December 5, 2008
New Cognex Plan To Protect Shareholders
Cognex Corp. of Natick said it has adopted a shareholder rights plan intended to protect shareholders in the event of a "coercive takeover attempt."
The company, which makes machine vision sensors, said that along with the new plan it has declared a dividend distribution to shareholders of one preferred stock purchase right for each outstanding share of Cognex stock. The rights would generally be exercisable only if someone acquires 15 percent or more of the company's stock or makes an offer to do so.
Under those circumstances, holders of the rights would be able to purchase preferred stock with twice the exercise price of the right.
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