Modine to Redeem Shareholder Rights PlanJuly 22, 2002 by Jeff Shepard
The board of directors of Modine Manufacturing Co. (Racine, WI) has elected to terminate the company's Shareholder Rights Agreement. The plan will be terminated by redeeming the rights that were issued under the company's 1986 Shareholder Rights Agreement.
The rights will be redeemed at a price of $0.0125 per right, payable in cash. There is currently one right attached to each outstanding share of common stock. Shareholders do not have to take any action to receive the redemption payment and do not have to surrender stock certificates. The redemption payment will be mailed on September 5, 2002, to shareholders of record on August 23, 2002, along with the previously declared $0.125 per share quarterly dividend payment.