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Collagen Corp.

This article was originally published in The Gray Sheet

Executive Summary

Establishes shareholder rights plan "intended to provide protection to...stockholders from abusive and coercive tactics that are often prevalent in attempted takeovers," the company states. The plan is not designed to "prevent a fair acquisition," Collagen says, adding that it is not aware of any acquisition proposals. The plan was adopted in response to the recent increase in health care industry takeovers, the company explains. The rights will be distributed to shareholders of record on Dec. 14, and will become exercisable 10 days after a person or group acquires 20% or more of the firm's stock. Collagen also reports that it has completed its latest stock repurchase effort, re-acquiring 300,000 additional shares "in the open market." The company has repurchased about 1.2 mil. shares at an average price of $22.50 per share since the inception of its repurchase program in February 1993
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