TETRA Technologies Terminates Poison Pill Plan

Watch stocks you care about

The single, easiest way to keep track of all the stocks that matter...

Your own personalized stock watchlist!

It's a 100% FREE Motley Fool service...

Click Here Now

Saying it understands that shareholders rights plans are looked upon unfavorably by shareholders and institutional investors, TETRA Technologies (NYSE: TTI  ) allowed its poison pill plan to expire last night at 5:00 p.m., Houston, TX time, by approving an amendment accelerating the expiration date of the preferred stock purchase rights from Nov. 6, 2018 to March 13.

"In light of the general disfavor of 'poison pill' plans by institutional investors and stockholder groups," TETRA's president and CEO Stuart M. Brightman said in a statement, "our board of directors has determined that the termination of the rights plan will demonstrate our goal of maintaining sound corporate governance policies and procedures throughout our company."

According to data on Yahoo! Finance, institutional investors and mutual funds own 86% of TETRA Technologies' stock, and 89% of its float. Insiders hold just 3%. 

TETRA is a geographically diversified oil and gas services company. It adopted the stockholders' rights plan on Oct. 27, 1998, as a means of assuring all of its stockholders receive fair and equal treatment in the event of a proposed takeover.

Read/Post Comments (0) | Recommend This Article (2)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2314308, ~/Articles/ArticleHandler.aspx, 9/25/2016 5:21:26 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 1 day ago Sponsored by:
DOW 18,261.45 -131.01 -0.71%
S&P 500 2,164.69 -12.49 -0.57%
NASD 5,305.75 -33.78 -0.63%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

9/23/2016 4:02 PM
TTI $5.60 Down -0.15 -2.61%
TETRA Technologies CAPS Rating: ***