Long Beach Financial OKs Stockholder Rights Plan
<i> Dow Jones</i>
ORANGE —
Long Beach Financial Corp.’s board adopted a stockholder rights plan designed to take effect if an investor or group acquires a stake of 15% or more in the mortgage loan company.
The Orange-based company said it will distribute to its shareholders one right to purchase preferred stock for each outstanding share of common stock.
Long Beach Financial said the plan is not a response to any specific takeover threat.
