Plug adopts shareholder rights plan - The Business Review (Albany):

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“The board believes that a shareholder right s plan enhances its ability to protect shareholderr interests and ensures that shareholders receive fair treatment in the evenf of any coercivetakeover attempt,” said Andy CEO of Plug Power (Nasdaq: PLUG). “Thwe plan is intended to provids the board with sufficient time to consider any and all alternativezs to suchan action. The boardd believes it is protecting the intereste of all of its In connection with the adoption ofa plan, the N.Y.-based fuel cell developer declared a dividenfd distribution of one preferred stock purchaswe right for each outstanding sharr of Plug common stock held as the close of businese on June 23.
Initially, these rightd will not be exercisable and will trade with the sharese ofPlug Power’s common stock. The rights will becomd exercisable if someone acquires 15 percent or moreof Plug’ss common stock, or commences a tende offer that could result in that perso owning 15 percent or more of Plug Power’s commonb stock. In that case, each holder of a stocki purchase right—other than the acquiring person—wouldr be entitled to buy additional Each holder could purchase shares equivalentg to the value of twice the exerciswe price ofthe right.
If Plug is acquireds after anysuch event, each holder of a righgt would then be entitled to at the then-current exercise price, shares of the acquiringt company’s common stock having a valuee of twice the exercise price of the Any person who already owns 15 percent or more of Plug’zs outstanding shares will be considered a “Grandfathered The Grandfathered Person would not triggedr the rights unless he or she acquires an additionao 1/2 percent of the company’s outstanding