Interval Leisure adopts rights plan in absence of takeover activity

By Lisa Kerner

Charlotte, N.C., June 10 - The board of directors of Interval Leisure Group, Inc. adopted a stockholder rights plan, the company announced on Wednesday.

Interval Leisure said the plan is designed to protect its stockholders in the event of an unsolicited takeover proposal and is not in reaction to any takeover activity.

The board declared a distribution of one preferred stock purchase right for each share of Interval Leisure's common stock in connection with the plan.

The record date for the distribution is June 22, according to an Interval Leisure news release.

Under the plan, the rights will be triggered if a person or group acquires or begins a tender offer to acquire beneficial ownership of 15% or more of Interval Leisure's common stock, with certain exceptions.

Interval Leisure said it can redeem the rights for $0.001 per right, subject to adjustment, any time before the rights become exercisable.

The rights will expire on June 10, 2019 unless earlier redeemed, exchanged or amended by Interval Leisure's board, said the company.

Miami-based Interval Leisure offers membership and leisure services to the vacation industry.

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