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Bank of Butterfield Tries to Protect Against Hostile Takeover

Tax-news.com

19 September 1999


The board of the Bank of N T Butterfield & Son Ltd announced it would ask shareholders to approve anti-predator rules including a limit on shareholdings to a 15% stake without board approval. The bank said in a circular to shareholders that the measures would ensure fair value by preventing a sale of the company at times when market value is less than book value. Shareholders in the Bank of Bermuda adopted similar rules at a meeting this summer. These defensive measures are in response to the current legislation to remove the 60% local ownership requirement (put through at the banks' own request!). Some economists might say that such defensive tactics do nothing to help shareholders or share values, but serve only to entrench management.

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