Business
Legacy Education Alliance, Inc. Adopts Shareholder Rights Plan
Legacy Education Alliance, Inc. Adopts Shareholder Rights Plan.
About this update from Legacy Education Alliance, Inc.
[{"type":"text","content":"\n \n Legacy Education Alliance, Inc. (OTCQB: LEAI) (www.legacyeducationalliance.com), \n a leading international provider of practical, high-quality, and \n value-based educational training on the topics of personal finance, \n entrepreneurship, real estate, and financial markets investing \n strategies and techniques, announced today that its Board of Directors \n has adopted a limited duration Shareholder Rights Plan (the “Plan”). The \n Plan is intended to ensure that the Board of Directors has sufficient \n time to consider any proposal from a third party that might result in a \n change in control of the Company, make sure that all stockholders \n receive fair and equal treatment in the event of any such a proposal, \n and encourage any potential acquirer to negotiate with the Board of \n Directors. In addition, the Plan will guard against partial tender \n offers, open market accumulations and other coercive tactics aimed at \n gaining control of the Company without paying all stockholders a full \n control premium for their shares. The Plan was not adopted in response \n to any specific takeover offer.\n \n \n Anthony C. Humpage, CEO of LEAI said, “The Board adopted the rights plan \n to enable all LEAI shareholders to realize the long term-value of their \n investment in the Company. The rights plan does not prevent the Board \n from considering or accepting an offer to acquire the Company if the \n Board believes it is in the best interests of the Company and its \n shareholders. Rather, the rights plan is designed to guard against \n undervalued, unsolicited transactions, inadequate partial tender offers \n and to ensure that no group can acquire control of a position of \n significant influence without treating all shareholders fairly.”\n \n \n Under the Plan, one preferred stock purchase right will be distributed \n for each share of common stock held by stockholders of record on March \n 2, 2017. The rights will trade with the common stock and will not be \n separable or exercisable until such time as the Plan is triggered. The \n Plan is scheduled to expire on February 15, 2019, subject to the \n Company’s right to extend such date, unless earlier redeemed or \n exchanged by the Company or terminated.\n \n \n The rights distribution is not taxable to stockholders. Details ab...