Dictionary.net

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

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

A shareholders right at first choice on buying stocks. Any left are available to the market at large. AKA antidilution provision and subscription priviledge. Refer to rights issue.