Amgen Inc.'s chief executive, Gordon Binder, says the biotechnology company's recent move to strengthen its takeover defense is simply a routine measure comparable to preparing for an earthquake.
"It's just a deterrent," Binder said of the Thousand Oaks company's recent adoption of a poison pill--a move that gives shareholders a stronger position in the event of a takeover attempt.
"We have an earthquake preparedness plan. We have plans for a number of natural disasters. . . . It's just prudent business," Binder said, adding that rumors that a hostile takeover is in the cards are just that--rumors. The possibility of a takeover is low, he insists, but "we need to be prudent."