yes, Frontier does have a Shareholder Rights Plan.
Maybe i'll read it sometime.
SHAREOWNER RIGHTS PLAN
Rochester, NY, April 10, 1995 -- Frontier Corporation
(NYSE:FRO) announced today that its Board of Directors has
adopted a Shareowner Rights Plan, designed to protect existing
common shareowners from unsolicited and unfavorable takeover
attempts.
According to Frontier, the newly adopted Plan is
similar to plans adopted by many public companies and should
provide a sound and reasonable means of safeguarding the
interests of all shareowners, should an effort be made to acquire
the Company at a price not reflective of its fair value.
In connection with the adoption of this Plan, the
Frontier Board declared a dividend of one preferred share
purchase right for each outstanding share of Frontier common
stock. Each right, which is not presently exercisable, entitles
the holder to purchase one one-hundredth of a share of Frontier
preferred stock at an exercise price of $80. In the event that
any person acquires 20% or more of the outstanding shares of
common stock, each holder of a right (other than the acquiring
person or group) will be entitled to receive, upon payment of the
exercise price, that number of shares of Frontier common stock
having a market value equal to two times the exercise price. In
addition, under certain circumstances, the Board of Directors has
<PAGE>
the option of exchanging shares of common stock for unexercised
rights at an exchange ratio of one share per Right.
The distribution of the rights will be made on April
24, 1995, payable to shareowners of record at the close of
business on that date. The rights will expire on April 24, 2005.
The rights distribution is not taxable to shareowners.
Details of the rights distribution are contained in a
letter which is being mailed to all shareowners of record.
Full text from edgar:
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