NEENAH, Wis., Aug. 29 /PRNewswire-FirstCall/ — Plexus Corp. (NASDAQ:PLXS) today announced that its Board of Directors adopted a shareholder rights plan at a regularly scheduled meeting. This plan replaces a similar plan that expired on August 12, 2008. The shareholder rights plan includes the declaration of a dividend of one preferred share purchase right on each outstanding share of the company’s common stock. The issuance of the rights will be made on September 26, 2008, to shareholders of record as of the close of business on September 12, 2008.
Under the new plan, the rights will be exercisable only if a person or group (with certain exceptions) acquires 20% or more of the company’s common stock or announces a tender offer, consummation of which would result in ownership by the person or group of 20% or more of the common stock. The previous plan included a 15% threshold before rights would be exercisable.
The rights are designed to enable the company’s shareholders to realize the full long-term value of their investment and to provide for fair and equal treatment for all shareholders in the event that an unsolicited attempt is made to acquire the company. The plan is intended to provide the Board with sufficient time to consider any and all alternatives to such an action and is similar to plans adopted by many other public companies. The plan’s adoption is not in response to any specific effort to acquire control of the company, and the Board of Directors is not aware of any such effort.
About Plexus Corp. – The Product Realization Company
Plexus (http://www.plexus.com/) is an award-winning participant in the Electronics Manufacturing Services (EMS) industry, providing product design, supply chain and materials management, manufacturing, test, fulfillment and aftermarket solutions to branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace market sectors.
The Company’s unique Focused Factory manufacturing model and global supply chain solutions are strategically enhanced by value-added product design and engineering services. Plexus specializes in mid- to low-volume, higher-mix customer programs that require flexibility, scalability, technology and quality.
Plexus provides award-winning customer service to more than 100 branded product companies in North America, Europe and Asia.
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Source: Plexus Corp.