"The board believes terminating the 'poison pill' is in the best interest of all shareholders because it enhances our accountability," says Paul Gray, chairman of the board of Malan Realty Investors. "The slate elected to the board of directors last spring pledged to reinvigorate the process of enhancing shareholder value and we have taken this important step toward this goal. "
Terminating the plan was not taken in response to any specific outside effort to increase ownership of the company and the board is not aware of any such effort, Gray notes.
Under the former plan, a special dividend distribution of one right to purchase one one-thousandth of a share of Malan's Series A Junior Participating Preferred Stock for each outstanding common share of Malan at a purchase price of $42 would have been exercisable if a person or group, without the prior approval of the board of directors, had acquired 15% or more of Malan's common stock or announced a tender offer that would, if consummated, have resulted in the ownership of 15% or more of the company's common stock.
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