August 21, 2012 / 8:32 PM / 5 years ago

Wet Seal adopts shareholder rights plan

Aug 21 (Reuters) - Women's apparel retailer Wet Seal Inc said it has adopted a shareholder rights plan about a month after a top shareholder called for a sale of the company.

The rights plan, which is scheduled to expire on June 30, 2013, will trigger if a person or group acquires 10 percent or more of the outstanding Class A common stock or announces a tender offer for 10 percent or more of the Class A common stock.

Asset management firm Clinton Group, one of Wet Seal's top shareholders, called for the sale of the company in July after Wet Seal fired Chief Executive Susan McGalla.

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