Aurizon Mines (TSX: T.ARZ, Stock Forum) Monday said it has adopted a new shareholder rights plan, this according to a company news release.
Aurizon's Board of Directors reported that it is concerned by Alamos' public statements that it has waived a requirement that at least two-thirds of Aurizon's shares be tendered to its offer and that could mean it will be able to kill any deal with less than a majority of Aurizon's stock.
Alamos already owns 16% of Aurizon.
Unless more than 50% of the Aurizon shares (excluding shares held by Alamos) are tendered to the Alamos Bid, the New Rights Plan will remain in place until the Aurizon shareholders have had an opportunity to vote on the Arrangement or until the Arrangement has been terminated for any reason, including in the event that Aurizon receives a superior proposal that is not matched by Hecla.