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ProPetro Adopts Poison Pill Strategy After Wilks Bros. Investment
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ProPetro Holding Corp.'s board has approved the adoption of a short-term (less than one-year) stockholder rights plan in the form of a "poison-pill" strategy.
This comes on the heels of the Wilks Brothers LLC taking a 10% stake in the company.
The strategy is used to guard against tactics to gain control of the Company without paying all stockholders an appropriate premium for that control.
The Board believes that the current trading price of the Company’s common stock does not reflect the Company’s long-term value, making ProPetro a takeover target.
The Rights Plan has a term of less than one year, expiring on March 31, 2021.
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