Long Island Bancorp has adopted a stockholder's rights plan.
The holding company for the Long Island Savings Bank said the plan was designed to assure its stockholders are treated fairly in a merger and to guard against partial tender offers, squeeze-outs, and other abusive tactics to gain control of the company.
Shareholders will receive one preferred share purchase right for each outstanding share of common stock. Each right initially will entitle stockholders to buy a one-hundredth interest in a share of a new series of preferred stock for $140 if an investor accumulates a stake of 10% or more.
The company also expanded a share repurchase plan by one million shares.