Morgans Hotel Group Co. ("MHG" or the "Company") today announced that its Board of Directors has voted to terminate the Company's stockholder rights plan, commonly known as a "poison pill," on or before October 3, 2013. Additionally, the Company has established a new policy that requires stockholder approval of any future stockholder rights plan either prior to, or within twelve months of adoption of, such plan."The decision to terminate the plan early and establish a new policy reflects our ongoing commitment to good corporate governance practices and responsiveness to our stockholders," said Michael Gross, CEO of the Company.
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