Dolan Media Co., which owns a number of business newspapers across the country, announced Thursday that it had created a shareholder rights plan designed to prevent hostile takeovers.
CEO James Dolan stated, “Our adoption of this plan was not prompted by any external actions. There have been no hostile communications, and no takeover approaches. We adopted this plan in order to give our board of directors time to evaluate and respond to any unsolicited future attempts to acquire the company.â€? He said the plan is similar to plans adopted by many public companies.
Dolan Media owns the Long Island Business News, Mississippi Business Journal, the Colorado Springs Business Journal, the Idaho Business Review and the Daily Journal of Commerce in Portland, Ore., among others.
Read more here.
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