Vimicro announces shareholder rights plan

By Lisa Kerner

Charlotte, N.C., Dec. 12 - Vimicro International Corp.'s board of directors approved a shareholder rights plan that gives shareholders one right for each outstanding ordinary share of Vimicro held as of Dec. 22.

The rights will become exercisable 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, a company news release said.

Vimicro, a Beijing fabless semiconductor company, said the plan will be in effect until Dec. 12, 2018 unless it terminates the plan or redeems the rights.

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