In an attempt to boost shareholder value, Com21 Inc. has hired Investec Inc. to evaluate its strategic and business alternatives. The company's shares traded at 33 cents just after noon EDT today.
The systems provider for the broadband access market also adopted a new shareholder rights plan designed to deter takeovers. Under the plan, rights will be distributed as a dividend at the rate of one right for each share of Com21 common stock, par value $0.001 per share held by stockholders of record as of Aug. 7, 2002. The plan goes into effect, if any person or group gains control of 15 percent or more of Com21's shares
The company says it did not adopt the new plan in response to a takeover attempt.
Com21 lowered its second-quarter guidance earlier this month.