Saskatoon-Athabasca Potash Inc. said May 13 that its board of directors has adopted a shareholder rights plan to ensure that all shareholders are treated fairly in connection with any takeover bid for the company. The plan will provide shareholders with adequate time to properly assess a takeover bid without facing undue pressure. The board will be given additional time to consider any takeover bid and, if applicable, to explore other alternatives to maximize shareholder value. A permitted bid must be made by way of a takeover bid circular prepared in compliance with applicable securities laws and, in addition to certain other conditions, must remain open for 60 days. In the event a takeover bid does not meet the permitted bid requirements of the plan, the rights issued under the plan will entitle shareholders, other than any shareholder or shareholders involved in the takeover bid, to purchase additional common shares of Athabasca at a significant discount to the market price of the common shares at that time. Athabasca is not adopting the plan in response to, or in anticipation of, any specific takeover bid or proposal to acquire control of the company.
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