Crown Holdings adopts shareholder rights plan after Carl Icahn accumulates 8.5% stake

CROWN HOLDINGS, INC.

Carl Icahn filed Schedule 13D on Nov 3 disclosing ~8.5% beneficial ownership and HSR notice to acquire up to 20% of CCK.
Board unanimously adopted a limited-duration rights plan with a 10% trigger, effective immediately and expiring Nov 6, 2023.
Existing holders at or above 10% are grandfathered but trigger rights if they increase ownership by 0.5% or more.
Each right entitles holder (other than the triggering person) to buy CCK common stock valued at twice the $300 exercise price.
Rights plan aims to prevent open-market accumulation without paying all shareholders an appropriate control premium.

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