Circor board renews shareholder rights plan

Circor board renews shareholder rights plan, declares dividend distribution

• On 5:34 pm EDT, Wednesday September 23, 2009

BURLINGTON, Mass. (AP) -- Circor International Inc., which makes valves and other fluid control products, said Wednesday its board renewed its shareholder rights plan, also known as a poison pill.

The new plan will expire on Sept. 24, 2019.

Under the plan, the board declared a dividend distribution of one preferred stock purchase right for each outstanding share of Circor's common stock. The rights become exercisable if a person acquires 15 percent of more of the common stock of Circor or begins a tender offer that could result in that person owning 15 percent or more of the stock. The threshold is 20 percent in the case of passive institutional investors.

Poison pills are designed to increase the expense of unsolicited takeover attempts.

Shares of Circor fell 11 cents to close at $29.62.