WCC

WESCO Int'l Adopts Stockholder Rights Plan, Declares Dividend Distribution - Quick Facts

(RTTNews) - WESCO International, Inc. (WCC) announced Friday that its Board of Directors adopted a "Poison Pill" in the form of a stockholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of WESCO common stock.

The rights are intended to enable all WESCO stockholders to realize the long-term value of their investment in the Company. The rights will not prevent a takeover, but should encourage anyone seeking to acquire the Company to negotiate with the Company's Board of Directors.

The rights will become exercisable only if an entity, person or group acquires beneficial ownership of 10% or more of the Company's common stock, or 15% in the case of certain passive investors. When exercised, each right will entitle its holder to purchase for $250, a number of WESCO common shares having a market value of twice such price.

It may also exchange one share of the company's common stock for each outstanding right, in certain circumstances. The Rights Plan has a one-year duration, expiring on July 16, 2021 or earlier, if circumstances warrant.

The dividend distribution will be made on July 27, 2020, payable to stockholders of record on that date, and is not taxable to stockholders.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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