Micropolis Board OKs Anti-Takeover Plan

Micropolis Corp.’s board of directors have approved an anti-takeover shield designed to discourage a hostile takeover bid by making the company more expensive for a suitor to buy.

The plan gives stockholders the right to buy more shares if a hostile suitor should buy 20% or more of the company’s stock or launch an unsolicited tender offer for 30% or more of Micropolis’ stock.

Micropolis, a Chatsworth maker of disk-drive data storage equipment used in computers, has suffered recently from an glut of product on the market, as well as its own production problems. In the past two years, the company’s stock price has fallen from $44.13 a share in 1987 to $6.25 a share on Monday.