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Short Take: Netscape adopts "preferred shares" rights agreement

Netscape Communications has adopted a "preferred shares" rights agreement, according to a regulatory filing. Netscape's board declared a dividend entitling shareholders a right to buy one one-thousandth of a share of Series A preferred stock at an exercise price of $225 per share. Such agreements typically are designed to prevent hostile buyouts; this one comes after America Online's friendly pact to buy Netscape and may be meant to ensure that the deal closes.

Netscape Communications has adopted a "preferred shares" rights agreement, according to a regulatory filing. Netscape's board declared a dividend entitling shareholders a right to buy one one-thousandth of a share of Series A preferred stock at an exercise price of $225 per share. Such agreements typically are designed to prevent hostile buyouts; this one comes after America Online's friendly pact to buy Netscape and may be meant to ensure that the deal closes.