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Alnylam Board OKs Safeguard to Protect Investors Against Abusive Tactics, Including Takeover

NEW YORK, July 14 (GenomeWeb News) - The board of directors of Alnylam Pharmaceuticals has approved a rights agreement to ensure that its stockholders receive preferred stock purchase rights in case of certain 'abusive tactics,' the Cambridge, Mass.-based RNAi company said today.

 

The amendment specifically states it will protect "the long-term value of the stockholders' investment" in the event of a takeover or other actions that could affect the ownership or leadership of the company, according to Alnylam.

 

"The board believes the rights agreement is a prudent measure to safeguard the interests of our stockholders so that they receive fair and equal treatment in the event of any proposed takeover of Alnylam and to guard against partial tender offers, squeeze-outs and other abusive tactics to gain control of Alnylam that could impair the board's ability to represent stockholders' interests fully," Alnylam president and CEO John Maraganore said in a statement.

 

More information about the rights agreement can be found here.

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