The Journal Record, March 15th, 2002
OKLAHOMA CITY (JR) -- Canaan Energy's board of directors on Thursday adopted a shareholder rights plan.
The plan was adopted just three days after Chesapeake Energy made an unsolicited tender offer to acquire Canaan for $12 per share. Under the plan, preferred stock purchase rights will be distributed to Canaan Energy shareholders.
The shareholder rights plan was under consideration by Canaan's board of directors before Chesapeake announced its offer on Monday, according to a statement released Thursday by Canaan. "The rights plan is designed to assure that all of Canaan's shareholders recei...
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