Express adopts shareholder rights plan after stock slides 61% year-to-date in coronavirus pandemic [MarketWatch]
Express, Inc. (EXPR)
Last express, inc. earnings: 3/11 06:45 am
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Source: MarketWatch
Express Inc. said Tuesday it is adopting a shareholder rights plan to avoid any group or individual from taking advantage of the slump in the company's share price during the coronavirus pandemic. The Columbus, Ohio-based clothing retailer said the plan, also known as a poison pill, has a one-year term and is not being introduced in the face of any known bid or other proposal to take over the company. Many companies have adopted similar plans during the pandemic, which has stalled the economy as workers are ordered to stay at home and plants and retail outlets are closed. Express shares rose 1.6% premarket, but have fallen 61% in the year to date, while the S&P 500 has fallen 13%.
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