SOUTHFIELD, MI — The board of directors at Lear Corp. has voted to amend its shareholder rights plan, commonly known as a poison pill. As a result of this amendment, the rights plan will automatically expire at the close of business on December 15. It was originally scheduled to expire in March 2010.
Lear’s board of directors has approved a new policy on shareholder rights plans. The policy, which becomes effective after the expiration of the current shareholder rights plan, requires the board to submit the adoption or extension of any future rights plan to a vote of stockholders, subject to the board’s continuing fiduciary duties which may dictate otherwise depending on the circumstances. Any shareholder rights plan adopted or extended without stockholder approval must be approved by a majority of independent directors.
For more information about Lear Corp, go to: www.lear.com.
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