Jun 27 2007
Intertape Polymer Group Inc. announced that its Board of Directors has postponed its Annual and Special Meeting of Shareholders previously scheduled to be held, Tuesday, June 26, 2007 to 4:30 p.m. (Montreal time) on Thursday June 28, 2007. The purpose of the postponement is to provide the Board and the Company's shareholders more time to consider the Dissident Proxy Circular dated June 18, 2007 filed by 6789536 Canada Inc. (the "Dissident") and the amendment thereto dated June 21, 2007 (together, the "Dissident Proxy Circular").
The Board continues to be concerned with the deficiencies and flaws of the proposals made by the Dissident and the disclosure contained in the Dissident Proxy Circular and has concluded that it is in the interest of shareholders that they be afforded additional time to consider the proposed plan of arrangement (the "Arrangement") pursuant to which, if approved by shareholders, all of the outstanding common shares of the Company are to be acquired for US$4.76 per share in cash. The Company will continue its assessment and review of the Dissident Proxy Circular and the proposals contained therein and of its position in the circumstances.
The Board of Directors has determined that the Dissident's proposals are not in the best interests of Intertape shareholders and involve significant risks, and has confirmed its support for the announced proposed plan of arrangement.