Aastrom cardiovascular news
Aastrom's board adopted a shareholder rights plan to protect shareholders in the event of a takeover bid. Under the plan, shareholders of record on Aug. 15 will be given a preferred stock right for each common share held. The right will become exercisable if any hostile party acquires more than 15% of the company's outstanding shares. If exercised, the right holder will be entitled to purchase an additional share of common stock at a 50% discount to market prices. Additionally, if Aastrom is acquired in a merger after a hostile party acquires more than 15% of the company's stock, each right holder will be entitled to purchase a share of the acquiring company's stock at a 50% discount to market prices. Aastrom said the plan is not in response to any specific proposal to acquire the company. ...