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NEW YORK (GenomeWeb News) – Canadian diagnostic developer Med BioGene announced the adoption of a shareholder rights plan.

Med BioGene said that the purpose of the rights plan is to provide sufficient time to its board and shareholders to assess any unsolicited bids to take over the company, and to allow the board to consider "value-enhancing" alternatives and entertain competing bids.

The rights plan is subject to ratification by shareholders at the company's annual meeting, to be held on Feb. 12.

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