Greenwich Pharmaceuticals Inc. said Friday that its board hasadopted a so-called stockholder rights plan designed toprevent hostile takeovers. The Fort Washington, Pa., companysaid the plan was not a response to any specific attempt toacquire control.
Under the plan, each stockholder at the close of business onOct. 7 will receive one right to purchase one one-hundredth ofa share of a newly created Series A preferred stock with anexercise price of $60. The rights will be exercisable only if anindividual or group acquires 15 percent or more of Greenwichstock (NASDAQ:GRPI) or makes an offer that would result inownership of at least 25 percent of common stock.
Stock of Greenwich, which is developing syntheticcarbohydrate drugs to treat autoimmune diseases, closed at$7.50, down 25 cents, on Monday.
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