By Connor Hart
Vera Bradley's board unanimously approved the adoption of a limited duration shareholder rights plan.
The plan provides for the issuance of one right for each outstanding share of the company's common stock, exercisable if a person, entity or group acquires beneficial ownership of 15% or more of the company's outstanding common stock in a transaction not approved by the board, the company said on Friday.
The purveyor of quilted bags and accessories said that the plan is intended to position the board to fulfill its duties, and ensure that it has sufficient time to make informed judgments in the best interests of the company and its shareholders.
Under the plan, which is set to expire Oct. 11, 2025, each right would allow its holder to buy at the exercise price additional shares of common stock having a market value equal to twice the exercise price, the company said.
The poison pill comes as macroeconomic headwinds continue to dampen the company's turnaround efforts. In its most recent quarter, Vera Bradley lowered its outlook after posting lower profit and sales, dragged down by continued pressure on consumers.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 11, 2024 16:27 ET (20:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。