GCP answers investor maneuvers with stockholder rights plan

Sources: GCP Applied Technologies Inc., Cambridge, Mass.; CP staff

GCP directors have adopted a stockholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of company common stock. The move responds to large blocks of shares changing hands in recent weeks, netting one New York hedge fund sponsor, 40 North Management LLC, a 24.6 percent ownership stake.

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