ST. JOHN’S, N.L. – Rutter Inc. (TSX:RUT) says a group comprised of some of its board of directors intends to make an unsolicited takeover bid for the company.
The firm, which makes radar systems for the marine, defence, transportation and oil and gas sectors, says the intended offer will amount to 6.1 cents per share.
The group making the offer currently owns or controls a 38.9 per cent stake in the company.
Rutter says it has formed an independent committee and has enlisted Farber Financial Group to help it review the offer.
The company urged shareholders to not take any action until a formal offer is made, at which time it will have 35 days to respond.
Shares in Rutter soared 133 per cent, or four cents, to seven cents following the news on the Toronto Stock Exchange.