By Michael Calia
Software company E2open Inc. said Friday that it had adopted a
shareholder-rights plan, a day after The Wall Street Journal
reported that the software company is looking for a buyer.
Shares of E2open jumped nearly 26% in recent premarket trading.
Through Thursday's close, its stock has fallen more than 43% since
the beginning of the year.
The company said the plan, which has a term of one year, is
intended to cut the likelihood that any investor or group would try
to seize control of the share accumulation on the market or other
"coercive tactics."
The plan isn't intended to interfere with any deal the board
approves, the company added.
The company, which makes cloud-based software for supply-chain
management, boasts clients such as International Business Machines
Corp. and Lenovo Group Ltd., among others.
The Wall Street Journal, citing people familiar with the matter,
reported Thursday that the company is working with advisers at Bank
of America Corp. as part of its sale process.
--Dana Mattioli contributed to this article.
Write to Michael Calia at michael.calia@wsj.com
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