ModusLink (MNLK) Adopts Poison Pill
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ModusLink Global Solutions, Inc. (Nasdaq: MLNK) Board has adopted a Stockholder Rights Agreement (the “Rights Agreement”) in which one preferred stock purchase right will be distributed for each share of common stock held by stockholders of record as of the close of business on April 2, 2012 (the “Rights”).
The Rights Agreement (also commonly referred to as a stockholder rights plan) is intended to enable the Company’s stockholders to realize the long-term value of their investment in the Company. The Board of Directors adopted the Rights Agreement upon the unanimous recommendation of an independent committee of directors and determined that such an agreement is in the best interest of all ModusLink stockholders in light of among other matters, the Company’s ongoing review of strategic alternatives and the recent request from Handy & Harman Ltd. (together with BNS Holding, Inc. and Steel Partners, Ltd.) for a waiver (under the Company’s Tax Benefit Preservation Plan) to increase their ownership from 14.9 percent to 19.9 percent of ModusLink’s outstanding shares.
The Rights Agreement (also commonly referred to as a stockholder rights plan) is intended to enable the Company’s stockholders to realize the long-term value of their investment in the Company. The Board of Directors adopted the Rights Agreement upon the unanimous recommendation of an independent committee of directors and determined that such an agreement is in the best interest of all ModusLink stockholders in light of among other matters, the Company’s ongoing review of strategic alternatives and the recent request from Handy & Harman Ltd. (together with BNS Holding, Inc. and Steel Partners, Ltd.) for a waiver (under the Company’s Tax Benefit Preservation Plan) to increase their ownership from 14.9 percent to 19.9 percent of ModusLink’s outstanding shares.
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