TPTX » Topics » AXONYX INC. ADOPTS SHAREHOLDER RIGHTS PLAN

This excerpt taken from the TPTX 8-K filed May 16, 2005.

AXONYX INC. ADOPTS SHAREHOLDER RIGHTS PLAN

New York, NY, May 16, 2005  – AXONYX INC. (NASDAQ: AXYX) announced today that its board of directors approved the adoption of a shareholder rights plan.

The shareholder rights plan is designed to ensure that shareholders realize fair value and equal treatment in the event of an attempted takeover of the Corporation and to protect the Corporation and its shareholders against coersive takeover tactics. The plan was not adopted as a result of any existing or proposed potential takeover threat.

Under the terms of the plan, Axonyx is distributing one purchase right for each share of common stock outstanding to shareholders at the close of business on May 27, 2005. Axonyx will not issue a separate certificate for the rights unless and until they become exerciseable.

Each right entitles the holder to purchase from the Corporation one one-thousandth of a share of a new series of participating preferred stock at an initial purchase price of $15. The rights will become exerciseable and will detach from the common stock for a specified period after any person or group, without the approval of the Corporation’s board of directors, has become the beneficial owner of, or commences a tender offer or exchange offer for, 15% or more of the then outstanding shares of Axonyx common stock (subject to certain exceptions).

Axonyx has filed the necessary forms, which give complete details of the shareholder rights plan, with the Securities and Exchange Commission.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki