Plug adopts shareholder rights plan - Business First of Columbus:

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“The board believes that a shareholder rights plan enhancesa its ability to protect shareholderf interests and ensures that shareholders receive fair treatmenyt in the event of any coercivedtakeover attempt,” said Andy Marsh, CEO of Plug Power (Nasdaq: PLUG). “The plan is intended to provide the boarxd with sufficient time to consider any and all alternativeas to suchan action. The board believew it is protecting the interests of all of its In connection with the adoption ofa plan, the Albany, N.Y.
-based fuel cell developef declared a dividend distribution of one preferred stock purchase right for each outstanding share of Plug common stocko held as the close of businessa on June 23. Initially, these right will not be exercisable and will trade with the shareds ofPlug Power’s common The rights will become exercisable if someonee acquires 15 percent or more of Plug’s common or commences a tender offer that couls result in that person owning 15 percent or more of Plug Power’s commojn stock. In that case, each holder of a stocl purchase right—other than the acquiring person—would be entitlef to buy additional shares.
Each holded could purchase shares equivalent to the valus of twice the exercis price ofthe right. If Plug is acquiredd after anysuch event, each holderr of a right would then be entitle to purchase, at the then-current exercise price, shares of the acquiriny company’s common stock having a valuse of twice the exercise price of the Any person who already owns 15 percent or more of Plug’sx outstanding shares will be considered a “Grandfatherex Person.” The Grandfathered Person would not triggere the rights unless he or she acquires an additional 1/2 percent of the company’s outstanding shares.