Nautica Enterprises, Inc. (Nasdaq: NAUT) announced today that its Board of Directors approved an amendment to the Company's Stockholder Rights Agreement. The amended agreement provides, among other things, that the rights issued under the Stockholders Rights Agreement will be automatically redeemed under certain circumstances in the event of certain qualifying tender offers, unless stockholders vote to keep the rights outstanding.
Harvey Sanders, chairman and chief executive officer of Nautica Enterprises, said, ''This amendment to the rights plan underscores our commitment to our stockholders.''
Further details regarding this amendment, as well as a copy of the amendment, are being filed with the Securities and Exchange Commission on Form 8-K. The Company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Nautica Enterprises, Inc. (Nasdaq: NAUT), through its subsidiaries, designs, sources, markets and distributes apparel under the following
brands: Nautica, Nautica Competition; Nautica Jeans Company; Earl Jean; John Varvatos; E. Magrath; and Byron Nelson.