Civic Bancorp has adopted a shareholder rights plan that would be triggered if any acquirer obtained at least 10% of the common stock without prior board approval.
The rights, which will be issued to shareholders of Nov. 22, will entitle shareholders to buy 0.01 share of preferred stock for $35. Each 0.01 share of preferred is intended to be the equivalent of one share of common stock.
If the plan were triggered, each shareholder would be allowed to buy common stock or securities of an acquirer for half the market value or the board may exchange the rights for common stock.
The rights will expire Oct. 31, 2006.
- James B. Arndorfer, Jonathan D. Epstein, Joanna Sullivan