Repros Therapeutics Inc. and Efficacy Capital Announce Standstill Agreement
10 Jan 2008
THE WOODLANDS, Texas--(BUSINESS WIRE)--Repros Therapeutics Inc. (NasdaqGM:RPRX) announced today that the Board of Directors has approved an amendment to its Shareholder Rights Plan that permits the Company's largest shareholder, Efficacy Capital, to purchase up to 33% of the Company's outstanding capital stock on the open market or in potential future purchases directly from Repros. Efficacy currently owns a percentage that is slightly below the current twenty percent (20%) threshold in the Rights Plan. In connection with this Amendment, the Company and Efficacy Capital have entered into a Standstill Agreement containing customary covenants and obligations restricting Efficacy from taking certain actions with respect to its shares. As part of the Standstill Agreement, the Company has agreed to appoint Mark Lappe, Managing Partner at Efficacy, as a director of the Company, should he elect to do so, and to provide Efficacy Capital with observer rights at the Company's board meetings.
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