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Vimicro International Corporation (ADR) |
This plan is designed to protect the company from being taken over.
However, the 5 us dollars exec price is so high that also means the
individual shareholders's rights was ignored and the share price will
never go up to 5 dollars.
> Vimicro Corporation Logo. (PRNewsFoto/VIMICRO CORPORATION)
> BEIJING CHINA
> BEIJING, Dec. 12 /PRNewswire-Asia-FirstCall/ -- Vimicro International
> Corporation (Nasdaq: VIMC) ("Vimicro" or the "Company"), a leading
> fabless semiconductor company that designs and develops multimedia
> semiconductor products and solutions, today announced that the Company
> has adopted a shareholder rights plan. The rights plan is designed to
> protect the best interests of the Company and its shareholders.
> (Logo: http://www.newscom.com/cgi-bin/prnh/20070528/CNM014LOGO )
> The Board of Directors authorized the execution of a rights agreement
> and a distribution of one right for each outstanding ordinary share of
> the Company at the closing of business on December 22, 2008. The
> rights will be deemed attached to the certificates representing
> outstanding ordinary shares, and no separate rights certificates will
> be issued. The rights will become exercisable only if a person or
> group obtains ownership of or announces a tender offer for 20% or more
> of Vimicro's voting securities (including Vimicro's American
> Depositary Shares representing ordinary shares). The shareholder
> rights plan will continue to be in effect until December 12, 2018,
> unless the plan is terminated by Vimicro or the rights are redeemed by
> Vimicro before the plan expires. The rights are not being distributed
> in response to any specific effort to acquire control of the Company.
> About Vimicro International Corporation
> Vimicro International Corporation is a worldwide leading fabless
> semiconductor company that designs, develops and markets proprietary
> embedded multimedia signal processing chips and solutions that enable
> multimedia applications for mobile phones over 2.5G/3G networks and
> PCs over broadband Internet. Vimicro's ADSs, each of which represents
> four ordinary shares, are currently trading on the NASDAQ global
> market under the ticker symbol "VIMC."
> For further information about Vimicro, please contact:
> Investor Contact:
> Emilie Deng
> Investor Relations Manager
> Tel: +86-10-6894-8888 x7143
> Email: dengli...@vimicro.com
> Web: http://www.vimicro.com
> Shelton Group
> Ryan Bright
> Tel: +1-972-239-5119 x159
> Email: rbri...@sheltongroup.com