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T Cell Sciences

This article was originally published in The Gray Sheet

Executive Summary

Adopts shareholder rights plan "designed to ensure that all of our stockholders receive fair treatment in the event of any proposed takeover of T Cell Sciences." The plan will distribute a dividend of one preferred stock purchase right for each outstanding share in the event that: 1) "a person acquires 15% or more of the common stock of T Cell Sciences" or 2) "a person commences a tender offer that would result in that person owning 15% or more of the common stock of T Cell Sciences." T Cell says "the plan has not been adopted in response to any specific takeover threat or proposal"
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