WASHINGTON (dpa-AFX) - Frontier Communications Corp. (FTR) said that its Board adopted a shareholder rights plan designed to protect the availability of its net operating loss carryforwards.
The Rights Plan will expire on the day following the certification of the voting results for Frontier's 2020 annual meeting of shareholders, unless Frontier's shareholders ratify the Rights Plan.
Under the Rights Plan, the rights will initially trade with Frontier's common stock and will generally become exercisable only if a person acquires 4.9% or more of Frontier's outstanding common stock.
Any person which currently owns 4.9% or more of Frontier's common stock may continue to own its shares of common stock but may not acquire any additional shares without triggering the Rights Plan.
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