preemptive right

a privilege given to an existing shareholder to buy a portion of a new stock issue at the offering price on a pro-rata per-share basis.

1850–55 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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preemptive right

the right granting to shareholders the first opportunity to buy a new issue of stock; provides protection against dilution of the shareholder's ownership interest 
WordNet® 3.0, © 2006 by Princeton University.
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Example sentences
The effectiveness of a preemptive right depends on the continued ability of the nonprofit or public agency to exercise this right.
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