DEERFIELD, IL - Fortune Brands Home & Security (NYSE: FBHS), parent of MasterBrand Cabinets, says the stockholder rights plan adopted prior to its public offering has expired.
“In view of the circumstances at the time the company was preparing to become an independent, publicly-traded business, adopting a stockholder rights plan was an appropriate step to protect stockholders,” said Chris Klein, CEO. , Fortune Brands Home & Security. “After considering the performance of our business and stock over the past year and other factors, the board decided to permit the stockholder rights plan to terminate upon the expiration of its initial one-year term.”
Fortune Brands Home & Security is the parent of Master Lock security products, MasterBrand cabinets, Moen faucets, Simonton windows and Therma-Tru entry door systems. It employs 16,000 and generated $3.3 billion in net sales in 2011.
Have something to say? Share your thoughts with us in the comments below.