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Stockholder Rights Plan | 12 Months Ended
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Jan. 02, 2018
Stockholder Rights Plan |
Stockholder Rights Plan | 15. Stockholder Rights Plan We currently have a stockholder rights plan that provides for the distribution to stockholders of one right to purchase a unit equal to 1/100th of a share of junior participating cumulative preferred stock. The rights are evidenced by our common stock certificates and automatically trade with our common stock. The rights are not exercisable unless a person or group acquires (or commences a tender or exchange offer or announces an intention to acquire) 15% or more of our common stock (or 20% or more if such person or group was beneficial owner of 10% or more of our common stock on August 4, 1998) without the approval of our Board. When declared exercisable, holders of the rights (other than the acquiring person or group) would have the right to purchase units of junior participating cumulative preferred stock having a market value equal to two times the exercise price of each right, which is $110. Additionally, if we are thereafter merged into another entity, or if more than 50% of our consolidated assets or earnings power is sold or transferred, holders of the rights will be entitled to buy common stock of the acquiring person or group equal to two times the exercise price of each right. These rights expire on August 4, 2018, unless redeemed earlier by us. On February 15, 2018, our Board of Directors announced that upon the expiration of our stockholder’s rights plan, it is its intention not to adopt another shareholder rights plan unless, in the exercise of its fiduciary responsibilities, it determines that it is in the best interests of the stockholders under the circumstances to adopt such plan without the delay that would result from seeking stockholder approval, thereafter put such plan to a stockholder ratification vote within 12 months of adoption, and if such plan is not approved by a majority of the votes cast, terminate the plan.

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