Lumenis extends shareholder rights plan
The board of directors of Israel’s Lumenis Ltd. has approved an extension of its shareholder rights plan for a two-year period until May 31, 2005. The plan is similar to plans adopted by other publicly traded companies, which are designed to allow time for the Board to consider alternatives in the event of undervalued or unfair offers.
The plan provides that one bonus right will be distributed for each share of capital stock outstanding. Generally, if a person becomes the beneficial owner of 15 percent or more of Lumenis' share capital, each right will entitle the other right holders to purchase shares of Lumenis having a market value of twice the exercise price of the right. The rights are redeemable by Lumenis.
The bard of directors determined the plan was a reasonable form of protection for shareholders during a period of an artificially low share price. The Plan does not prevent a fairly valued bid for the company.
Lumenis develops, manufactures and markets proprietary laser and intense pulsed light devices. Its systems are used in a variety of aesthetic, ophthalmic, surgical and dental applications, including skin treatments, hair removal, non-invasive treatment of vascular lesions and pigmented lesions, acne, psoriasis, ENT, gynecology, urinary lithotripsy, benign prostatic hyperplasia, open angle glaucoma, diabetic retinopathy, secondary cataracts, age-related macular degeneration, vision correction, neurosurgery, dentistry and veterinary. — (menareport.com)
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