Rutter Inc. announced Tuesday it has been advised by Fraser Edison, James White, Ryan Hinz and Donald Clarke — members of the board of directors of Rutter — that a corporation controlled by them intends to make an unsolicited takeover bid for all outstanding common shares of Rutter not already owned by them and their associates on or after Jan. 17. Currently, the four men own, control or direct — directly or indirectly — 38.9 per cent of the issued and outstanding common shares.
A news release notes the board of directors 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. If the offer proceeds, shareholders will have a minimum of 35 days to respond.
The committee is urging Rutter shareholders not to deposit any shares and not to take any actions with regarding the offer until the committee has completed its review and reports to shareholders.
Rutter provides innovative technologies and engineering services in the marine, defence, transportation, oil and gas sectors from its headquarters in this province.