View this article online: https://www.insurancejournal.com/news/east/2001/06/29/12407.htm
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.