Sequenom adopts rights plan

By Lisa Kerner

Charlotte, N.C., March 4 - Sequenom, Inc.'s board of directors adopted a share purchase rights plan to protect its shareholders in the event an unsolicited attempt is made to acquire the company.

Shareholders of record as of March 20 will receive rights to purchase shares of a new series of preferred stock, according to a company news release.

The rights will be distributed as a non-taxable dividend and will expire on March 20, 2019.

Sequenom said the rights will be exercisable only if a person or group acquires 15% or more, or announces a tender offer for 15% or more, of its common stock.

Rights holders will be entitled to buy the San Diego-based genetic analysis products company's stock at a discount if a triggering event occurs.

Ridgeback Capital Investment LP, which beneficially owns more than 15% of Sequenom's common stock, will not cause a triggering event unless Ridgeback and its affiliates acquire beneficial ownership of 20% or more of the company's stock, Sequenom said.

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