Pioneer's Board adopted the amendment to its rights plan following requests received by the Company from time to time to increase the ownership threshold. The plan was originally adopted in 2001 and includes safeguards against partial or two-tiered tender offers, squeeze-out mergers and other abusive takeover tactics that limit the ability of all stockholders to realize the long-term value of their investment in Pioneer. The rights expire on July 31, 2011.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, Canada and Africa.
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