22.03.2007

Manitowoc renews rights agreement

Crane manufacturer Manitowoc has approved a new rights agreement, which gives each shareholder the right to buy one new share at $220 for each share they own as of the end of March.

The rights will only be exercisable if a person or group acquires 20 percent or more of the Company's Common Stock.

The rights agreement replaces a previous agreement that expired in September, the company has had similar agreements in place since 1986..

Terry D. Growcock, Manitowoc's chairman and chief executive officer said: "The Board of Directors has considered this matter carefully, especially in view of the increased attention that rights agreements have received in the past few years in the institutional investment community. The Board believes that a rights agreement assists the Board in fulfilling its fiduciary duties to the Company and its shareholders”