Brocade Adopts Poison Pill
Brocade Communications (BRCD) adopted a shareholder rights plan to assure shareholders fair value in an unwanted takeover attempt. The company didn't disclose the plan's trigger, or the percentage of its stock that must be acquired for it to take effect.
The company will issue a dividend of one right for each share of common stock held as of the close of business Feb. 19.
The data storage networker said the plan was not adopted in response to any specific attempt to acquire the company.Shares of Brocade were recently trading up 1.1% to $33.00 in Instinet premarket action after closing at $32.63 on Friday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV