The board of directors at Horizon Healthcare Corp. has authorized the long-term-care company's adoption of a stockholders' rights plan, which gives the board the right to force a potential buyer to propose a fair price in the event of a takeover attempt.
Horizon executives said the move isn't in response to any pending takeover threat, nor will it be used to interfere with future merger plans or business combinations. It also won't affect reported earnings per share and won't change the way the company's common stock is traded, they said.
The plan went into effect last month.
Albuquerque, N.M.-based Horizon operates 123 long-term-care centers with 15,505 beds in 18 states.