RoW Short Takes
News | 03/31/2003 5:00 am EST
Look Communications board approves rights offering
The board of directors of Look Communications Inc. has approved a rights offering for the company’s current shareholders. Under terms of the offering, shareholders would be able to purchase additional common shares of Look. Details of the plan are still under wraps, but the company expects to file the plan with the appropriate authorities in April. Look expects to generate approximately $20 to $25 million from the rights offering. Commonly referred to as a poison pill, a rights offering can offer significant protection against a hostile takeover bid. Last year, Craig Wireless International Inc. upped its stake in Look to about 30% by buying shares from Teleglobe Inc. (RoW, Feb. 4/03).