Mar 24, 2003
Saying that it is "not aware of any pending or threatened takeover bid," Toronto-based PCB manufacturer Coretec, Inc. on March 21 said its Board of Directors had approved adoption of a Shareholder Rights Plan "to ensure, to the extent possible, that its shareholders are treated fairly in connection with certain takeover bids for its common shares."
Adoption of the Rights Plan is subject to regulatory approval, the company said. Additionally, the Rights Plan will be submitted for ratification by shareholders at the corporation's Annual and Special Meeting of Shareholders on May 6, 2003.
Coretec said in a company statement that it believes the Rights Plan preserves the fair treatment of shareholders, is generally consistent with Canadian corporate practice, and addresses institutional investor guidelines.
"The Rights Plan is not intended to prevent takeover bids," Coretec stated.
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