Thursday, November 27, 2003

Reuters : Interesting Move by Wyeth. . .  

Wyeth to End Anti-Takeover Provision :

"NEW YORK (Reuters) - U.S. drugmaker Wyeth (WYE.N: Quote, Profile, Research) on Wednesday said its board of directors had agreed to terminate the company's shareholder rights plan on December 15 because of opposition by many of its shareholders to the anti-takeover measure.
'The board took note of the opposition of shareholders to such plans, as had been demonstrated by the approval of non-binding resolutions seeking a shareholder vote or termination of Wyeth's plan at its last two shareholder meetings,' the Madison, New Jersey-based firm said in a release.
Such plans are commonly put in place by companies as a defense against takeovers. They make unwanted acquisition advances prohibitively time consuming and expensive. "
Posted by Adil W.  |   11/27/2003 01:54:14 PM   |