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NEW YORK Digitas said its board of directors has approved a shareholder rights plan to guard against a hostile takeover.
Boston-based Digitas, which owns interactive agency Modem Media, said the plan would take effect if any shareholder acquires 15 percent or more of its shares. The plan distributes to existing Digitas shareholders a dividend for one preferred stock purchase right for each share owned. Should a shareholder acquire more than 15 percent of the company’s shares, it would trigger a provision that allows other shareholders to buy preferred shares.
Currently,
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