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EXHIBIT 99.1
REEBOK INTERNATIONAL LTD. BOARD AMENDS SHAREHOLDER RIGHTS PLAN
Canton, MA (June 6, 2000) - Reebok International Ltd. announced today that its
Board of Directors has approved an amendment to its existing shareholder rights
plan which was originally adopted in 1990. Among other modifications, the
amendment increases from 10% to 15% the amount of outstanding shares of the
Company's common stock that any person or group of persons may acquire by
purchase, tender or exchange before triggering the rights.
The amendment also extends the term of the shareholder rights plan for an
additional ten years until June 14, 2010. Additionally, the amendment creates a
TIDE (Three-Year Independent Director Evaluation) Committee consisting of three
of the independent members of the Reebok Board who will review and evaluate the
plan at least every three years to consider whether the plan continues to be in
the best interest of the Company, its stockholders and any other relevant
constituencies of the Company. The provisions of the amendment were adopted in
response to several issues raised by the Company's shareholders.
The shareholder rights plan provides that, with certain exceptions, if a person
or group acquires beneficial ownership of 15% or more of the then outstanding
shares of the Company's common stock or announces a tender or exchange offer
that would result in such person or group owning 15% or more of the then
outstanding shares of common stock, each rightholder would be entitled to
purchase shares of the Company's common stock having a market value equal to two
times the exercise price of the right. The Board of Directors may redeem the
rights at the redemption price of $.01 per right, subject to adjustment, at any
time prior to the earlier of the date on which the rights are triggered pursuant
to the plan and June 14, 2010, the expiration date of the rights.
Reebok International Ltd., headquartered in Canton, MA., is a leading worldwide
designer, marketer and distributor of sports, fitness and casual footwear,
apparel and equipment under the Reebok, Rockport and Greg Norman brands, and
footwear under the Polo/Ralph Lauren brand. Sales for 1999 totaled
approximately $2.9 billion. Reebok can be accessed on the World Wide Web at
reebok.com.
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Investor Contact: Neil Kerman, Vice President,
Corporate Finance
(718) 401-7152
Media Contact: Denise Kaigler, Senior Director,
Global Communications
(781) 401-7869
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