By Connor Hart
Perion Network's board adopted a limited-duration shareholder-rights plan, more commonly known as a poison pill.
Under the plan, the advertising-technology company will issue one right for each of its outstanding ordinary shares at the close of business on April 14. The rights would be exercisable if an entity, person or group acquires 13% or more beneficial ownership of the company's stock in a non-approved transaction, it said Thursday.
In that situation, each holder of a right would be able to purchase 0.5 ordinary shares for 1 cent apiece.
Perion said that the plan, set to expire on April 2, 2026, would enable its shareholders to realize the full potential value of their investment.
The plan stems from a belief that the company's stock price does not currently reflect its intrinsic value, long-term growth strategy and potential, the company said. It is intended to prevent outside parties from gaining control at an undervalued price without fairly compensating shareholders.
Shares ended Thursday's regular session 4.2% lower, at $8.13. Through the close, the stock has lost 62% of its value in the past year.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 03, 2025 16:26 ET (20:26 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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