December 6, 2011 - Maple Leaf Foods has amended the shareholders' rights plan previously adopted on July 28, the company announced. The move is seen as a defensive measure that can be used against a hostile takeover attempt.
According to Maple Leaf, the definition of "Acquiring Person" in the plan. This would allow the "grandfathered" shareholder who was the beneficial owner of 20 per cent or more of the common shares at the time the plan was implemented to acquire an additional one per cent of the company's shares.
Currently Maple Leaf president and CEO Michael McCain owns 32.5 per cent of the company's shares, 31.5 per cent of which he acquired following the death of his father Wallace McCain.
The amended rights plan currently is in effect, subject to confirmation through a vote of shareholders on Dec. 14.
Back to Industry Roundup
