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Biotech / Medical : DYAX: Dyax Corp.
DYAX 38.410.0%Jan 25 4:00 PM EST
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To: keokalani'nui who wrote (18)6/27/2001 6:01:13 PM
From: nigel bates   of 197
 
Dyax Corp. Adopts Shareholder Rights Plan

CAMBRIDGE, Mass.--(BUSINESS WIRE)--June 27, 2001--Dyax Corp. (Nasdaq: DYAX - news) announced today that its Board of Directors has adopted a Shareholder Rights Plan. Henry Blair, Dyax's Chairman and Chief Executive Officer, stated ``The Plan is designed to ensure that all Dyax shareholders will receive fair and equal treatment in the event of any unsolicited offer or takeover attempt to acquire Dyax. The Plan is intended to provide the Board of Directors with sufficient time to consider any and all alternatives to an action to gain control. The plan was not adopted in response to any specific effort to acquire control of Dyax.''
Under the terms of the Plan, each holder of Dyax common stock at the close of business on June 27, 2001 will receive as a dividend one right for each share of common stock held as of that date. Initially, the rights will not be exercisable and will trade with the shares of Dyax's common stock. Under the Plan, the rights generally will become exercisable if after this date a person acquires or commences a tender offer for beneficial ownership of 15% or more of Dyax's common stock.
Additional details concerning the terms of the Plan will be outlined in a letter which will be mailed to Dyax shareholders following the June 27, 2001 record date. A complete copy of the Plan will be included in a Current Report on Form 8-K that Dyax will file with the SEC...
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