(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)