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Tokos

This article was originally published in The Gray Sheet

Executive Summary

Board of directors declares a dividend distribution of one common stock purchase right for each outstanding share of Tokos common stock. The rights, which the firm will issue on April 19, may be exercised if any person or group acquires or announces a tender offer for at least 20% of Tokos stock. Each right entitles the bearer to purchase newly issued shares that are worth twice the right's exercise price, which is $30. The board may redeem the rights for one cent each at any time before the tenth day following an entity's acquisition of 20% or more of the common stock. Tokos says that the rights, which expire in 10 years, "are not being distributed in response to any specific effort to acquire control of the company".

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