04:55 PM EDT, 10/11/2024 (MT Newswires) -- Vera Bradley ( VRA ) said late Friday it has secured approval from its board to adopt a limited duration rights plan through Oct. 11, 2025, to protect shareholders' interests and maximize investor value.

Under the plan, one right will be distributed for each outstanding common share.

The rights are exercisable if a person, entity or group acquires beneficial ownership of at least 15% of outstanding common shares in a transaction not approved by the board, or if an existing shareholder that already beneficially owns at least 15% of the outstanding common shares acquires additional shares, the company said.

Shares of Vera Bradley ( VRA ) were up 5.4% in recent after-hours activity.

Price: 5.46, Change: +0.28, Percent Change: +5.36