Biopsys Defense Plan
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IRVINE — Biopsys Medical Inc. said Monday that it has adopted a plan to protect shareholders from a hostile takeover attempt. The plan would take effect if a person or group acquired a stake of 15% or more in the company, which develops, manufactures and markets products for diagnosing breast cancer.
The company said directors declared a dividend distribution giving shareholders the right to purchase one preferred share on each outstanding share of common stock. The distribution will be made Jan. 8 to shareholders of record on Nov. 8.
Biopsys said the plan was not a response to any specific effort to acquire the company.
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