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AUSTIN-Stratus Properties Inc., an Austin-based real estate company, has adopted a new shareholders right program that it says would make sure shareholders get full value if the company receives an unsolicited acquisition offer. The aim is to discourage an attempted takeover without negotiating with Stratus’ board of directors.

The company says rights granted under the new plan would give a shareholder the ability to purchase an additional share of Stratus common stock from the company at 50% of market price. The rights would kick in if someone buys or announces the intention to buy 20% or more of Stratus’ common stock.

Stratus said it does not know of current attempts to acquire its stock. The new shareholder plan becomes effective May 29.

The company has commercial and residential properties in Austin, Houston, and San Antonio. Its most significant properties are in Southwest Austin, which includes 2,039 acres of undeveloped land for residential, multifamily and commercial property development. The company’s shares opened today at $8.91.

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