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MDS Renews Shareholders Rights Plan

NEW YORK (GenomeWeb News) – MDS said that its shareholders have approved the renewal of the firm's shareholders rights plan.

The Toronto-based firm said shareholders approved the renewal last week at its annual and special meeting of shareholders. The latest plan, which is intended to discourage a hostile takeover bid, will expire in 2012 unless it is renewed.

MDS said that the primary purpose of the plan is to encourage any party that becomes owner of 20 percent or more of its common shares to either make a permitted bid or to negotiate the terms of an offer with the board of directors. If a party does become a 20 percent or greater stakeholder in the firm outside of making a permitted bid or negotiating with the board, shareholders would be entitled to purchase additional common shares from MDS at a 50 percent discount to market, which would dilute the offeror's position, said MDS.

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