Gaylord Entertainment adopts poison pill

By Lisa Kerner

Charlotte, N.C., Aug. 12 - Gaylord Entertainment Co.'s board of directors adopted a shareholder rights plan to prevent an unwanted takeover of the company.

According to Gaylord, the rights plan "is reasonable and appropriate in light of recent stock accumulations by certain of the company's shareholders."

As of July 17, Gaylord investors led by TRT Holdings, Inc. had a 14.1% stake in the company. TRT acquired 3,757,500 shares of Gaylord between July 9 and July 17, it was previously reported.

In connection with the rights plan, the board declared a dividend of one right for each share of the company's common stock held by shareholders of record as of the close of business on Aug. 25, a company news release stated.

The rights will generally be exercisable only if a person or group acquires beneficial ownership of 15% or more of Gaylord's common stock, or begins a tender or exchange offer for 15% or more of the company's common stock.

Gaylord, a Nashville entertainment company, noted that the rights plan will continue in effect until Aug. 12, 2011, unless redeemed or amended.

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