Crown Holdings adopts limited duration shareholder rights plan

Crown Holdings has unanimously adopted a limited duration shareholder rights plan following the Board’s evaluation and consultation with its advisors. Under the Rights Plan, the rights will be exercisable if an entity, person or group acquires beneficial ownership of 10% or more of Crown’s outstanding common stock. If a shareholder’s beneficial ownership of Crown’s common shares as of the effective date of the Rights Plan and associated dividend declaration is at or above 10%, that shareholder’s existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after this announcement the shareholder increases its ownership percentage by 0.5% or more. In the event that the rights become exercisable due to the ownership threshold being crossed, each right will entitle its holder to purchase at the exercise price, common stock having a market value equal to twice the exercise price. Pursuant to the Rights Plan, Crown will issue one right for each outstanding share of Crown common stock to shareholders of record on the close of business on November 17, 2022. The Rights Plan is effective immediately and will expire on November 6, 2023.