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After a larger competitor expressed unsolicited interest in buying the company, the board of directors at SRI/Surgical Express Inc. adopted a new plan that will help protect shareholders' investment and ward off hostile takeovers.
If an outside buyer purchases 15% or more of the company's total common stock (symbol: STRC), shareholders now have the option of exercising a right contract. The contract allows each shareholder to purchase up to $30 of outstanding SRI stock for $15, offering current shareholders protection from hostile takeover bids.
The rights are attached to each share of stock; that is, a shareholder may not keep his right contract after selling his shares. The rights will expire on Nov. 5, 2012 barring additional changes.
SRI/Surgical Express signed a three-year deal with Premier Purchasing Partners LLP late last month to expand their geographic footprint. The company is headquartered in Tampa.
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