Closure Medical adopts rights plan:
This article was originally published in Clinica
Executive Summary
Closure Medical, which develops and manufactures adhesive products based on its proprietary cyanoacrylate technology for wound closure, has put in place a shareholder rights plan. The plan is activated if a third party acquires 15% or more of the company or announces a tender amount for that amount. "We believe that the plan protects stockholder interests in the event that the company is confronted with coercive or unfair takeover tactics, including offers that do not treat all stockholder interests fairly or do not maximise the value of the company," said Robert Toni, president and CEO of the Raleigh, North Carolina-based company.
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