Business
Magenta Therapeutics Adopts Limited Duration Stockholder Rights Plan
CAMBRIDGE, Mass., March 31, 2023 (GLOBE NEWSWIRE) -- Magenta Therapeutics, Inc. (Nasdaq: MGTA) (“Magenta” or the “Company”) today announced that its Board of
About this update from Dianthus Therapeutics, Inc.
[{"type":"text","content":"CAMBRIDGE, Mass., March 31, 2023 (GLOBE NEWSWIRE) -- Magenta Therapeutics, Inc. (Nasdaq: MGTA) (“Magenta” or the “Company”) today announced that its Board of Directors (the “Board”) has unanimously adopted a limited duration stockholder rights plan (the “Rights Plan”). The Rights Plan will give the Board sufficient time to conduct its previously announced comprehensive review of strategic alternatives focused on maximizing shareholder value. The Rights Plan has been adopted in order to protect the best interests of the Company and its shareholders, help ensure that all interested parties have the opportunity to participate fairly in the strategic review process, and provide the Board and shareholders time to make informed decisions. The Rights Plan is also intended to reduce the likelihood that any person or group gains control of the Company through open market accumulations or other tactics and reduce the likelihood that actions are taken by third parties that are not in the best interests of the Company and all of its shareholders. The Rights Plan applies equally to all current and future shareholders and is not intended to deter offers or preclude the Board from considering offers that are fair and otherwise in the best interests of all the Company’s shareholders. The Rights Plan provides several recognized shareholder protections, such as the following: The Rights Plan will expire in one year, at the close of business on March 30, 2024.The Rights Plan has an exception for offers made for all shares of the Company that treat all shareholders equally, including a qualifying offer clause that provides stockholders the ability to call a special meeting for purposes of exempting a “qualifying offer.”The Rights Plan does not contain any dead-hand, slow-hand, no-hand or similar feature that would limit the ability of a future Board to redeem the rights. Additional Information on Stockholder Rights Plan The Rights Plan is similar to plans adopted by other publicly traded companies. Pursuant to the Rights Plan, Magenta declared a dividend distribution of one preferred stock purchase right for each outstanding share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), to stockholders of record as of the close of business on April 11, 2023 (the “Record Date”). In addition, one right will automatically attach...