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Shareholders of Maple Leaf Foods Inc. (MFI-T) have approved the company's shareholder rights plan, and the Toronto Stock Exchange has accepted it, Maple Leaf said on Thursday.
The leading Canadian baker and meat processor said in July that it had adopted the plan and that Chief Executive Michael McCain would acquire nearly a third of its shares.
The company denied at the time that the poison pill was in response to any actual or anticipated transaction, saying it merely replaced a rights plan that expired last year.
Maple Leaf launched a $1.29-billion plan last year to reduce operating costs and boost productivity by slashing jobs and closing some older plants, while building a new meat-packing facility.