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March 19 – March 26, 2009 Edition
Borders Faces NYSE
Delisting Without Stock Boost
ANN ARBOR, MI–Authorlink News/03/19/09-Borders Group may attempt to boost the value of its stocks via a reverse stock split to avoid being delisted on the New York Stock Exchange (NYSE).
The company said it may ask shareholders in its annual meeting May 21 to amend its articles of incorporation to allow the number of shares to be decreased, thus increasing the value per share and maintaining Borders Exchange listing, a move generally viewed negatively by investors.
Borders also said it would only ask stockholders for the amendment if it is unable to comply with NYSE requirements without passing the measure.
The annual meeting is scheduled Thursday, May 21, 2009 at 11:30 a.m. Eastern at the Ann Arbor Marriott Ypsilanti at Eagle Crest, 1275 S. Huron St., Ypsilanti, Mich. 48197. Shareholders of record as of March 24, 2009 will be entitled to vote on the measure.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. is a leading retailer of books, music and movies with approximately 27,000 employees. Through its subsidiaries, the company operates more than 1,000 stores primarily under the Borders(R) and Waldenbooks(R) brand names and offers online shopping through Borders.com.
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