The Stride Rite Corporation Announces Renewal of Shareholder Rights Plan
13 Marzo 2007 - 3:00PM
Business Wire
The Stride Rite Corporation (NYSE:SRR) announced today that its
Board of Directors has adopted a new shareholder rights plan to
replace its existing plan that was scheduled to expire in July
2007. David M. Chamberlain, the Company�s Chairman and CEO, stated,
�We are pleased to announce that the new Plan raises the stock
ownership threshold which triggers the Plan from 10% to 15% and
contains a �TIDE� provision, which requires that independent
directors of the Company to consider at least once every three
years whether maintaining the rights plan continues to be in the
best interests of shareholders. The Plan is designed to enhance the
Board�s ability to protect shareholder interests and to ensure that
shareholders receive fair treatment in the event any coercive
takeover attempt of Stride Rite is made in the future. The Plan is
intended to provide the Board with sufficient time to consider any
and all alternatives to such an action and is similar to plans
adopted by many other publicly traded companies.� The Stride Rite
Corporation markets the leading brand of high quality children�s
shoes in the United States. Other footwear products for children
and adults are marketed by the Company under well-known brand
names, including Keds, Sperry Top-Sider, Saucony, Tommy Hilfiger,
Robeez, Grasshoppers and Munchkin. Information about the Company is
available on our website � www.strideritecorp.com. Information
about the Company�s brands and product lines is available at
www.striderite.com, www.keds.com, www.saucony.com,
www.sperrytopsider.com, www.robeez.com and www.grasshoppers.com.
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