	reichhold chemical rci sets anti takeover plan reichhold chemical inc said its board adopted a warrant dividend plan in which one preferred stock purchase right will be distributed as a dividend on each common share outstanding the company said its warrant dividend plan is designed to protect its shareholders against unsolicted coercive attempts to aquire control without making an adequate offer for all shares reichhold said the adoption is not a response to any specific takeover attempt reichhold said each right will entitle shareholders to buy one one hundreth of a share of a newly created series of preferred stock at an initial exercise price of dlrs with dividend and voting rights approximately equal to those of one share of the company s common stock the rights will be exercisable only if without reichhold s prior consent a person or group a acquires pct or more of the voting power or announces a tender offer which would result in pct ownership the company said reichhold said it is entitled to redeem the rights at five cts apiece before a pct position has been acquired or before an existing pct shareholder buys an additional two pct or more of the voting power of the company or in connection with certain transactions afterward the tax free distribution will become effective may and will expire years later the company said details of the plan are outlined in a letter to be mailed to stockholders reuter 
