8-K 1 feb0703_8k.txt SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ------------------ FORM 8K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) February 7, 2003 Vitesse Semiconductor Corporation ------------------------------------------------------------------------------- (Exact name of Registrant as Specified in Charter) Delaware 77-0138960 ------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission File (IRS Employer of Incorporation) Number) Identification No.) 741 Calle Plano, Camarillo, California 93012 ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (805) 388-3700 ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. On February 7, 2003, Vitesse Semiconductor Corporation (the "Company") announced that its Board of Directors adopted a Stockholder Rights Plan (the "Plan"). The Plan, while not adopted in response to any specific effort to acquire control of the Company, is designed to enhance the ability of the board to maximize shareholder value in the event of an acquisition attempt. Under the Plan, each common stockholder of record at the close of business on March 7, 2003, will receive a dividend of one right for each share of Common Stock held. Each right entitles the holder to purchase from the Company one one-thousandth of a share of a new series of participating Preferred Stock at an initial purchase price of $20.00. If a person or group acquires 15.0% or more of the Company's outstanding Common Stock, holders of the rights (other than the person or group triggering their exercise) will be able to purchase, in exchange for the $20.00 exercise price, shares of the Company's Common Stock having twice the value of the exercise price. If, following an acquisition of 15.0% or more of the Company's Common Stock by a stockholder, the Company is involved in certain mergers or other business combinations, each right will entitle the holder to purchase, in exchange for the exercise price, common stock of the other party to such transaction having twice the value of the exercise price. The rights expire on February 7, 2013 unless extended by the Company's Board of Directors. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Vitesse Semiconductor Corporation By: /s/ Eugene F. Hovanec ----------------------------------- Name: Eugene F. Hovanec Title: Vice President, Finance and Chief Financial Officer February 7, 2003 3