LogicVision adopts stockholder rights plan

By Lisa Kerner

Charlotte, N.C., Dec. 16 - LogicVision, Inc.'s board of directors announced the adoption of a stockholder rights plan.

The board also responded to an unsolicited proposal, saying it will continue to consider strategic alternatives with the assistance of its financial adviser.

Under the rights plan, one right will be distributed for each outstanding share of LogicVision common stock held by stockholders as of the close of business on Dec. 26, a company news release said.

The rights will be issued as a non-taxable dividend and will initially trade with LogicVision's common stock.

According to LogicVision, the rights will be exercisable if a person, entity or group acquires 15% or more of the company's common stock, with certain exceptions. Rights holders will then be entitled to acquire LogicVision's common stock at a discount.

The rights plan will expire on Dec. 16, 2009 unless the rights are earlier redeemed or the plan is terminated by the board.

LogicVision, based in San Jose, Calif., provides technology for the design and manufacture of semiconductor devices.

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