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Article: Air Products adopts shareholder rights plan. (Air Products and Chemicals Inc.)
- Article from:
- PR Newswire
- Article date:
- March 17, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AIR PRODUCTS ADOPTS SHAREHOLDER RIGHTS PLAN
ALLENTOWN, Pa., March 17 /PRNewswire/ -- Air Products and Chemicals Inc. (NYSE: APD) announced today that, consistent with its long-term business objectives, its board of directors unanimously adopted a Shareholder Rights Plan.
Under the plan, preferred stock purchase rights will be distributed on March 28, 1988, as a dividend at the rate of one right for each common share held at the close of business on that date. Developed to deter coercive or unfair takeover tactics, the plan preempts an acquiror from gaining control of Air Products without offering a fair price to all shareholders. In such ...