Aclara s Board Institutes Plan to Prevent Potential Takeover | GenomeWeb

NEW YORK, March 20 – The board of directors of Aclara BioSciences, shares of which are now trading about 11 percent under cash, recently approved a plan designed to prevent a hostile takeover.

In a statement released Monday, Aclara of Mountain View, Calif., said its board of directors approved a plan that would allow shareholders to acquire the right to one one-hundredth of newly created preferred stock at one penny each any time before a person or a group acquires 15 percent or more of the outstanding common stock.

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