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Technology Stocks : Redback Networks, Inc. (RBAK)
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To: Dan Hamilton who wrote (1682)6/25/2001 2:18:25 PM
From: singajane  Read Replies (1) of 1956
 
Dan,
What was your source for that information? I hadn't come across that.

In my typically clumsy way, I bought into RBAK at 18.86 the day before everything fell apart and it started its downhill slide... I left it alone, thinking the company is a good one, perhaps it will be bought out or perhaps new leadership will move decisively. Now I'm hoping I made the right choice.

I understand from what I have heard that the following announcement was done to prevent any takeovers, but I'm not sure what it really means and would appreciate anyone's thoughts. This thread has been pretty quiet in June... are all the bulls out playing in the pasture?

SAN JOSE, Calif., Jun 13, 2001 (BUSINESS WIRE) -- The Company announced that the Board of Directors of Redback Networks Inc. approved the declaration of a dividend distribution of one Preferred Share Purchase Right (a "Right") on each outstanding share of its Common Stock. The Rights become exercisable if a person or group hereafter acquires 15 percent or more of the Common Stock of the Company or announces a tender offer for 15 percent or more of the Common Stock. The Board of Directors will be entitled to redeem the Rights at $.0001 per Right at any time before any such person hereafter acquires 15 percent or more of the outstanding Common Stock.

The Rights are not being distributed in response to any specific effort to acquire the Company. The Rights are designed to assure that all stockholders of the Company receive fair and equal treatment in the event of any proposed takeover of the Company and to guard against partial tender offers, open market accumulations and other tactics designed to gain control of the Company without paying all stockholders a fair price.
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