Bryn Mawr Bank Corporation (BMTC) Wednesday said its Board has adopted a shareholder rights agreement, commonly called poison pill strategy. The company will distribute one common stock purchase right as a dividend on each share to shareholders as of December 1, 2012.
Chief Executive Ted Peters said, "The Board believes that adopting the Rights Agreement continues to enhance our ability to protect shareholder interests and ensure that shareholders receive fair treatment in the event of any takeover attempt.The Rights Agreement is intended to provide the Board with sufficient time to consider any and all alternatives to such an action."
As per the agreement, the rights become exercisable if any person or group acquires 15 percent or more of the company's stock. The rights are set to expire on November 16, 2015.
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