Tuesday, Gaylord Entertainment Co. (GET), announced that the Board has adopted a shareholder rights plan to protect against any potential coercive or abusive takeover of the company in future.
With regards to the adoption, the Nashville, Tennessee-based company said the Board declared a dividend of one right for each share of the company's common stock held by shareholders as of record on August 25, 2008.
Under the plan, these rights will generally be exercisable only if a person or group acquires beneficial ownership or commences a tender or exchange offer for 15% or more of the common stock.
The Board may redeem the rights at a price of $0.001 per right at any time up to ten days after a person or group acquires beneficial ownership of 15% or more of the common stock. The rights plan will continue in effect until August 12, 2011, unless earlier redeemed or amended by the company.
GET is currently trading at $31.81, up 0.06%, on an average volume of 874,880 shares on the NYSE.
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