USG amends rights plan to protect NOLs

By Lisa Kerner

Charlotte, N.C., Dec. 5 - USG Corp.'s board of directors amended the company's shareholder rights plan to protect the value of USG's net operating loss carryforwards and related tax benefits.

The amendment reduces, until Sept. 30, 2009, the beneficial ownership threshold to 4.99% from 15%, USG said.

"We are taking this step in an effort to maximize our ability to offset income that we expect to generate in future years," chairman and chief executive officer William C. Foote said in a company news release.

USG, a Chicago building systems manufacturer, said the amendment exempts stockholders whose current beneficial ownership exceeds 4.99% so long as they do not acquire any additional shares of common stock, except under existing agreements.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.