The MIIX Group of Lawrenceville NJ, announced it has adopted a shareholder rights plan, which will go into effect in the event that anyone accumulates more than 15 percent of the company’s common stock.
MIIX, a leading provider of medical professional liability coverage and related services, will issue the rights as a nontaxable dividend to shareholders of record as of the close of business on July 10. They will expire on June 27, 2011.
CEO Vincent Maressa indicated that the plan was “designed to enable all MIIX stockholders to realize the full value of their investment and to provide for fair and equal treatment for all stockholders in the event that an unsolicited attempt is made to acquire The MIIX Group.”
Many other companies have adopted similar plans to prevent hostile takeovers, and assure company management greater control in determining the merits of any proposed buyout.
Was this article valuable?
Here are more articles you may enjoy.
Isaias: 47,000 Claims and $582M in Losses in Florida So Far, OIR Reports 
Florida AG Says His Office Investigating ‘Anti-Public Adjuster’ Endorsements in Policies 
Chubb Q3 Net Income Down Slightly on More Catastrophe Losses 
Home Insurance Tops Property Taxes in Squeeze for US Households 
