ARTICLE | Company News

Allon neurology, ophthalmic news

March 15, 2010 7:00 AM UTC

Allon's board approved in principle a shareholder rights plan to protect shareholders in the event of a takeover bid. The plan would be effective if any party acquires more than 20% of the company's outstanding shares, unless the acquisition is a "permitted bid," and would allow other shareholders to purchase shares at a "significant discount to the market price." Allon said the plan is not in response to any formal proposal to acquire the company. The three-year plan is subject to shareholder approval at an annual meeting to be held June 2. ...