Brocade Adopts Poison Pill
Brocade Communications(BRCD Quote) 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.
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