Wayne Savings Bancshares Inc.'s deal with Ancora Advisors LLC and affiliates includes a standstill agreement under which the latter agrees to not propose "any business combination, restructuring, recapitalization or similar transaction" at the Wooster, Ohio-based company.
Nor will Ancora seek a change in management or policies or transfer its interest in Wayne to any party "that would reasonably be understood to be hostile toward Wayne," according to its regulatory filing.
Ancora has secured a board seat at Wayne in exchange. The investor now beneficially holds 163,636 shares, or a 5.88% stake, in the company. It had previously reported 4.9% ownership.
