KING OF PRUSSIA-InterDigital Communications Corp. adopted a shareholder rights plan and declared a distribution of one right for each outstanding share of common stock under the advice of Merrill Lynch, its investment banker.
Each right entitles the registered holder to purchase one one-thousandth of a share of series B junior participating preferred stock for $45 per right.
The rights are not exercisable until the subsequent distribution date and will expire at the close of business on the 10th anniversary of the rights agreement unless redeemed by the company.
InterDigital said the shareholder rights plan was not adopted in response to any offer or proposal from a third party to acquire the company.
