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Exhibit 99.2
FOR IMMEDIATE RELEASE
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FOR ADDITIONAL INFORMATION CONTACT:
Walker Contact:
Stanley V. Vogler
415-243-2737
[email protected]
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WALKER INTERACTIVE SYSTEMS, INC.
ADOPTS STOCKHOLDER RIGHTS PLAN
San Francisco, California, June 2, 2000 - Walker Interactive Systems, Inc.
(NASDAQ: WALK), a global provider of e-business solutions for the enterprise,
today announced that its Board of Directors approved the adoption of a
Stockholder Rights Plan under which all stockholders of record as of June 22,
2000 will receive rights to purchase shares of a new series of Preferred Stock.
The Rights Plan is designed to enable all Walker Interactive Systems, Inc.
stockholders to realize the full value of their investment and to provide for
fair and equal treatment for all stockholders in the event that an unsolicited
attempt is made to acquire Walker. The adoption of the Rights Plan is intended
as a means to guard against abusive takeover tactics and is not in response to
any particular proposal.
The rights will be distributed as a non-taxable dividend and will expire in ten
years from the record date. The rights will be exercisable only if a person or
group acquires 15% or more of the Walker Common
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WALKER INTERACTIVE SYSTEMS, INC. ADOPTS STOCKHOLDER RIGHTS PLAN 2-2-2-2-2
Stock or announces a tender offer for 15% or more of the Common Stock. If a
person acquires 15% or more of the company's Common Stock, all rights holders
except the buyer will be entitled to acquire the company's Common Stock at a
discount. The effect will be to discourage acquisitions of more than 15% of the
Common Stock of Walker without negotiations with the Board.
The rights will trade with the company's Common Stock, unless and until they are
separated upon the occurrence of certain future events. The rights distribution
is not taxable to the stockholders. The company's Board of Directors may
terminate the Rights Plan at any time or redeem the rights prior to the time a
person acquires more than 15% of the company's Common Stock. Additional details
regarding the Rights Plan will be outlined in a summary to be mailed to all
stockholders following the record date.
ABOUT WALKER:
Walker Interactive Systems, Inc. (Nasdaq: WALK), headquartered in San Francisco,
California, is a leading, global provider of e-business solutions for the
enterprise. The Walker family of e-business applications and vertical industry
solutions, combined with integration and consulting services, are utilized by
Global 2000 organizations in industries, including banking and financial
services, paper, retail, transportation and utilities. Information about Walker
is available at www.walker.com or 1-800-PICK-WALKER.
Copyright -C- 2000 Walker Interactive Systems, Inc. Walker, Horizon and Deep
e-business solutions are trademarks and/or registered trademarks of Walker
Interactive Systems, Inc. All other brand and product names are trademarks of
their respective owners.
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