Visx
This article was originally published in The Gray Sheet
Executive Summary
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
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