RPM said its board of directors has adopted a “shareholder rights plan.”
RPM Inc., Medina, OH, said its board of directors has adopted a “shareholder rights plan” designed to protect shareholders against a partial tender offer or share accumulation “that might allow a third party to take control of RPM without paying all shareholders a fair price for their shares.” Under the plan, the RPM board declared a dividend distribution of one “right” for each outstanding RPM common share, payable May 11, 1999. Each right entitles the registered holder to purchase from RPM one-tenth of a common share at a price of $7, or $70 per whole share, subject to adjustment. RPM Chairman and CEO Thomas C. Sullivan said the plan was not adopted in response to any specific or proposed change in control of the company.
Company News: RPM
October 4, 2000