Casual Male amends shareholder rights plan

Canton, Mass. Casual Male Retail Group amended its shareholder rights plan Monday to broaden the spectrum of shareholders that could be considered potential acquirers.

The amended rights plan, also known as a "poison pill," lowers the beneficial ownership threshold to 5% of its common stock from 15% of its common stock. "Poison pills" are typically intended to protect a company from a hostile takeover bid.

The amendment also changes the definition of an "acquiring person" to persons or groups that are considered 5% shareholders.

Those that held more than 5% stakes in the retailer prior to the amendment will not be considered acquiring persons as long as they do not buy additional stock as of Monday.