14:03
societynews[dot] org
NEW YORK (Reuters)-commercial metals Co (CMC.N) said on Sunday adopted a shareholder rights plan, making it harder for an activist investor Carl Icahn to take a larger stake in steel maker.
The plan has a trigger of 10 percent, the same percentage stake that Icahn first reported on Thursday.
In a US Securities and Exchange Commission, Icahn said he may have discussions with the management of the maker of steel and metal recycler regarding strategic alternatives "and" believing that the actions were "underrated".
Board of commercial metals in a statement said it has adopted the "sudden and rapid increase in Property of Icahn" and later by a representative of his "intention to continue to stockpile CMC." Icahn
The company said it plans to meet with Icahn in September to better understand the interest.
Shareholders rights plans are commonly referred to as "poison pills" and can dilute the power of shareholder activists.
Second floor commercial metals, if the rights become exercisable, shareholders can buy a fraction of a part of commercial metals that will have economic and voting terms similar to those of a share of common stock.
Commercial metals shares closed 21 cents Friday to $ 14.51.
(By Jonathan Stempel and Megan Davies; edited by Bernard Orr)
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