10:42 AM EDT, 10/08/2024 (MT Newswires) -- Container Store Group ( TCS ) said Tuesday it has adopted a limited-duration shareholder rights plan through Oct. 7, 2025.

The move is in response to the "rapid and significant accumulation of the company's common stock by a single stockholder and to protect value for all of the company's stockholders," Container Store ( TCS ) said.

Under the plan, one preferred stock purchase right will be distributed for each common share held by shareholders of record Oct. 23. The rights will become exercisable if a person or group acquires at least 20% of the company's common shares. Each right will entitle the holder to buy additional common shares at a 50% discount, the company said. The rights will expire Oct. 7, 2025.

Container Store ( TCS ) shares were down 9.1% in recent trading.

Price: 9.25, Change: -0.93, Percent Change: -9.10