$中星微电子(VIMC)$ Vimicro Waives the Application of its Shareholder Rights Agreement for Zongyi

 

BEIJING, July 2, 2015 /PRNewswire/ -- Vimicro International Corporation (NASDAQ: VIMC) ("Vimicro" or the "Company"), a leading video surveillance technology and solution provider in China, today announced that its board of directors (the “Board”) has waived the application of its shareholders' Rights Agreement to the purchase of additional ordinary shares of Vimicro by a wholly-owned subsidiary of Nantong Zongyi Investment Co., Ltd. ("Zongyi") from a third party in exchange for certain conditions, including that the Board must be notified of additional purchases by Zongyi and that Zongyi may not launch any takeover bid for Vimicro without consent from the Board. Zongyi's waiver will apply until its share ownership exceeds 30% of the ordinary shares of Vimicro. Vimicro has been notified that Zongyi will hold approximate 28.85% of the ordinary shares of Vimicro after this purchase.