UPDATE 1-Casual Male lowers trigger on shareholder rights plan
* Lowers trigger on rights plan to 5 pct from 15 pct
June 29 (Reuters) - Casual Male Retail Group Inc (CMRG.O) said its board lowered the trigger on its existing shareholder rights plan to 5 percent from 15 percent.
The men's apparel retailer said the change to its existing rights plan will be effective until the date immediately following its upcoming annual meeting or Aug. 31, whichever comes earlier.
A shareholder rights plan, also called poison pill, is a provision that makes hostile takeovers difficult and typically works by giving shareholders the ability to buy stock at a bargain price in the event a predator buys a stake above a certain level.
Casual Male, which operates 466 Casual Male XL stores and 27 Rochester Big & Tall stores, said the amendment exempts shareholders who currently own more than 5 percent of its common stock as long as they do not acquire additional shares. (Reporting by Dhanya Skariachan in Bangalore; Editing by Himani Sarkar )
