I don't think the rights transfer with the shares. I thought that only those who owned the stock on the record date for the rights, November 21, 1996, would be entitled to the rights. Message 5599556
for the plan.
....Those rights to redeem at $500 are actually $250, because of the stock split on 8/26/97.
I imagine the Preferred Stock purchase rights at that price of $250 would only be used to try to prevent a hostile takeover, as that would make Agouron very pricey, but "how pricey" would depend too how many rights remain, or if all remain, which I doubt. I'll see if I can find out.
Agouron's Board of Directors also has the right to make each right be exchanged for one share of common stock and the Board also has the right even to redeem each right for $0.001. before the public announcement of the existence of a 15% holder.
Personally I don't think they want to be acquired. They are very independent and doing very well. IMHO, Dupont could use Agouron a lot more than Agouron needs Dupont or anyone else that has been mentioned.
I guess though if there is a very large premium, they might consider it.
See Message 5541234
FYI, Agouron's numbers in Investors Business Daily have improved
significantly, although they are obviously subject to change at any time. Today's numbers -October 5th-
EPS- 76; Relative Strength - 88 Accumulation/Distribution-A
It wasn't that long ago, the Accum/distrib. was D and E.
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