Canfor adopts new shareholder rights plan
January 2, 2007 By Pulp & Paper Canada
Canfor’s board of directors has adopted a shareholder rights plan, in an attempt to protect itself from hostile tak…
Canfor’s board of directors has adopted a shareholder rights plan, in an attempt to protect itself from hostile takeover bids, the Vancouver Sun has reported.
The company confirmed the plan is analogous to the one it adopted last April, and should not be viewed in light of an actual bid. The Vancouver Sun further reported that Canfor confirmed the plan has nothing to do with an increase in ownership by Third Avenue Management.
“We’d like to be quite clear, this is a process-driven event,” the Sun reported David Jan, Canfor’s manager of investor relations as saying. “It is not because of any [external] event.”
Canfor suspended its rights plan in order to put in place a policy that would permit the board to initiate a plan if a takeover bid were submitted, the Sun confirmed.
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