While the board of the fruit juice Sun-Rype company strongly opposed a $30m takeover attempt by Clearly Canadian last month, it now says it is confident that Sun-Rype shareholders will see the offer is not in their best interests.
The shareholder rights protection plan was canceled on the eve of a B.C. Securities hearing in which Clearly Canadian was to complain about the poison pill strategy. The cancellation of the hearing saves Sun-Rype money though it has already spent $555,000 fighting the takeover bid. Shareholders will now vote on Clearly Canadian's bid, which expires August 19.
Copyright July 1996 Crain Communications Inc.