Varian Associates adopted a ‘poison pill’ plan.

The Palo Alto high-technology firm’s board of directors adopted a package of shareholder rights that would take effect if an acquiring party accumulated 20% or more of Varian’s common stock or announced an offer to acquire 30% or more of the stock. Under some circumstances, Varian shareholders would be entitled to buy either Varian stock or shares in an acquiring company at half of market value. Varian said that it was not aware of any hostile effort to acquire control of the company and that the plan was adopted as a precautionary measure.