CENTRONICS <CEN> SETS PREFERRED PURCHASE RIGHTS
Centronics Corp said its board
declared a dividend distribution of one preferred share
purchase right on each outstanding common share payable to
holders of record April 9.
    The rights, which will expire 10 years later, will entitle
shareholders to buy one-hundredth of a share of a new series of
preferred at an exercise price of 20 dlrs.
    The rights will be exercisable only if some one acquires 30
pct or more of Centronic's common or announces an offer which
would result in ownership of 30 pct or more of the stock.
    Centronics said its board will be entitled to redeem the
rights at two cts per right at any time before a 30 pct
position has been acquired.
    If the rights become exercisable, the company said, those
held by shareholders other than the owner of 30 pct or more of
the stock will entitle the holder to purchase a number of
common shares having a market value twice the right's exercise
price.
 Reuter
