Foot Locker Board Adopts Short-term Shareholder Rights Plan - Quick Facts

(RTTNews) - Foot Locker, Inc. (FL) announced that its Board of Directors has adopted a short-term shareholder rights plan. The company noted that the Rights Plan is effective immediately and has a one-year duration, expiring on December 7, 2021.

The company's Board adopted the Rights Plan in response to a recent significant accumulation of the company's stock by Vesa Equity Investment S.a.r.l., the company's largest shareholder.

On December 4, 2020, Vesa publicly disclosed that it had acquired an additional 153,730 shares of the company's common stock, bringing its total beneficial ownership percentage to 12.2% of the company's outstanding common stock.