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This article was originally published in The Gray Sheet

Executive Summary

Shareholder rights plan adopted July 28 by the ophthalmic laser manufacturer is aimed at financier Carl Icahn's bid to acquire an equity stake of more than $15 mil. but less than 15% of the company through Icahn Associates. Under the plan, shareholders of record Aug. 7 are entitled to buy one share of Visx stock for $150 if an individual or company acquires more than 10% of Visx. The rights expire July 28, 2010. The company's stock rose 14.5% to 25-3/16 the day following the announcement, and closed the week of Aug. 4 at $25-1/2
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