TELEX <TC> ADOPTS SHAREHOLDER RIGHTS PLAN Telex Corp said its board adopted a shareholder rights plan which will allow shareholders to purchase one common share for two dlrs if a hostile group acquires 15 pct or more of the company. However, the company said the plan will not be triggered by purchases pursuant to the 65 dlrs a share tender offer commenced on October 9 by a unit of TLX Partners, a group controlled by New York financier Asher Edelman. It said the rights will be distributed on a one for one basis to all shareholders as of October 30 and may be redeemed before they become exercisable at five cents per right. The company said the rights will expire on the later of February 17 next year or 60 days from the date they become exercisable. It said the plan was intended to protect stockholders against any attempt to take unfair advantage of the recent decline in stock prices or to use abusive tactics such as market accumulations which would interfere with its ability to maximize stockholder value. The rights become exercisable if any person or group acquires 15 pct or more of the company's common stock other than through an all cash tender offer for all outstanding shares at 65 dlrs per share. It said the rights will also not become exercisable if the company is acquired by a group under an agreement made with its board. A spokeswoman told Reuters the company would have an official response to Edelman's bid by Friday, Oct 23.