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Target Therapeutics

This article was originally published in The Gray Sheet

Executive Summary

Adopts stockholders rights plan in response to "increased levels of acquisition activity in the healthcare industry." The company says it is not aware of any proposed acquisition of the firm. The rights, which are exercisable 10 days after the acquisition of or tender offer for 15% or more of Target's common stock, entitle shareholders (other than the potential acquiring entity) to purchase stock, and in some cases cash or property, with a market value of twice the exercise price. The rights also allow shareholders to purchase one one-thousandth of a share of the company's Series A participating preferred stock for $135



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