Ariad Opts For Poison Pill After Hedge Fund Buy-In

Law360, New York (November 1, 2013, 11:52 AM EDT) -- Ariad Pharmaceuticals Inc. on Friday said it has adopted a poison pill plan to protect itself from unsolicited takeover plays, a move that comes after fledgling activist hedge fund Sarissa Capital Management LP disclosed a sizable stake in the sputtering drugmaker.

Under the shareholder rights plan, good for a year, existing Ariad investors will get the option to buy one additional share for every unit they already own, flooding the market with new shares if a single buyer takes a stake of 4.99 percent or more....
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