Vera Bradley, Inc. announced on October 11, 2024, that its Board of Directors unanimously approved the adoption of a limited duration shareholder rights plan. This plan is designed to protect shareholders' interests and maximize value by ensuring that no person, entity, or group can gain a control or control-like position without negotiating with the Board and paying an appropriate control premium to all shareholders.
Under the Rights Plan, one right is issued for each outstanding share of the Company’s common stock. These rights become exercisable if a person or group acquires beneficial ownership of 15% or more of the outstanding common stock, or 20% for certain passive investors, without Board approval.
The plan is effective immediately and is set to expire on October 11, 2025. This measure aims to provide the Board with sufficient time to make informed judgments that are in the best interests of the Company and its shareholders.
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