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Shareholder Rights

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BUSINESS
September 24, 1996
Touchstone Software Corp. plans to adopt a shareholder rights plan that can be exercised if a person or group acquires 15% or more of the company's stock without board approval. A company spokesman said the plan, which will be in place Oct. 5, was not a response to any takeover bid. The company said rights will be issued to holders of record Oct. 4, 1996, as a dividend and will expire Sept. 26, 2006.
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BUSINESS
November 5, 2012 | By Dawn C. Chmielewski and Joe Flint, Los Angeles Times
Netflix Inc. adopted a stockholder rights plan to thwart hostile takeovers a week after activist investor Carl Icahn announced that he had acquired a 10% stake in the company. Netflix said the move was intended to protect the video subscription service and its shareholders from outside bids for control that the board of directors determined was "not in the best interests" of the company or its investors. The billionaire Wall Street investor, who last week said he had no complaints about Netflix's management, issued a broadside calling the move "an example of poor corporate governance.
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BUSINESS
April 3, 1998 | Dow Jones
Premier Laser Systems Inc., a maker of medical lasers and other products, said Thursday that its board adopted a shareholder rights plan to guard against abusive takeover tactics and to ensure fair treatment of shareholders. The plan, which will be triggered by an investor buying 15% of the stock, was not adopted in response to any pending effort to acquire the company, a spokesman for the firm said.
BUSINESS
September 21, 2012 | By Shan Li, Los Angeles Times
Beleaguered teen retailer Wet Seal Inc. appointed two new company directors Thursday as it tries to fend off an activist shareholder unhappy with its poor performance. The Foothill Ranch retailer also abandoned a temporary shareholder rights plan adopted in August intended to discourage a takeover attempt. The company, which operates about 550 stores under the Wet Seal and Arden B. brands for young women, fired its chief executive, Susan McGalla, in July without an immediate replacement amid plummeting sales and a discrimination lawsuit filed by former managers.
BUSINESS
February 27, 1990 | PATRICK LEE, TIMES STAFF WRITER
Occidental Petroleum Corp. is fighting an unusual proposal by the state employees' pension system, one of Occidental's largest shareholders, to create a watchdog advisory committee to its board to look after shareholder interests. In two separate letters--the latest dated last Tuesday--the company has voiced lengthy objections to the proposal by the $56-billion California Public Employees' Retirement System to create a shareholders advisory committee of at least nine members. CalPERS holds 1.
BUSINESS
July 7, 1989 | DAVID OLMOS, Times Staff Writer
AST Research Inc., an Irvine personal computer maker, has adopted a "shareholder rights" plan intended to make it more difficult for the company to be acquired in an unfriendly takeover. AST President Safi Qureshey said Thursday that the plan was not a response to any takeover activity directed at the company, and that the company is not aware of any attempt to take control of AST. Lawrence Harris, an analyst at the Los Angeles investment firm Bateman Eichler, Hill Richards Inc.
BUSINESS
September 28, 2007 | Jonathan Peterson, Times Staff Writer
Shareholder activists Thursday blasted proposals by the Securities and Exchange Commission affecting investor rights in corporate elections, suggesting the agency's approach would not resolve a long-smoldering dispute. "I think this is a case where more work needs to be done," Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial Services, said after a hearing on the matter.
BUSINESS
November 17, 1995 | From Reuters
Northwest Airlines Corp. said Thursday that its board adopted a shareholder rights plan to thwart a suspected hostile takeover attempt by its alliance partner, KLM Royal Dutch Airlines. In a deepening feud between the companies, the anti-takeover defense was approved by a vote of 11 to 3, with the opposition coming from three directors designated by KLM.
BUSINESS
August 23, 1995 | BARBARA MARSH, TIMES STAFF WRITER
ICN Pharmaceuticals Inc. Tuesday took another step to repair its Wall Street image by appointing Dale Hanson, a former investment community heavyweight, to its board of directors. Hanson, as the former chief executive of California Public Employees' Retirement System, is widely known as a leader of the shareholder rights movement that swept corporate America in the late 1980s.
