Greenwood Village’s Ciber Inc. moved Thursday to rid itself of its so-called “poison pill,” a mechanism to protect management and prevent hostile takeovers.
The decision to terminate its shareholder rights agreement — the poison pill — will improve corporate governance and goes into effect June 1, the company said. The action has no impact on Ciber’s common stock.
In February, a group of unhappy shareholders critical of the stock’s 45 percent decline during long-time chairman Paul A. Jacobs tenure urged the company to revamp its board.
Last month, Ciber nominated Mark Lewis as a new independent director and said it is actively recruiting two new ones. At the same time, Jacobs agreed not to seek re-election, and two other board members stepped down.
Jeff Eberwein, who led the shareholder group that pushed for change, said Thursday, “I’m very happy with the changes that have been made to improve the board and Ciber’s corporate governance.”
Ciber’s stock closed at $3.46, down 1.6 percent for the day.
