Forest Laboratories, Inc. FRX today announced that its newly
constituted Board of Directors adopted a stockholder rights plan and declared
a dividend distribution of one Preferred Share Purchase Right on each
outstanding share of Forest Laboratories common stock.
The Board adopted the rights plan in response to the recent rapid accumulation
of a significant portion of Forest's outstanding common stock. The rights plan
is intended to protect the Company and its stockholders from efforts to obtain
control of the Company that are inconsistent with the best interests of the
Company and its stockholders. The rights plan also has an exception for an
offer for all shares that is accepted by a majority of the Company's shares
and treats all shareholders equally.
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