Exide Technologies adopts stockholder rights plan

By Lisa Kerner

Charlotte, N.C., Dec. 8 - Exide Technologies, Inc.'s board of directors announced the adoption of a stockholder rights plan.

The company said the plan is not intended to deter offers that are "fair and otherwise in the best interests" of Exide and its stockholders.

Exide said the rights will initially trade together with the company's common stock.

The rights generally will become exercisable if a person or group acquires beneficial ownership of 20% or more of Exide's outstanding common stock or if 20% shareholders acquire additional shares.

A triggering event will enable Exide rights holders to acquire the company's common stock at a discounted price, an Exide news release said.

The rights will expire on Dec. 23, 2011, unless earlier redeemed, exchanged or amended by the board of directors.

Exide is an Alpharetta, Ga., manufacturer and supplier of lead-acid batteries used in transportation, motive power, network power and military applications.

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