CCO - Clear Channel extends its shareholder rights plan into 2022

Clear Channel Outdoor Holdings (CCO) has extended an existing shareholder rights plan by 11 months. A year ago, the company adopted a limited-duration rights plan saying that it had taken note of the effects of the COVID-19 pandemic on its business and stock price. That involved issuing a right for each common share that would discount shares 50% in the case that a person or group acquired 10% or more (20% in the case of some passive investors) of outstanding common stock. The board has approved an amendment to extend the expiration date from today to April 15, 2022. It's doing that to protect the interests of shareholders, it says. "In approving the extension, the Board considered the heightened potential for one or more persons or groups to gain undue influence over or control of the Company through open market accumulation, seek to acquire control of the Company without paying

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Clear Channel extends its shareholder rights plan into 2022