Martek Has New Poison Pill

The shareholder rights will expire in February 2016.
Author:
Publish date:

Martek

(MATK)

, a maker of nutritional oils and supplements, said its board approved a new stockholder rights agreement with a 20% trigger.

The new plan will be effective Feb. 7, the date Martek's existing rights agreement is set to expire.

Coinciding with the adoption of the new rights agreement, the company declared a distribution of one right for each of its shares outstanding. Martek said the rights will expire in February 2016.

Shares of Martek were gaining 5 cents to $28.21 Monday.

This story was created through a joint venture between TheStreet.com and IRIS.