ORANGE, Conn.--(BUSINESS WIRE)--Dec. 17, 2008--Hubbell Incorporated (NYSE: HUBA, HUBB) announced today that its Board
of Directors has extended the expiration date of its Shareholder Rights
Agreement to December 31, 2018. The Agreement was set to expire in
December 2008. The Agreement was amended to conform with current
practice - no other substantive amendments were made.
The purchase price of each Right issued under the Rights Agreement
remains at $175. The Rights Agreement also retains the trigger threshold
of 20 percent or more of the Class A common stock for both "flip-in" and
"flip-over" events and the shareholder-friendly "permitted tender offer"
exception.
The Board's decision to extend the Agreement is a continuation of
Hubbell's efforts to protect the long term interests of its shareholders
by encouraging potential acquirers to avoid the use of potentially
coercive or manipulative takeover practices and to negotiate with the
Board of Directors. Hubbell's Rights Agreement addresses special
concerns relating to the Company's dual-class common stock
capitalization whereby a potential acquirer of high-vote Class A common
stock could attempt to treat Class B common stockholders unfairly.
Hubbell Incorporated is an international manufacturer of quality
electrical and electronic products for a broad range of non-residential
and residential construction, industrial and utility applications. With
2007 revenues of $2.5 billion, Hubbell Incorporated operates
manufacturing facilities in the U.S., Canada, Puerto Rico, Mexico,
Italy, Switzerland, Brazil, Australia and the United Kingdom,
participates in joint ventures in Taiwan and the People's Republic of
China, and maintains sales offices in Singapore, Hong Kong, South Korea,
the People's Republic of China, Mexico, and the Middle East. The
corporate headquarters is located in Orange, CT.
CONTACT: Hubbell IncorporatedWilliam R. Sperry, 203-799-4100
Source: Hubbell Incorporated