Chicago is My Home

05
Jun

Chicago Business Software Firm SPSS Approves Shareholder Rights Plan

Author: Adam Fendelman, Category: Business

CHICAGO – Chicago business software company SPSS will replace its existing shareholder rights plan on June 18, 2008, the company announced on Wednesday.

Its board approved a new plan that will give each shareholder a tax-free dividend of one common share right for each outstanding share of SPSS, according to an Associated Press report on Wednesday. Qualifying shareholders will be able to buy 0.5 shares of common stock – valued at $175 – for every share right they hold.

The new shareholder rights plan will take effect on June 18, 2008 when the existing plan expires. A shareholder rights plan, which is also know as a “poison pill” provision, makes it more expensive to buy out the company and thus protects it from unwanted takeovers.

Originally developed in the academic setting of the University of Chicago and incorporated in 1975, SSPS uses software to gather hard statistics from companies and then utilizes the data to develop effective business growth strategies.

By Megan O’Neil