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Non-Tech : SME(svcdq) has it bottomed out yet? Or will it hit bottom?
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To: leigh aulper who wrote (130)2/3/1998 2:36:00 PM
From: leigh aulper  Read Replies (2) of 305
 
SERVICE MERCHANDISE ADOPTS SHAREHOLDER RIGHTS PLAN; PLAN REPLACES THE RIGHTS AGREEMENT SCHEDULED TO EXPIRE ON FEBRUARY 8, 1998

NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 3, 1998--Service Merchandise Company, Inc. (NYSE:SME) announced today that its Board of Directors has adopted a shareholder rights plan which effectively replaces, without substantial changes, the existing rights agreement scheduled to expire on February 8, 1998. Under the plan, each shareholder will receive a distribution of one Series A Junior Preferred Stock Purchase Right for each outstanding share of Service Merchandise Common Stock.

The distribution of the Rights is designed to deter coercive takeover tactics and other abusive tactics of a potential acquiror to gain control of Service Merchandise without dealing with all shareholders on a fair and equal basis.

Shareholders will receive preferred stock purchase rights as a dividend at the rate of one Right for each share of Common Stock held as of the close of business on February 9, 1998. These Rights are scheduled to expire on February 2, 2008.

Each Right will entitle the shareholder, under alternative circumstances, to buy either securities of Service Merchandise or securities of an acquiring company (depending on the form of the transaction) at an exercise price that will be half of the market value of such securities at the time.

The Rights can be exercised only if a person or group acquires 15 percent or more of the Company's outstanding Common Stock or launches a tender or exchange offer that would result in ownership of 15 percent or more of the Company's outstanding Common Stock. Each Right takes the form of the right to buy one one-hundredth of a share of Series A Junior Preferred Stock. A complete description of the plan will be filed with the SEC
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