Cambior proposes a rights plan

Shareholders of Cambior (TSE) will vote at the May 6 annual meeting on a rights plan designed to protect them in the event of a hostile takeover bid.

Shareholders would be issued rights entitling them to buy shares in the event of a hostile offer. A takeover bid considered hostile for 20% or more of the outstanding common shares would trigger the sale of shares to the rights-holders at a 50% discount to the market price.