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Subsequent Events
6 Months Ended
Oct. 27, 2018
Subsequent Events [Abstract]  
Subsequent Events
Note 16. Subsequent Events

Effective on November 16, 2018, the Board of Directors of the Company declared a dividend of one right (a “Right”) for each of the Company’s issued and outstanding shares of common stock, no par value per share. The dividend was paid to the shareholders of record at the close of business on November 19, 2018 (the “Record Date”). Each Right entitles the holder, subject to the terms of the “Rights Agreement” (as defined below), to purchase from the Company one one-thousandth of one share of the Company’s Series A Junior Participating Preferred Stock at an initial exercise price of $25.00 per Right, subject to certain adjustments. The description and terms of the Rights are set forth in the Rights Agreement dated as of November 16, 2018 (the “Rights Agreement”) between the Company and Equiniti Trust Company, as Rights Agent, and are more fully described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 16, 2018.