SunOpta to consider alternatives, adopt shareholder rights plan

By Lisa Kerner

Charlotte, N.C., Sept. 4 - SunOpta Inc. formed a special committee to begin a strategic review process to enhance shareholder value, it was announced on Thursday.

Genuity Capital Markets will assist in the review process.

Members of the special committee include chairman of the board Jeremy Kendall, lead director Robert Fetherstonhaugh and director, president and chief executive officer Steve Bromley.

The current valuation of SunOpta in part prompted the review, according to a company news release.

"Despite record revenue and strong internal growth and operating performance, the company's shares trade at a discount to its historical valuation benchmarks," Kendall said in the release.

The board of directors of SunOpta plans to implement a shareholder rights plan to give the company time to sufficiently develop alternatives and to protect the company from unfair acquisition tactics.

SunOpta is a natural and organic food products company based in Brampton, Ont.

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