Shares of Hologic (HOLX) surged more than 4% in Thursday pre-market trading after it was revealed that an activist investor had taken a significant stake in the company.
Documents filed with the Securities and Exchange Commission (SEC), indicated that Carl Icahn has purchased a 12.63% stake in the developer of diagnostic and surgical products and medical imaging systems. In the filing, Icahn said that HOLX shares “were undervalued,” Reuters notes.
Icahn also signaled that he and his investment affiliates would pursue discussions with the HOLX senior management team about strategies to return value to investors.
On Thursday, HOLX announced that its board had adopted a shareholder rights plan, which would give shareholders of record on Dec. 2 one right for each share of HOLX common stock. The rights will trade with the HOLX common shares, but will not be immediately exercisable. Shareholders will be able buy one ten-thousandth of a share of a new series of participating preferred stock at an exercise price of $107 per right, if the rights are ultimately exercised.
HOLX said the new plan will expire on Nov. 20, 2014.
Icahn has recently taken a stake in Apple (AAPL) and has been pressuring CEO Tim Cook to increase the size of the iPad-maker’s previously announced share buyback.