National Instruments Seeks Strategic Options; Adopts 'Poison Pill' To Avoid Hostile Takeover
- National Instruments Corp's (NASDAQ: NATI) board evaluates strategic options in consultation with its financial and legal advisors.
- The comprehensive review will include various strategic, business, and financial alternatives, including solicitation of interest from potential acquirers.
- The board also approved a limited-duration shareholder rights plan and dividend distribution of one right for each outstanding share.
- The Rights Plan, commonly known as the "poison pill" strategy, intends to reduce the likelihood that any person or group gains control of the company through open market accumulation or other tactics.
- The rights will be exercisable if a person or group acquires beneficial ownership of 10% or more of NI's outstanding common stock.
- The rights plan will expire on January 12, 2024.
- Last month NATI announced the appointment of Daniel Berenbaum as the CFO, effective January 9, 2023. Berenbaum succeeded Karen Rapp, who announced her retirement.
- Price Action: NATI shares traded higher by 17.08% at $47.03 on the last check Friday.
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