Featured Company News – Acorda Therapeutics Adopts Poison Pill
Research Desk Line-up: Audentes Therapeutics Post Earnings Coverage
LONDON, UK / ACCESSWIRE / September 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Acorda Therapeutics, Inc. (NASDAQ: ACOR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ACOR. The Ardsley based biotechnology Company announced on September 01, 2017, the approval of a Shareholder Rights Plan by its Board of Directors. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Discover more of our free reports coverage from other companies within the Biotechnology industry. Pro-TD has currently selected Audentes Therapeutics, Inc. (NASDAQ: BOLD) for due-diligence and potential coverage as the Company reported on August 10, 2017, its financial results for Q2 2017 which ended on June 30, 2017, and also provided an update on its recent achievements and anticipated upcoming milestones. Tune in to our site to register for a free membership, and be among the early birds that get our report on Audentes Therapeutics when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on ACOR; also brushing on BOLD. Go directly to your stock of interest and access today's free coverage at:
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The Company also declared a dividend distribution of one preferred share purchase right on each outstanding share of the Company's Common Stock. The Rights Plan will effective from September 01, 2017, and will expire on August 31, 2018.
The Right Plan adopted by the Board, following consultation with the Company's advisors, is in response to the accumulations of significant portions of Acorda's outstanding Common Stock.
Purpose of the Rights Plan
The objective of the Rights Plan is to promote equal treatment of all Acorda's shareholders and also to ensure that no person or group can gain control of Acorda through open market accumulation.
The Rights Plan is also likely to position Acorda's Board of Directors to fulfill its fiduciary duties on behalf of all shareholders.
Another purpose involves assuring that the Company's Board has sufficient time to make informed judgments about any attempts to take over the Company.
This plan applies equally to all current and future shareholders and is not intended to deter offers that are fair and otherwise in the best interest of the Company's shareholders.
Terms of the Rights Plan
Rights will become exercisable if a person or group becomes the beneficial owner of 15% or more of the Company's outstanding Common Stock, thereby crossing the triggering ownership threshold. The Rights will be exercisable if a person or group already owns 15% or more of the Company's Outstanding Common Stock and acquires any additional shares after the time of the announcement of the Rights Plan.
As per the plan, each Right will authorize its holder to purchase, at the Right's exercise price, a number of shares of Common Stock or equivalent securities having a market value, at that time of twice the Right's exercise price.
Rights held by the triggering entity will become void and will not be exercisable to purchase shares at the reduced purchase price.
The Board of Directors will be entitled to redeem the Rights at $0.001 per Right at any time before the triggering ownership threshold is crossed.
The Rights Plan may be amended, redeemed, or terminated by the Acorda Board of Directors at any time prior to being triggered or its expiration.
About Acorda Therapeutics, Inc.
Established in 1995, Acorda Therapeutics is a biotechnology company developing and commercializing neurology therapies for Parkinson's disease, migraine, and multiple sclerosis. The Company manufactures and markets three Food and Drug Administration (FDA)-approved therapies, including Zanaflex, Ampyra, and Qutenza in the United States.
Last Close Stock Review
Acorda Therapeutics' share price finished last Friday's trading session at $21.70, advancing 4.33%. A total volume of 1.02 million shares have exchanged hands, which was higher than the 3-month average volume of 938.18 thousand shares. The Company's stock price skyrocketed 41.83% in the last three months. Additionally, the stock surged 15.43% since the start of the year. The stock currently has a market cap of $996.96 million.
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