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Spectrum Pharmaceuticals, Inc. Message Board

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  • stockkarr stockkarr Mar 31, 2010 8:34 AM Flag

    250Mln$ Shelf

    Shelf financings like this serve a dual purpose - one is ready access to money, if required, as a streamlined financing vehicle; the other is to make life difficult for potential acquirers (i.e. poison pill). In practice, the shelf is a minor deterrant that might buy some time in a takeover situation, but almost every company has one and they don't often come into play. In simple terms, directors of a company have a duty to maximize shareholder value - in light of a takeover where there is a premium to the current share price, it is hard to justify using the shelf unless there are particular unsavory elements to the takeover that could be adverse to shareholders.

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