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Financings in Brief: SangStat

This article was originally published in The Gray Sheet

Executive Summary

SangStat: Adopts pre-emptive shareholder rights plan designed to protect stockholders from "partial tender offers, squeeze-outs, open market accumulations and other abusive tactics to gain control of the company without paying all stockholders a control premium," the firm announces Aug. 15. Under the plan, one preferred share purchase right will be issued Aug. 25 for each outstanding common stock share. The right enables shareholders "to buy one one-hundredth of a share of a new series of junior participating preferred stock at an exercise price of $45 upon certain events," the firm explains. The rights will be exercisable if a person or group acquires or makes a tender offer for 15% or more of the company's common stock...
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