender offer, the consummation of which would result in ownership by a person or group of 20% or more of the Common Stock. Each right, if it becomes exercisable, would entitle the holder to purchase from the Company one share of Common Stock at a purchase price of $220.00 per share, subject to adjustment as set forth in the Rights Agreement. A summary of the rights and a copy of the Rights Agreement are included in the Company’s Form 8-K filing with the SEC relating to the Rights Agreement.

Terry D. Growcock, Manitowoc’s chairman and chief executive officer stated: “The Board of Directors has considered this matter carefully, especially in view of the increased attention that rights agreements have received in the past few years in the institutional investment community. The Board believes that a Rights Agreement assists the Board in fulfilling its fiduciary duties to the Company and its shareholders. Manitowoc has had a Rights Agreement in place since 1986 and believes that it has been well-served by its agreement as evidenced by the value that the Company has delivered to its shareholders since that time. Since 1986, the stock price of the Company has increased by more than 2,000%.”

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Completes Horizon Lines Acquisition

Matson, Inc. has completed the acquisition of Horizon Lines, Inc. which includes Horizon's Alaska operations and the assumption of all non-Hawaii business liabilities.

Wärtsilä Acquires L-3 MSI

Wärtsilä completes acquisition of L-3 Marine Systems International    Wärtsilä Corporation announced that its acquisition of the Germany based L-3 Marine Systems

BWTS Newcomer Sees Early Success

Norwegian manufacturer of ballast water treatment systems MMC Green Technology reports it has sold more than 70 systems since going commercial with its MMC BWMS two years ago,

Navy

Adm. Swift Takes Command of Pacific Fleet

Adm. Scott H. Swift returned to his home state and relieved Adm. Harry B. Harris Jr. as commander of the U.S. Pacific Fleet during a change of command ceremony on Joint Base Pearl Harbor-Hickam,

Germany Looking to Dock Submarine Deal with India

The German Defense Minister Ursula von der Leyen is visiting India lobbying for the purchase of German Stealth Submarines and European military hardware, say local media.

Indian Navy Monitoring Activities of China

Amid increasing Chinese presence in the Indian Ocean region, Navy Chief Admiral R.K. Dhowan said that Indian Navy “minutely” monitors the activities of its Chinese counterpart in the region,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1554 sec (6 req/sec)