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Non-Tech : Commercial Intertech (TEC)
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To: reid brandon who wrote (6)1/6/2000 8:11:00 PM
From: Wade  Read Replies (1) of 9
 
I found it:

sec.gov

"On November 17, 1999, the Board of Directors of Commercial Intertech Corp. (the "Company") declared a dividend of one Right for each outstanding share of
common stock (a "Right"), par value $1.00 per share (the "Common Shares"), of the Company. The dividend is payable on December 8, 1999 (the "Record Date") to the shareholders of record on that date. Each Right entitles the registered
holder to purchase from the Company one Common Share of the Company at a price of $60.00 per Common Share (the "Purchase Price"), subject to adjustment."...and more.

I am very confused. Do they think TEC worth more than $60 a share? How does this benefit shareholders if one offer to buy TEC for $25 a share? Can some one comment? Thanks.

Sincerely,
Wade
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