Atlantic Power adopts shareholder rights plan

Atlantic Power adopts shareholder rights plan; says not in response to known takeover bid

Associated Press

BOSTON (AP) -- Shares of Atlantic Power tumbled 30 percent Friday after it announced a "poison pill" plan, though it said the measure was not in response to any takeover attempt or the anticipation of receiving one.

The company said late Thursday that it wants to give its board and shareholders ample time to consider and assess any unsolicited bids.

Atlantic Power Corp. also said that it would give the board time to identify and negotiate other options to maximize shareholder value.

The plan must still be approved by shareholders of the Boston company.

Shares fell $2.97 to $7 in Friday morning trading. The stock fell to $6.07 earlier in the session, its lowest point since 2009.

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