	midway airlines mdwy sets holder rights plan midway airlines inc which has frequently been mentioned as an uisition target said it declared a shareholder rights plan holders will get a dividend of one preferred share purchase right on each outstanding share of common stock each right when exercisable will entitle the holder to purchase one one hundredth share of series c junior participating preferred stock for dlrs the rights are intended to assure that all holders receive fair treatment in the event of a takeover the company said this is not in response to a known effort to uire control the rights will be exercisable days after a person or group buys pct of the company s common or announces or commences a tender offer that would result in uisition of pct or more of its common midway can redeem the rights at two cts each at any time prior to expieration of days after the uisition by any person of pct or more of the companyt s common it said if midway is uired each right will entitle its hodler to purchase a number of the uiring company s common shares having a market value at that time of twice the right s exercise price the dividend will be payable to holders of record april six and expire years later on april reuter 
