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Tuesday, Aug 20
Nuance adopts poison pill to thwart Icahn
- The shareholder rights plan has each shareholder of Icahn target Nuance Communications (NUAN) receiving one right for each share they own. If the rights become exercisable, it will entitle the owner to buy one one-thousandth of a share of a new series of preferred stock at $87 each. The plan expires a year from now.
- The rights will be exercisable if a person or group acquires 20% of more of the common stock of the company in a transaction not approved by the board.
- The financial world awaits the Icahn response.
- Shares +1.1% premarket in very thin volume.
- Press release.