Metabolix adopts shareholder rights plan

CAMBRIDGE, Mass. — Bioscience company Metabolix Inc. on Tuesday said its board adopted a shareholder rights plan, commonly called a “poison pill,” aimed at thwarting attempts at a hostile takeover.

The company, which is working to develop and sell plastics based on sustainable, biodegradable plastics, said the shareholder rights plan will protect shareholder interests and ensure fair treatment if any coercive takeover is attempted.

The plan was not adopted in response to a current effort to acquire control of the company, it said, but is intended to provide the board with sufficient time to consider any alternatives to maximize shareholder value.

The plan contains a “TIDE” provision, which requires an independent committee of the board to review it once every three years and to determine whether maintaining such a plan continues to be in shareholders’ best interest.

In connection with adopting the plan, the board declared a dividend distribution of one preferred stock purchase right for each outstanding share of common stock to shareholders of record on Wednesday. Initially, these rights will not be exercisable and will trade with the common stock. The rights will become exercisable if a person amasses 15 percent or more of common stock or if a a person commences a tender offer to acquire that much common stock.

Metabolix shares closed Tuesday’s regular session down 16 cents, or 2.1 percent, at $7.64, then added 11 cents to $7.75 in aftermarket electronic trading.

(This version CORRECTS Corrects closing stock quote to down 16 cents, sted percent.)