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The9 Announces Poison Pill Plan
January 13, 2009 |
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Chinese online game developer and operator The9 (NCTY) has announced that to protect the interests and rights of the company and its shareholders, its board of directors has approved a poison pill plan against hostile takeover.
According to the plan first reported by Chinese financial website Hexun.com, after the close of business on January 22, 2009, The9 will give rights and interest to each share of the company's issued ordinary shares. The rights and interest will be affiliated to The9's issued shares and will not be given independently. Only when an acquirer owns no less than 15% voting shares of The9, which is defined as the trigger event, the interests and rights can be implemented.
When the trigger event occurs, The9's shareholders, with exception of the acquirer, will be able to buy stakes in The9 with double value of the exercise price set in the plan at the exercise price. Unless the plan is suspended by The9 or the rights and interests are redeemed by the company, it will be valid until January 8, 2019.
Over the past 52 weeks, the highest share price of The9 was USD28.5 and the lowest was USD9.97.
Poison pill is a business term referring to a strategy to increase the likelihood of negative results over positive ones for a party that attempts any kind of takeover.
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