Entercom Communications Adopts Limited Duration Shareholder Rights Plan
ENTERCOM COMMUNICATIONS (ETM)
Last entercom communications earnings: 2/25 08:00 am
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US:NYSE Investor Relations:
entercom.com/investors
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Source: Business Wire
PHILADELPHIA--(BUSINESS WIRE)--Entercom Communications Corp. (NYSE: ETM) (“Entercom” or the “Company”) announced today that its Board of Directors (the “Board”) has adopted a limited duration shareholder rights plan (the “Plan”) to protect the long-term interests of its shareholders. The Plan has a one-year duration, expiring April 20, 2021.The Board adopted the Plan at this time due to the unprecedented impact of the COVID-19 pandemic on equity market valuations which has led to substantial volatility in the trading of the Company’s stock and a dislocation in Entercom’s share price. The Plan is similar to those adopted by other publicly held companies and is intended to promote the fair and equal treatment of all shareholders and ensure that the Board remains in the best position to uphold its fiduciary duties to the Company and its shareholders. The Plan is designed to allow shareholders to realize the long-term value of their investment by guarding against opportunistic efforts
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