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Maple Leaf Foods Adopts Rights Plan

WINNIPEG/REUTERS

Maple Leaf Foods has adopted a shareholder rights plan and its chief executive is acquiring nearly a third of its shares, prompting speculation a takeover attempt could be in the works.

The Canadian food processor denied that the poison pill was in response to any actual or anticipated transaction, saying it merely replaced a rights plan that expired last year. The moves also follow a standoff with an activist investor earlier this year.

CEO Michael McCain said he increased his take because he believes strongly in the company.

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