Business
Ironhorse Oil & Gas Inc. Adopts Shareholder Rights Plan
Ironhorse Oil & Gas Inc. Adopts Shareholder Rights Plan Ironhorse Oil & Ga...
About this update from Pond Technologies Holdings Inc.
[{"type":"text","content":"\n\n\n\nIronhorse Oil & Gas Inc. Adopts Shareholder Rights Plan\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\nIronhorse Oil & Gas Inc. Adopts Shareholder Rights Plan\nCanada NewsWire\nCALGARY, Nov. 9, 2015\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./\n\n\n\n\nCALGARY, Nov. 9, 2015 /CNW/ - In response to the announcement by 1927297 Alberta Ltd. on November 4, 2015 that it is making an unsolicited offer (the \"Offer\") to acquire all of the outstanding common shares (\"Shares\") of Ironhorse Oil & Gas Inc. (\"Ironhorse\" or the \"Company\") (TSX-V:IOG), Ironhorse announces that its Board of Directors (the \"Board\") has adopted a Shareholder Rights Plan (the \"Rights Plan\") effective immediately. The Rights Plan is designed to ensure that the Company's shareholders (\"Shareholders\") and the Board have adequate time to consider and evaluate the Offer and any other unsolicited take-over bid that may be made, and to ensure that the Board has adequate time to consider its current business plan and to explore, identify, develop and negotiate strategic alternatives to enhance Shareholder value, if considered appropriate, including competing transactions. \n\nThe purpose of the Rights Plan is to encourage a potential bidder to make a \"Permitted Bid\", having terms and conditions designed to meet the objectives of the Rights Plan, or to negotiate the terms of an offer with the Board.\n\nPermitted Bid\n\nA Permitted Bid under the Rights Plan is a take-over bid that, among other things, is made to all Shareholders (other than the bidder) for all of the Shares held by them, by way of a take-over bid circular prepared in compliance with applicable securities laws, that remains open for acceptance by Shareholders for a minimum of 120 days, is supported by a majority of Shareholders other than the bidder (and its affiliates, associates and joint actors), and that satisfies certain other conditions. The 120 day period that a Permitted Bid must remain open for acceptance is the same period of time that the Canadian securitie...