Interpore Installs Stock Plan to Blunt Any Hostile Takeover
IRVINE — Interpore International, which makes synthetic bone-graft material, said Wednesday that its board of directors has adopted a stock plan to discourage hostile takeovers.
Under the plan, if any stockholder accumulates more than a 20% stake in the company, the remaining shareholders will have an option to buy $66 worth of common stock for the exercise price of $33. The holder of more than 20% of the company’s stock will be excluded from 2-for-1 purchase option.
The company said that it does not believe it is currently the target of a hostile takeover but wanted to adopt the plan as a precaution.
“In the industry, there is definitely consolidation going on,†said Chief Financial Officer Richard Harrison. “There are probably hundreds of these plans around the country. None has actually been tripped.â€
Shares of Irvine-based Interpore closed unchanged at $4.875 Wednesday in Nasdaq trading.
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