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Biotech / Medical : Heartstream Inc. ( HTST )
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To: regine who wrote (37)12/11/1996 9:18:00 PM
From: Lorraine McConaghy   of 97
 
On Monday, Heartstream announced a Stockholder Rights Plan which declares a "dividend distribution of one Preferred Share Purchase Right for each outstanding share of the Company's Common Stock. Each right will entitle shareholders to buy one one-thousandth of a share of the Company's Series A Participating Preferred Stock at an exercise price of $75." (This is quoted from the press release, which you can read in its entirety at the Nasdaq site or in Yahoo's business wire section.)

This distribution will be made to stockholders of record on January 6, 1997. The goal of the plan is "to secure for stockholders the long term value of their investment and to protect stockholders from coercive takeover attempts by strongly encouraging anyone seeking to acquire the Company to negotiate with its Board of Directors."

The release is quite lengthy -- it seems to be a "poison pill" of some kind to prevent hostile takeover but I've read it five or six times and I still don't really understand it. Any ideas?

Thanks,

Lorraine McConaghy
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