NEW YORK, June 20 - Luminex said Wednesday its board of directors has adopted a shareholders rights plan designed to prevent hostile takeover bids.
Luminex, an Austin, Texas-based developer of microarray bead technology, said that the decision to adopt the rights plan was not a reaction to any outside attempt to takeover the company.
"The adoption of the rights plan is merely a means of safeguarding against abusive takeover tactics and is not in response to any accumulation of shares or hostile takeover attempt,” Mark Chandler, Luminex’s CEO said in a statement.
“In fact, we are not aware of any effort to acquire the company,” Chandler said.
The rights plan has a 20 percent trigger, meaning that it will only go into effect if an outside party accumulates 20 percent or more of the company’s stock.
Recently, several companies, including Informax, Orchid BioSciences, Aclara, Large Scale Biology, and Illumina, have all adopted such plans.