Iteris Adopts Stockholder Rights Plan
SANTA ANA, Calif. (AP) ¿ Iteris Inc., which provides outdoor vision systems and sensors, said Friday it has adopted a stockholder rights plan, often called a "poison pill," which is generally used to protect a company from a hostile takeover bid.
Iteris said the plan calls for preferred stock purchase rights to be distributed as a dividend at the rate of one right for each share that stockholders own as of Sept. 3.
The company said the rights are not being adopted in response to any specific takeover threat.
Rather, Iteris said, they are in response to the difficult economy "and stock market valuations that we believe do not truly reflect the company's long-term potential," said CEO Abbas Mohaddes in a statement.Shares rose 2 cents to close at $1.27.
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