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Visx

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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Visx

Ophthalmic laser manufacturer amends "poison pill" shareholder rights plan to provide a 90-day window for Carl Icahn to fully finance a cash tender offer to acquire the firm for a minimum of $32 per share (1"The Gray Sheet" April 23, 2001, p. 14). The rights plan was initially adopted in July 2000 to guard against an unolicited takeover attempt by Icahn (2"The Gray Sheet" Aug. 7, 2000, p. 19). Under the plan, shareholders of record as of Aug. 7, 2000 are entitled to buy one share of Visx stock for $150 if an individual or company acquires more than 10% of Visx. Separately, an Institutional Shareholders Services (ISS) advisory board has recommended Visx stockholders vote for the Visx slate of director candidates at the May 4 annual shareholders meeting, opposing Icahn's rival slate

Visx

Ophthalmic laser manufacturer amends "poison pill" shareholder rights plan to provide a 90-day window for Carl Icahn to fully finance a cash tender offer to acquire the firm for a minimum of $32 per share (1"The Gray Sheet" April 23, 2001, p. 14). The rights plan was initially adopted in July 2000 to guard against an unolicited takeover attempt by Icahn (2"The Gray Sheet" Aug. 7, 2000, p. 19). Under the plan, shareholders of record as of Aug. 7, 2000 are entitled to buy one share of Visx stock for $150 if an individual or company acquires more than 10% of Visx. Separately, an Institutional Shareholders Services (ISS) advisory board has recommended Visx stockholders vote for the Visx slate of director candidates at the May 4 annual shareholders meeting, opposing Icahn's rival slate

Visx

Financier Carl Icahn proposes to nominate six directors to the Visx board at the firm's annual shareholder meeting in late May, according to a Dec. 5 13D filing with the Securities and Exchange Commission. Icahn is seeking to convince the ophthalmic excimer laser manufacturer to merge operations with a larger ophthalmic surgical or pharmaceutical company to enhance shareholder value. Visx adopted a poison pill shareholder rights plan earlier this year to thwart a possible hostile takeover bid that takes effect if an individual or company acquires more than 10% of Visx (1"The Gray Sheet" Aug. 7, 2000, p. 19). Icahn has a 9.95% stake

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