Kodak Adopts Plan to Preserve Valuable Net Operating Losses
The Kodak Board of Directors declared a non-taxable dividend of one preferred share purchase right for each outstanding share of its common stock. The preferred share purchase rights will be distributed to stockholders of record as of Aug. 11, 2011, but would only be activated if triggered by the Rights Agreement. Effective today, if any person or group acquires 4.9 percent or more of the outstanding shares of common stock, there would be a triggering event under the Rights Agreement resulting in significant dilution in the ownership interest of such person or group in Kodak stock. Stockholders who currently beneficially own 4.9 percent or more of the outstanding shares of common stock will not trigger the preferred share purchase rights unless they acquire additional shares.
- Companies:
- Eastman Kodak Co.
- Places:
- U.S.