PacifiCare Adopts Anti-Takeover Plan
Dow Jones
PacifiCare Health Systems Inc. said Tuesday that its board approved a “poison pill” plan to protect the Santa Ana managed-care company from any hostile takeover bid.
The plan would give shareholders the right to acquire shares of common stock or a new preferred stock at a discount if some person or group acquires a stake of 15% or more in the company.
The company said the plan will help shield it from “abusive takeover tactics,” but wasn’t adopted in response to any current proposals. The plan applies to shareholders of record Nov. 19 and expires after 10 years.
