Business
DAVE & BUSTER’S ENTERTAINMENT, INC. ADOPTS LIMITED DURATION SHAREHOLDER RIGHTS PLAN
DALLAS, March 19, 2020 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or "the Company"), an owner and operator of
About this update from Dave & Buster's Entertainment, Inc.
[{"type":"text","content":"DALLAS, March 19, 2020 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), (\"Dave & Buster's\" or \"the Company\"), an owner and operator of entertainment and dining venues, today announced that it has adopted a 364-day duration Shareholder Rights Plan (the “Rights Plan”), effective March 18, 2020.\n The Rights Plan is similar to plans adopted by other public companies, and is intended to promote the fair and equal treatment of all Dave & Buster’s shareholders and ensure that no person or group can gain control of Dave & Buster’s through open market accumulation or other tactics potentially disadvantaging the interest of all shareholders. The Rights Plan will also position the Dave & Buster’s Board of Directors to fulfill its fiduciary duties on behalf of all shareholders by ensuring that the Board has sufficient time to make informed judgments about any attempts to take over the Company. The Rights Plan applies equally to all current and future shareholders and is not intended to deter offers that are fair and otherwise in the best interest of the Company’s shareholders. Under the Rights Plan, the Rights will become exercisable if a person or group becomes the beneficial owner of 15% or more of the Company’s outstanding Common Stock (20% or more in the case of eligible passive institutional investors). In the event that the Rights become exercisable due to the triggering ownership threshold being crossed, each Right will entitle its holder to purchase, at the Right’s exercise price, a number of shares of Common Stock or equivalent securities having a market value at that time of twice the Right’s exercise price. Rights held by the triggering entity will become void and will not be exercisable to purchase shares at the reduced purchase price. The Board of Directors may, rather than permitting the exercise of the Rights, exchange each Right (other than Rights held by the triggering entity) for one share of Common Stock per Right, subject to adjustment. The Board of Directors will, prior to the Rights becoming exercisable, in general be entitled to amend the Rights Plan or to redeem the Rights for $0.01 per Right. This announcement is a summary only and is qualified by reference to the full text of the Rights Plan. Additional details regarding the Rights Plan will be contained in a Form 8-K to be filed by the ...