Monro (MNRO) announced that its board of directors has unanimously voted to approve a limited duration shareholder rights plan. The rights plan has a one-year duration expiring on November 6, 2026. The rights plan was approved in response to the rapid accumulation of a significant beneficial ownership of the company totaling nearly 17% by Icahn Enterprises (IEP). The adoption of the rights plan is intended to protect the long-term interests of Monro and all Monro shareholders and enable them to realize the full potential value of their investment in the company. The rights plan is designed to reduce the likelihood that any entity, person or group would gain control of Monro through the open-market or other accumulation of the company’s shares without appropriately compensating all Monro shareholders for control.
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