Sabre adopts one-year shareholder rights plan after Constellation accumulates 9.7% stake, breaks off talks

Sabre Corp

Board adopted one-year rights plan effective March 1, 2026; triggers at 15% (20% for passive) ownership.
Constellation Software held 9.7% economic stake (4.7% beneficial + 5% derivatives) as of Nov 2025; sought two board seats.
Constellation broke off negotiations Feb 26 after nearing a governance agreement; then withdrew its nomination.
If triggered, rights holders (excluding triggering person) can acquire common shares at 50% discount.
Plan expires Feb 28, 2027; Board may redeem rights for $0.001 per right at any time before a trigger.

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