Or said another less technical way...
J2 Communications Adopts Poison Pill With 15% Trigger
By John Seward, Staff Reporter
LOS ANGELES -(Dow Jones)- J2 Communications, the parent company of the National Lampoon comedy franchise, announced Friday its board has adopted a shareholder rights plan, more commonly known as a poison pill, with a 15% trigger.
J2 Communications, which licenses the National Lampoon name to movie makers, said the plan isn't being adopted in response to any specific effort to acquire control of the company.
The plan is exercisable if a person or group acquires 15% or more of the company, or, in the case of investors Daniel Laikin and Paul Skjodt, 25%, or in the case of James P. Jimirro, who is chairman, chief executive officer and president, 39%.
As of July 14, Jimirro owns nearly 29% of the company's common stock and Laikin and Skjodt, as a group, own nearly 22%.
Poison pills are agreements that, when triggered by a hostile bid or a bidder's accumulation of stock, give shareholders the right to buy additional securities at favorable prices, thus making the takeover unpalatably expensive.
-John Seward; 201-938-5400 |
