Cumulus Media Inc (CMLS) has released an update.
Cumulus Media Inc. has initiated a rights plan to safeguard against unwelcome takeovers, allowing stockholders to purchase additional shares at a significant discount if an entity acquires a substantial stake without board approval. The plan involves issuing a dividend of rights for both Class A and Class B common stock, effective March 4, 2024, with the rights becoming exercisable under specific conditions. Designed to dilute the holdings of potential acquirers and thus deter hostile takeovers, the plan will expire on February 20, 2025, unless redeemed or exchanged earlier by the board.
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