MISSISSAUGA, ON, Oct. 22 /PRNewswire-FirstCall/ - YM BioSciences Inc. (AMEX: YMI, TSX: YM, AIM: YMBA), an oncology company that identifies, develops and commercializes differentiated products for patients worldwide, today announced that its Board of Directors has adopted a renewed Shareholder Rights Plan Agreement. The Rights Plan is designed to encourage the fair treatment of shareholders in connection with any take-over offer for the Company. The Rights Plan was not adopted in response to any anticipated takeover bid, but as a general planning measure.
The previous Rights Plan was adopted on October 19, 2004 and will expire at the close of business on the day of the Company's Annual General meeting to be held on November 28, 2007. Shareholders will be asked to confirm the renewed plan at the meeting. The material terms of the renewed plan are the same as the previous Rights Plan with the exception that, if approved by the shareholders, the Rights Plan will now have a term of 10 years, subject to reconfirmation by the shareholders every three years.
The Rights Plan, if approved, will continue to provide the Board and
shareholders more time to consider the terms of any take-over bid and allow
more time for the Board to pursue, if appropriate, other alternatives to
maximize shareholder value. Pursuant to the terms of the Rights Plan, any
bid that meets certain criteria intended to protect the interests of all
shareholders are deemed to be Permitted Bids. A Permitted Bid must be made
by way of a take-over bid circular prepared in compliance with applicable
securities laws and, in addition to certain other conditions, must remain
open for 60 days. In the event a take-over bid does not meet the Permitted
|SOURCE YM BioSciences Inc.|
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