As the long called for consolidation wave gains mo', AMEV gets ready:
>>SAN DIEGO, Calif., May 11 /PRNewswire/ --Applied Molecular Evolution, Inc. (Nasdaq: AMEV - news) announced today that its Board of Directors has adopted a Stockholder Rights Plan (the ``Rights Plan'') that is designed to strengthen the ability of the Board of Directors to protect AME's stockholders. The Rights Plan was not adopted in response to any unsolicited offer or takeover attempt.
Each Right represents the right to purchase, under certain circumstances, a fractional share of a newly created series of AME preferred stock. The Rights are triggered upon the public announcement of the acquisition by a person or group of 15 percent or more of AME's Common Stock, or ten days after commencement of a tender or exchange offer for AME Common Stock that would result in the acquisition of 15 percent or more of AME's Common Stock. The Rights expire May 10, 2011, unless redeemed or exchanged earlier by AME's Board of Directors. The Rights distribution will not be taxable to stockholders.
The Rights Plan is designed to protect AME stockholders against abusive or coercive takeover tactics and other takeover tactics not in the best interests of AME and its stockholders, such as acquisitions of control without paying all stockholders a fair premium, coercive tender offers and inadequate offers. It is not intended to prevent an offer that the Board concludes is in the best interests of AME and its stockholders. A complete copy of the Rights Plan will be included in a Form 8-K that AME plans to file today with the Securities and Exchange Commission. In addition, AME stockholders of record on May 10, 2001, will be mailed a detailed summary of the Rights Plan.<<
Cheers, Tuck |
