Atlas Air Adopts Stockholder-rights Plan

PURCHASE, N.Y. (AP) — Freight-aircraft owner Atlas Air Worldwide Holdings Inc. said Tuesday it approved a stockholder-rights plan giving its board more power in case of an attempt to take over the company.

Atlas Air said the move wasn't prompted by any particular effort to gain control of the company and that it didn't know of any takeover attempts.

This month, the company said its largest shareholder, investment firm HMC Atlas Air LLC, would sell about half its stake through a public offering at $24 per share. HMC owns 8.4 million shares, or nearly 40 percent of the company's stock.

Under the stockholder-rights plan announced Tuesday, for each share of stock on June 5 the company will issue a right to buy another share at $55 under certain circumstances.

If a person or group acquires 15 percent or more of the shares or announces a tender offer to hit that level, each right could be used to buy shares of Atlas stock at twice the exercise price.

The plan would not be triggered by anyone currently owning 15 percent or more of the stock unless they acquire more shares.