Haven Bancorp has adopted a shareholder rights plan that would be triggered when an individual, group, or company acquires at least 10% of the New York City thrift company's stock.
Under the plan, which would be activated 20 business days after a buyer passes the 10% threshold, the rights would entitle shareholders to buy shares of Haven common stock for half the market value. That would dilute the value of the large buyer's holdings in an effort to force negotiations with the board.
If Haven, in the Woodhaven section of Queens, is actually acquired, the rights are transferable to the buyer: Any unused rights would also authorize shareholders to buy $180 worth of the acquirer's common stock for the same $90 price.
The plan also allows the board, with some restrictions, to reduce the plan's 10% activation level. The rights, which will be distributed to shareholders next Monday, expire Feb. 5, 2006.