InFocus adopts rights plan, amends bylaws to aid strategic review process

By Lisa Kerner

Charlotte, N.C., Jan. 8 - The board of directors of InFocus Corp. amended the company's bylaws and adopted a shareholder rights plan so that it can review strategic alternatives "without the threat of coercive takeover or control tactics."

InFocus said the bylaws were amended to state that the provisions of the Oregon Control Share Act, an anti-takeover statute, will not apply to acquisitions of the company's voting shares.

While the act provides for the forfeiture of voting rights by certain acquirers, the board believes the provisions could interfere with the strategic review process.

Under the shareholder rights plan, one right will be distributed for each share of InFocus common stock outstanding as of the close of business on Jan. 18.

A person or group acquiring 15% or more of the voting power of InFocus' outstanding common stock without board approval will trigger significant dilution in the voting power of the person or group, according to InFocus.

The plan will remain in effect until Jan. 7, 2010 unless it is terminated earlier or the rights are redeemed by InFocus.

InFocus is a Wilsonville, Ore.-based digital projection technology company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.