BUSINESS
May 19, 1994 | DONALD WOUTAT, TIMES STAFF WRITER
Dale M. Hanson, who has helped lead a nationwide shareholder rights movement as chief executive of the influential $80-billion California Public Employees Retirement System, said Wednesday that he will resign to run a new private investment firm based in San Diego. Hanson, 51, said he will remain on the job until July 11 while a search is conducted for his successor. He announced his resignation at a CalPERS board meeting in Anaheim.
BUSINESS
April 10, 2012 | By Tiffany Hsu
If Sardar Biglari wants to control Cracker Barrel Old Country Store Inc., he'll first have to get past the Southern-style restaurant chain's new "poison pill" defense. Board members of the Tennessee-based company approved a shareholder rights plan to try to obstruct investor Biglari's hostile takeover efforts. The strategy would prevent Biglari, who recently raised his stake in Cracker Barrel to more than 16%, from accumulating 20% without offering shareholders a premium. To do so would water down the value of his shares.
BUSINESS
September 28, 2007 | Jonathan Peterson, Times Staff Writer
Shareholder activists Thursday blasted proposals by the Securities and Exchange Commission affecting investor rights in corporate elections, suggesting the agency's approach would not resolve a long-smoldering dispute. "I think this is a case where more work needs to be done," Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial Services, said after a hearing on the matter.
BUSINESS
October 22, 2006 | Jonathan Peterson, Times Staff Writer
In his first year as chairman of the Securities and Exchange Commission, Christopher Cox is widely credited with bringing accord to a panel that was bitterly divided over how aggressive it should be in policing corporate wrongdoing in the wake of Enron and other scandals. The former Republican congressman from Newport Beach has shepherded a handful of reform-oriented measures without controversy, steering clear of proposals on which the odds of finding common ground appeared slim.
BUSINESS
December 6, 2004 | Michael Hiltzik
Like a gang of schoolyard bullies, business leaders nationwide are gloating over the ouster of CalPERS President Sean Harrigan, as though they want to claim credit for hanging his pelt on the wall. The U.S. Chamber of Commerce, for example, cynically praised the removal of Harrigan, who had become one of the country's leading spokesmen for shareholder rights, as providing "hope for California retirees and shareholders."
BUSINESS
November 11, 2004 | From Bloomberg News
Roy E. Disney, fresh from a boardroom brawl with Walt Disney Co. Chief Executive Michael Eisner, is seeking $1.25 billion for an investment fund to promote shareholder rights at other companies. Shamrock Holdings Inc., which manages investments for Roy Disney's family, last month set up a so-called corporate governance fund, documents filed with the Securities and Exchange Commission show.
BUSINESS
July 1, 2003 | Kathy M. Kristof, Times Staff Writer
California Treasurer Phil Angelides and chief investment officers of six other states -- representing nearly $500 billion in public pension assets -- said Monday that they want regulators to move more quickly to reform securities laws and enhance shareholder rights.
BUSINESS
February 23, 1995 | From Reuters
Market talk in Russia is not for the faint-hearted. The latest horror story going around Russian financial markets is about a privatized copper processing plant that tried to ditch its shareholders. Russia, a turbulent mix of bureaucrats, politicians and company managers, is losing its fizz as "the world's ultimate emerging market" amid reports of dilutions of shareholdings and crude violations of shareholder rights.
BUSINESS
January 27, 2000 | From Times staff and wire services
Irvine eye-care company Allergan Inc., celebrating its 50th anniversary Wednesday, reported a doubling of its fourth-quarter profit, raised its quarterly dividend and adopted a shareholders' rights plan. The company, which was started with one product in quarters above a Los Angeles drugstore, posted quarterly net income of $59.3 million, or 44 cents a share, compared with the previous year's final-quarter profit of $28.6 million, or 21 cents a share. Quarterly revenue rose 10% to $380.
BUSINESS
August 28, 1999 | DAVAN MAHARAJ, TIMES STAFF WRITER
A federal appeals court ruled Friday that shareholders who did not purchase stock in a company's public offering could still file a securities fraud lawsuit against the firm for omitting critical information in its registration documents. The ruling revived shareholders' claims against Dignity Partners Inc., a San Francisco firm that was established to buy life insurance policies mainly from terminally ill people with AIDS.
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