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NEWS THOMAS & BETTS CORPORATION
8155 T&B Boulevard
Memphis, TN 38125
(901) 252-5466
[THOMAS & BETTS LOGO]
FOR IMMEDIATE RELEASE CONTACT: Tricia Bergeron
(901) 252-8266
[email protected]
THOMAS & BETTS CORPORATION DECLARES CASH DIVIDEND
COMPANY'S BOARD OF DIRECTORS EXTENDS TERM OF SHAREHOLDER RIGHTS PLAN
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MEMPHIS, TENN., September 6, 2000 -- Thomas & Betts Corporation (NYSE:TNB)
announced that the company's board of directors declared a regular quarterly
dividend of 28 cents per share at a meeting held today. The dividend is
payable on October 2, 2000 to shareholders of record at the close of business
on September 18, 2000. Thomas & Betts' board of directors also extended the
term of the company's Shareholder Rights Plan, originally adopted in 1997, to
December 15, 2003.
"Thomas & Betts has paid a dividend each quarter since 1934," said Kevin
Dunnigan, chairman and chief executive officer of Thomas & Betts. "We are
pleased to continue this payment. Furthermore, our board's decision to extend
the term of the shareholders rights plan is consistent with our desire to
provide our shareholders maximum value in the event of an unsolicited take
over attempt."
Dunnigan said that extending the term of the Shareholder Rights Plan was
part of the board's normal course of business for the year 2000 given the
pending expiration of the plan in December 2000. He emphasized that the
board's action was not in response to a solicitation by a potential acquirer.
The effect of the Shareholder Rights Plan is to allow shareholders to
buy additional shares of the company's stock at a 50 percent discount in the
event of a hostile attempt to acquire the company. The rights are intended to
deal with the serious problem of another person or group using abusive tactics
to acquire Thomas & Betts thereby preventing the company's board and its
shareholders the opportunity to fully realize the long-term value of their
investment in the company. The rights will not prevent a takeover, but should
encourage anyone seeking to acquire the company to negotiate with the board
prior to attempting a takeover.
The rights will expire on December 15, 2003 unless earlier exchanged or
redeemed. The rights will be exercisable only if a person or group acquires
15 percent or more of Thomas & Betts common stock or announces a tender offer
which would result in ownership of 15 percent or more of the common stock.
Each right will entitle the shareholder to buy one-two-hundredths of a share
of junior participating preferred stock at an exercise price of $100.
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Thomas & Betts Corporation is one of the world's leading designers and
manufacturers of electrical connectors and components for worldwide markets.
Headquartered in Memphis, Tennessee, the company has manufacturing,
distribution, and office facilities worldwide.
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THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO
MANY UNCERTAINTIES IN THE COMPANY'S OPERATIONS AND BUSINESS ENVIRONMENT. SUCH
UNCERTAINTIES, WHICH ARE DISCUSSED FURTHER IN THE COMPANY'S QUARTERLY FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION, MAY CAUSE THE ACTUAL RESULTS OF
THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS EXPRESSED OR
IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.
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