Sorrento cancer news
Sorrento's board has adopted a shareholder rights plan to protect shareholders in the event of an unsolicited takeover bid. Under the plan, shareholders on record on Nov. 18 will be issued one right for each common share held. The right will become exercisable if any group or person acquires more than 15% of the company's common stock in a deal not approved by Sorrento's board. Each right will entitle shareholders to buy a number of shares of Sorrento common stock at a value of twice the exercise price of the right. Additionally, if Sorrento is acquired in a merger or Sorrento sells or transfers more than 50% of its assets, cash flow or earning power, after an unapproved party acquires more than 15% of the company's stock, each holder will be entitled to purchase shares of the acquiring company's stock at a value of twice the exercise price of the right. The rights will expire on Nov. 7, 2016. ...