Canadian Underwriter

Anthony Clarke seeks "poison pill" approval

July 4, 2001   by Canadian Underwriter

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Calgary-based brokerage group Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) is looking to implement a shareholders’ rights plan that would enable the company to block hostile takeover bids. ACL shareholders will be asked to approve the rights plan at the upcoming annual general meeting. The Toronto Stock Exchange has conditionally accepted the rights plan, pending shareholder approval.
A statement released by the brokerage group says the objective of the rights plan is to allow management to "assess and evaluate" possible takeover bids. The directors are presently not aware of any immediate or threatened takeover bids against the company. "The rights plan is intended to provide the board of directors and the shareholders of the company a reasonable amount of time to assess and evaluate a takeover bid, if one is made, and to enable the board to explore and develop alternatives in order to maximize shareholder value…Current Canadian securities legislation permits a hostile takeover bid to be made in as little as 35 days, giving little time for competing bids to be made."

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