Archive Adopts Takeover Guard
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Archive Corp., a Costa Mesa manufacturer of computer tape drives, has adopted a “shareholder rights plan” intended to deter a hostile takeover attempt.
The plan would be triggered in the event someone acquired 20% or more of the company’s stock or made a tender offer that would result in ownership of 30% or more of the stock, the company said. The plan would enable Archive holders to buy stock at a reduced price.
Robert Maples, an Archive spokesman, said the plan is not a response to any specific takeover activity involving the company. He said the company has had no recent takeover offers.
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