Casual Male Creates Takeover Protection Plan
Canton, Mass. With retail stock prices near record lows, it’s likely that more companies will follow in the wake of Casual Male Retail Group whose board of directors has adopted a rights plan.
The plan, which was announced Tuesday, will come into play if a potential buyer “becomes, or launches a tender offer to become the beneficial owner of 15% or more of the company’s outstanding common stock (including derivative positions), subject to certain exceptions,” the company said in a statement.
By instituting the plan, the board is protecting the company from the potential of a hostile takeover by a third-party company “that has not had discussions with Casual Male’s board of directors,” the retailer’s VP, Jeff Unger, told Boston.com, the online division of the Boston Globe. “It was instituted to protect shareholders’ interests so they would receive fair-market value for their ownership.”
The plan will be in effect for one year, expiring on Dec. 9, 2009, according to the company.
Morse named to HSN board
ST. PETERSBURG, Fla. HSN has named John Morse, Jr. to its board of directors.
Morse is currently senior vp of finance and cfo of The Washington Post Company where he has served in this role since November 1989.
In commenting on the appointment, Arthur Martinez, chairman of the board of HSNi, stated, “We are extremely pleased that Jay will join our Board to leverage his more than 35 years of media and management expertise. Jay’s high standards and excellent judgment will be invaluable as we continue to guide the strategic direction of the company.”
Moenig resigns as DivX cto
SAN DIEGO DivX has announced that Markus Moenig, senior vp and chief technology officer, has resigned effective Dec. 1.
“Since DivX acquired MainConcept in November 2007, Markus has played a key role in the successful integration of MainConcept as a subsidiary of DivX,” said Kevin Hell, ceo of DivX. “One product of this effort is the future release of DivX 7, which will feature MainConcept’s award-winning H.264 solution. With the integration of these technologies complete, we thank Markus for his efforts and wish him well with his future plans.”