NEW YORK (Thomson Financial) - Quintana Maritime Ltd.'s board Tuesday
adopted a shareholder rights plan under which it hired financial advisors to
review possible alternatives to maximize shareholder value.
According to the drybulk marine transportation services company, the rights
are designed to ward against takeover attempts that aren't in stockholders' best
interests.
The company's board also declared a dividend distribution of one preferred
share purchase right on each outstanding share of company stock.
To date, the company had 1.84 billion shares outstanding.
The distribution will be made on Nov. 22 to shareholders of record and the
rights expire on Nov. 12, 2017.
Furthermore, the board amended Quintana's bylaws to make calling a special
meeting of stockholders more difficult. Now 50% of stockholders eligible to vote
are required to call a meeting. Previously, 10% of eligible stockholders were
needed.
The company said the amendment is meant to guard against coercive actions as
Quintana pursues its strategic alternatives.
Shares of the Glyfada, Greece-based company closed Monday at $23.69.
Melinda Peer
mp/tk1
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