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Technology Stocks : Watkins-Johnson

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To: Everard Taylor who wrote (19)	10/1/1996 11:05:00 AM
From: margie	of 75

Watkins-Hohnson Board Approves New Shareholder Rights Plan Reported by Business Wire 8:00 P.M 9/30 Board approved extension and revision of its 1986 shareholder rights plan which expires next month. "The new plan is similar to those adopted by many companies. It is not being instituted in response to any known effort to acquire control of the company, nor to foreclose a fair acquisition bid for the company, should one be made." Dean Watkins, chairman. Rights become exercisable ten days after any person or group, not previously approved by the board, acquires at least 15 percent of WJ's common stock or announces a tender offer for at least that much stock. If rights become exercisable because someone makes an offer, each right will entitle the holder to buy one share of WJ common stock for $160. If 15% of WJ acquired without prior board approval, each right will entitle holder to purchase for $160, common stock valued at twice that amount. If WJ acquired in unapproved merger, unexercised rights could purchase stock of acquirer at 50% discount to then current market price.

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