Rutter directors offer 6.1 cents in unsolicited bid
Rutter directors offer 6.1 cents in unsolicited bid
2014-01-07 06:46 MT - News Release
Ms. Karen Snook reports
RUTTER INC. ANNOUNCES PROPOSED TAKE-OVER BID BY INSIDER GROUP
Rutter Inc. has been advised by Fraser Edison, James White, Ryan Hinz and Donald Clarke that a corporation controlled by the offerors intends to make an unsolicited takeover bid for all of the outstanding common shares of Rutter not already owned by the offerors and their associates on or after Jan. 17, 2014, at a price of 6.1 cents per common share. The offerors are members of the board of directors of Rutter.
The board of directors of Rutter has formed a committee consisting of Gary Bruce and David Slager, each of whom is an independent director, to evaluate the proposed offer and the alternatives for Rutter. The committee has retained the Farber Financial Group to prepare a formal valuation of the common shares of Rutter, which is expected to be completed shortly. If the offerors proceed with the proposed offer, shareholders will have a minimum of 35 days after the offerors have filed a takeover bid circular to respond to the offer. Therefore, the committee urges Rutter shareholders not to deposit any shares and not to take any actions with respect to the offer until the committee has completed its full review and consideration of the offer and provided shareholders with its consideration and any recommendation in respect of the offer in a directors' circular. Shareholders will be promptly notified of any recommendation by the committee through a news release and circular in accordance with applicable securities laws.
As of the date hereof, the offerors and their associates collectively beneficially own, control or direct, directly or indirectly, 38.9 per cent of the issued and outstanding common shares of Rutter.