betweenStockholder Protection Rights Agreement • March 6th, 2000 • Allegheny Energy Inc • Electric services • New York
FOR IMMEDIATE RELEASE --------------------- ALLEGHENY ENERGY, INC. ADOPTS STOCKHOLDER PROTECTION RIGHTS AGREEMENT HAGERSTOWN, MD., MARCH 2, 2000 - Allegheny Energy, Inc. (NYSE: AYE) has adopted a Stockholder Protection Rights Agreement. The Rights...For Immediate • March 6th, 2000 • Allegheny Energy Inc • Electric services
The Rights Agreement is similar to plans adopted by more than 1,700 U.S. corporations, including about half of the Fortune 500 companies and an increasing number of publicly traded utility companies. The Rights Agreement was not adopted in response to any specific effort to acquire control of Allegheny Energy. The Rights may cause substantial dilution to a person that acquires 15 percent or more of Allegheny Energy's common stock. Nevertheless, the Rights should not interfere with a transaction that is in the best interests of Allegheny Energy and its shareholders, because the Rights can be redeemed prior to a triggering event for $0.01 per Right.
