Oklahoma City-based BancFirst Corp. has adopted a shareholder rights plan designed to protect it from a hostile takeover.
The "poison pill" plan calls for the $2.2 billion-asset company to dilute its stock should a hostile party accumulate more than 15% of the outstanding shares. Shareholders of record on Feb. 25 will each get the right to double their number of shares if an unfriendly investor tries to take control of BancFirst.
David E. Rainbolt, chief executive officer of BancFirst, said the board is not aware of any takeover attempts. "Our board of directors believes the rights plan represents a means of protecting the interests of our shareholders," he said.
Accumulating 15% of BancFirst's shares would be difficult. Executives and members of the company's board control about 58% of the 6.8 million shares outstanding, and on average only 4,136 shares change hands per day.