Posted on 03/14/2005 6:22:59 AM PST by MeneMeneTekelUpharsin
NEW YORK, March 14 (Reuters) - Independent power producer Calpine Corp. (CPN.N: Quote, Profile, Research) said on Monday it planned to scrap its anti-takeover poison pill and eliminate the staggered election of its board members. The San Jose, California-based company said its board unanimously agreed to amend its shareholder rights agreement -- the so-called poison pill -- to allow early termination by May 1. Calpine gave no other details on the move and officials at the company were not immediately available for comment.
Its board also adopted a resolution to eliminate the classification of its directors, meaning the election of each director would take place annually, rather than allowing longer, uncontested terms. The resolution will be put to a vote at the company's shareholder meeting on May 25, Calpine said.
Calpine's a hold-over from the Enron hey-days, and will likely suffer the same fate. IMHO.
You think so?
Remember this one well...they got rid of the poison-pill provision for a REASON. Have a nice day.
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