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Concur prescribes a bitter pill for would be takeovers

Leading ASP Concur yesterday passed a 'poison pill' defence against potential shareholders.
Written by Ron Coates, Contributor

Leading ASP Concur yesterday passed a 'poison pill' defence against potential shareholders.

The US-based expense control company prefers the term 'bitter pill', but the intent is the same. Steve Singh, chairman, president and CEO of Concur, said: "The purpose of this rights plan is to give our board of directors sufficient time to study and respond to any unsolicited attempt to acquire the company and enable stockholders to realise the full value of their investment." Under the plan, Concur has set up a preferred share scheme, in which preferred shares have been distributed in a rights issue to be exercised in any case where an individual acquired more than 15 per cent of the company. Concur supplies software and ASP services for management of corporate expenses and charges worldwide and has a UK office.
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