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Under the Company’s
share purchase rights (“Rights”) plan, a
Right is attached to each of the Company’s Common
Shares outstanding or subsequently issued, which entitles
the holder to buy from the Company one-hundredth of
one (.01) Common Share at an exercise price per whole
share of $160. The Rights expire on September 19,
2007 and are not exercisable until the occurrence
of certain triggering events, which include the acquisition
of, or tender or exchange offer for, 20 percent or
more of the Company’s Common Shares. There are
approximately 168,000 Common Shares reserved for these
Rights. The Company is entitled to redeem the Rights
at one cent per Right upon the occurrence of certain
events.
In 2000, the Company
expanded its stock repurchase program
by 1.0 million shares, which raised the
total authorization to 3.0 million shares.
Through December 31, 2000, the Company
has purchased 2.4 million shares (.7 million
shares in 2000), at a total cost of $79.5
million ($15.6 million in 2000).
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