Ishares Diversified Alternatives Trust (AMEX:ALT)
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Alteon Adopts Amended and Restated Stockholder Rights Agreement
- Renewed Stockholder Rights Plan Replaces Existing Stockholder Rights Plan
That Expires on July 27, 2005 -
PARSIPPANY, N.J., July 27 /PRNewswire-FirstCall/ -- Alteon Inc. (AMEX:ALT)
announced today that its Board of Directors has adopted an Amended and Restated
Stockholder Rights Agreement to renew and replace its Stockholders Rights
Agreement that expires on July 27, 2005. The renewed plan is designed to
ensure that all shareholders receive fair and equal treatment in the event of a
potential takeover. The plan will not prevent a takeover, but should encourage
any company seeking to acquire Alteon to negotiate with the Board of Directors
prior to attempting a takeover. The Amended and Restated Stockholder Rights
Agreement was not adopted in response to any specific effort to acquire control
of Alteon.
"We believe that a stockholder rights plan is an effective tool that protects
the interests of our shareholders," said Kenneth I. Moch, President and CEO.
"In addition, it helps to provide our Board of Directors with the means to more
effectively consider any and all alternatives to takeover attempts."
On July 20, 1995, Alteon's Board of Directors declared a dividend distribution
of one preferred stock purchase right for each share of voting common stock,
$.01 par value, to stockholders of record at the close of business on August
11, 1995. Each right entitles the registered holder to purchase one
one-thousandth (1/1,000) of a share of Series F Preferred Stock, $.01 par
value, at a purchase price of $13.00 in cash upon certain terms and conditions
in the event of a potential takeover.
The foregoing description of the Amended and Restated Stockholder Rights
Agreement does not purport to be complete and is qualified in its entirety by
reference to the full text of the Amended and Restated Stockholder Rights
Agreement, which will be filed with the Securities and Exchange Commission as
an exhibit to the Amended Registration of Certain Classes of Securities
Pursuant to Section 12(b) or (g) on Form 8-A.
About Alteon
Alteon is developing new classes of drugs that have shown the potential to
reverse or slow down diseases of aging and complications of diabetes. These
compounds appear to have an impact on a fundamental pathological process caused
by the progressive formation of protein-carbohydrate complexes called Advanced
Glycation End-products (A.G.E.s). The formation and crosslinking of A.G.E.s
lead to a loss of flexibility and function in body tissues and organs and have
been shown to be a causative factor in many age-related diseases and diabetic
complications. Alteon has created a library of novel classes of compounds
targeting the A.G.E. pathway. For more on Alteon, please visit our website,
http://www.alteon.com/.
Any statements contained in this press release that relate to future plans,
events or performance are forward-looking statements that involve risks and
uncertainties including, but not limited to, those relating to the potential of
the Company's technology in therapeutic areas other than vascular diseases, the
Company's ability to resume enrollment in its clinical trials, and its
technology and product development (including the possibility that early
clinical trial results may not be predictive of results that will be obtained
in large-scale testing or that any clinical trials will not demonstrate
sufficient safety and efficacy to obtain requisite approvals or will not result
in marketable products), regulatory approval processes, intellectual property
rights and litigation, competitive products, ability to obtain financing, and
other risks identified in Alteon's filings with the Securities and Exchange
Commission. The information contained herein is accurate as of the date
indicated. Actual results, events or performance may differ materially.
Alteon undertakes no obligation to publicly release the result of any revision
to these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
DATASOURCE: Alteon Inc.
CONTACT: Susan M. Pietropaolo, Director, Corporate Communications &
Investor Relations for Alteon, +1-201-818-5537,
Web site: http://www.alteon.com/