Greektown Superholdings Board of Directors Adopts a Shareholder Rights Plan
Jan 07, 2013 (Close-Up Media via COMTEX) --
Greektown Superholdings, Inc. announced that its Board of Directors has adopted a Shareholder Rights Plan.
According to a release, the Rights Plan is intended to protect Greektown and its stockholders from efforts to obtain control of Greektown that the Board of Directors determines are not in the best interests of Greektown and its stockholders, and to enable all stockholders to realize the long-term value of their investment in Greektown. In general terms, it works by imposing a significant penalty upon any person or group that acquires 25 percent or more of the voting capital stock of the Company without approval of the Board of Directors or without entering a Minority Shareholder Protection Agreement.
In addition to the adoption of the Shareholder Rights Plan, the Greektown Board of Directors has adopted amendments to the Company's bylaws adding certain procedural requirements to action of stockholders by majority consents, providing that only the chairman of the Board of Directors, the chief executive officer or a majority of the Board of Directors have the right to call special meetings of the stockholders, fixing the minimum number of directors of the Board of Directors at seven, and providing that bylaws may be amended only by action of a majority of the Board of Directors or a vote of stockholders having at least two-thirds of the voting power of the outstanding capital stock.
Greektown Superholdings operates, through its subsidiaries, the Greektown Casino-Hotel.
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