ended its poison pill and instituted a stock ownership policy for officers and directors.
The new stock ownership policy requires Gen-Probe officers and directors to maintain ownership of company stock equal to between one and three times their annual salary or retainer, depending on position level, the company added.
"These actions will bring us in line with best corporate governance practices in these areas," Gen-Probe said. "Our existing shareholder rights plan served its original purpose -- to protect us during the special circumstances surrounding our spin-off -- and is no longer necessary at this time given the growth of our business and market value. In addition, the new stock ownership policy will further align management's interests with those of our shareholders."
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