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- Cumulus Media Inc. (NASDAQ:CMLS) ("Cumulus Media" or the "Company") today announced that its Board of Directors (the "Board") has adopted a limited-duration shareholder rights plan ("Rights Plan") to protect the best interests of all Cumulus Media shareholders. The Rights Plan is effective immediately and will expire on February 20, 2025. The Board may consider an earlier termination of the Rights Plan if circumstances warrant.
The limited-duration Rights Plan was adopted in response to the significant accumulation of Cumulus Media stock by Renew Group Private Ltd., an entity based in Singapore (together with its affiliates, the "Group"). In adopting the plan, the Cumulus Board considered, in consultation with legal and financial advisors, among other things, that:
"Given the facts, the Cumulus Board firmly believes it is necessary to adopt a limited-duration rights plan to protect the interests of all Cumulus shareholders. The Rights Plan is intended to enable the Company's shareholders to realize the long-term value of their investment, ensure that all shareholders receive fair and equal treatment in the event of any proposed takeover of the Company, and guard against tactics to gain control of the Company without paying all shareholders an appropriate premium for that control," said Andrew Hobson, Chairman of the Board. He continued, "Cumulus Media's leadership maintains open dialogue with its investors, including the Group, and intends to continue that practice."
Posted In: CMLS