Haivision Announces Adoption of Shareholder Rights Plan

About this update from Haivision Systems, Inc.

[{"type":"text","content":"\n \n \n \n Haivision Announces Adoption of Shareholder Rights Plan\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n March 17, 2023\n \n \n /CNW/ - Haivision Systems Inc. (\"Haivision\" or the \"Company\") (TSX: HAI) announces that it has adopted a shareholder rights plan (the \"Rights Plan\") with Computershare Investor Services Inc. as rights agent effective as of\n \n March 17, 2023\n \n (the \"Effective Date\"). While the Rights Plan is effective immediately, it is subject to ratification by the Company's shareholders within six months of its adoption. The Company will be seeking shareholder ratification of the Rights Plan at its upcoming annual general meeting of shareholders on\n \n April 26, 2023\n \n . If the Rights Plan is not approved by the shareholders it will terminate and cease to be effective. Approval of the Rights Plan at the upcoming annual general meeting of shareholders is not being proposed in response to or in anticipation of any pending or threatened take-over bid, nor to deter take-over bids generally. The Board is not aware of any third party preparing any take-over bid to acquire control of the Company.\n \n \n \n \n \n \n \n \n \n On\n \n March 6, 2023\n \n , the Company received a non-binding expression of interest from Evertz Technologies Limited (\"Evertz\") outlining a proposal to acquire all of the issued and outstanding common shares of the Company for\n \n $4.50\n \n per share (the \"Evertz Non-binding Expression of Interest\"). The Evertz Non-binding Expression of Interest expired on\n \n March 9, 2023\n \n and provided that prior to entering into and completing due diligence Evertz was unable to provide a binding transaction structure or price. As a result of the Evertz Non-binding Expression of Interest, the Company has been notified by the Toronto Stock Exchange (\"TSX\") that the TSX will defer consideration of the acceptance of the Rights Plan until such time as the TSX is satisfied that the appropriate securities commission will not intervene pursuant to Nat...

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