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Subsequent Event
9 Months Ended
Sep. 29, 2012
Subsequent Event

Note O – Subsequent Event

On October 24, 2012, the Board of Directors of the company adopted a stockholder rights plan, as set forth in the Rights Agreement dated as of October 24, 2012 (the “Rights Agreement”), between the company and BNY Mellon Shareowner Services, as Rights Agent. Pursuant to the Rights Agreement, the Board of Directors declared a dividend distribution of one Right (a “Right”) for each outstanding share of company Common Stock, par value $0.01 per share (the “Common Stock”) to shareholders of record at the close of business on November 9, 2012, which date will be the record date, and for each share of Common Stock issued (including shares distributed from Treasury) by the company thereafter and prior to the Distribution Date (as described below and defined in the Rights Agreement). Each Right entitles the registered holder, subject to the terms of the Rights Agreement, to purchase from the company one five-thousandth of a share of Series C Junior Participating Preferred Stock, $0.01 par value per share (the “Preferred Stock”), at a purchase price of $11.50 per one five-thousandth of a share of Preferred Stock, subject to adjustment.

Initially, no separate Rights Certificates will be distributed and instead the Rights will attach to all certificates representing shares of outstanding Common Stock. The Rights will separate from the Common Stock on the distribution date (the “Distribution Date”), which will occur on the earlier of (i) ten Business Days following a public announcement that a person or group of affiliated or associated persons has become an “Acquiring Person,” or (ii) ten Business Days (or such later date as may be determined by the Board of Directors prior to such time as any person becomes an Acquiring Person) following the commencement of a tender offer or exchange offer that would result in a person or group of affiliated and associated persons beneficially owning 15% or more of the shares of Common Stock then outstanding.