REFILE-UPDATE 1-RCM Technologies adopts shareholder rights plan

Wed Jun 9, 2010 8:53am EDT

(Corrects typo in paragraph 2)

June 9 (Reuters) - RCM Technologies Inc (RCMT.O) said it adopted a shareholder rights plan with a 15 percent trigger, expiring on June 21, 2011.

The company's board approved the plan in response to CDI Corp's (CDI.N) recent hostile bid to buy RCM at $5.20 per share, which RCM had rejected. [ID:nSGE6520IP]

If the rights become exercisable, rights holders will be entitled to acquire RCM's common stock at a 50 percent discount, the provider of IT services to a host of industries said in a statement.

Shares of the company closed at $4.90 Tuesday on Nasdaq. (Reporting by Mansi Dutta in Bangalore; Editing by Gopakumar Warrier)

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