IRVINE — Wet Seal Inc.'s board has adopted a so-called poison-pill plan to help fend off any hostile takeover bids.
The company said, however, that it is not aware of any such bid.
Under the anti-takeover plan, shareholders of the women's specialty apparel retailer will receive a dividend distribution of one right for each share of Wet Seal common stock. The rights, to holders of record Aug. 29, can be exercised if an acquiring party accumulates 12% or more of Wet Seal's voting stock, or if a party announces an offer to acquire 20% or more of Wet Seal's voting stock.
