Intertape agrees on shareholder rights

MONTREAL ― Intertape Polymer says it has arrived at a shareholder rights plan in order to address any future unsolicited takeover bids. In the event of such a bid the plan aims to give the board “additional time … to develop and propose alternatives to the bid and negotiate with the bidder, as well as to ensure equal treatment of shareholders in the context of an acquisition of control made other than by way of an offer to all shareholders, and lessen the pressure on shareholders to tender to a bid.” Although the company stated that the plan is not being devised in response to any bid or proposal, activist shareholders with a reform plan that included buying back more shares and adding industry experts to the board. The two institutional investors, FrontFour Capital Group and Zelman Capital, own a combined 6.5% of Intertape.