Bausch Health Announces Adoption of Shareholder Rights Plan
Bausch Health (NYSE:BHC)(TSX:BHC) has announced the adoption of a shareholder rights plan (SRP) effective April 14, 2025. The plan is designed to ensure fair and equal treatment of shareholders during any unsolicited takeover attempts or control acquisitions, including 'creeping' takeovers.
Under the SRP, one right will be attached to each outstanding common share. If triggered, rights holders (except the acquiring party) can purchase additional company shares at a significant discount to market price. The plan includes provisions for 'Permitted Bids' that wouldn't activate the SRP.
The Board emphasizes that this adoption is not in response to any specific takeover proposal or threat. The SRP requires Toronto Stock Exchange acceptance and shareholder ratification within six months of the effective date. If shareholders don't approve the plan, it will terminate along with all outstanding rights.
Bausch Health (NYSE:BHC)(TSX:BHC) ha annunciato l'adozione di un piano di diritti degli azionisti (SRP) con efficacia dal 14 aprile 2025. Il piano è stato ideato per garantire un trattamento equo e paritario degli azionisti in caso di tentativi non sollecitati di acquisizione o controllo, inclusi i cosiddetti "takeover a striscio".
Secondo l'SRP, a ogni azione ordinaria in circolazione sarà associato un diritto. Se attivato, i titolari di diritti (escluso l'acquirente) potranno acquistare ulteriori azioni della società a un prezzo significativamente scontato rispetto a quello di mercato. Il piano prevede inoltre delle eccezioni per le "Offerte Consentite" che non attiverebbero l'SRP.
Il Consiglio sottolinea che questa adozione non è in risposta a nessuna proposta o minaccia specifica di acquisizione. L'SRP necessita dell'approvazione della Borsa di Toronto e della ratifica da parte degli azionisti entro sei mesi dalla data di entrata in vigore. Se gli azionisti non approveranno il piano, questo verrà annullato insieme a tutti i diritti in essere.
Bausch Health (NYSE:BHC)(TSX:BHC) ha anunciado la adopción de un plan de derechos para accionistas (SRP) con vigencia a partir del 14 de abril de 2025. El plan está diseñado para garantizar un trato justo e igualitario a los accionistas durante intentos no solicitados de adquisición o toma de control, incluyendo adquisiciones "sigilosas".
Bajo el SRP, a cada acción común en circulación se le asignará un derecho. Si se activa, los titulares de derechos (excepto la parte adquirente) podrán comprar acciones adicionales de la compañía a un precio significativamente descontado respecto al precio de mercado. El plan incluye disposiciones para "Ofertas Permitidas" que no activarían el SRP.
La Junta enfatiza que esta adopción no responde a ninguna propuesta o amenaza específica de adquisición. El SRP requiere la aceptación de la Bolsa de Toronto y la ratificación de los accionistas dentro de los seis meses siguientes a la fecha de vigencia. Si los accionistas no aprueban el plan, este se cancelará junto con todos los derechos vigentes.
Bausch Health (NYSE:BHC)(TSX:BHC)는 2025년 4월 14일부터 발효되는 주주 권리 계획(SRP)을 채택했다고 발표했습니다. 이 계획은 원치 않는 인수 시도나 지배권 획득, 특히 '서서히 인수' 시도를 포함하여 주주들에게 공정하고 평등한 대우를 보장하기 위해 설계되었습니다.
SRP에 따라 모든 보통주 한 주당 하나의 권리가 부여됩니다. 권리가 발동되면 권리 보유자(인수 당사자 제외)는 시장 가격보다 상당히 할인된 가격으로 추가 주식을 구매할 수 있습니다. 이 계획에는 SRP를 발동하지 않는 '허용 입찰' 조항도 포함되어 있습니다.
이사회는 이번 채택이 특정 인수 제안이나 위협에 대한 대응이 아님을 강조합니다. SRP는 토론토 증권거래소의 승인과 발효일로부터 6개월 이내에 주주들의 승인을 받아야 합니다. 주주들이 계획을 승인하지 않으면, 계획과 모든 권리는 종료됩니다.
Bausch Health (NYSE:BHC)(TSX:BHC) a annoncé l’adoption d’un plan de droits des actionnaires (SRP) prenant effet le 14 avril 2025. Ce plan vise à garantir un traitement juste et égal des actionnaires lors de toute tentative d’acquisition non sollicitée ou prise de contrôle, y compris les acquisitions progressives (« creeping »).
Dans le cadre du SRP, un droit sera attaché à chaque action ordinaire en circulation. En cas de déclenchement, les détenteurs de droits (à l’exception de la partie acquéreuse) pourront acheter des actions supplémentaires de la société à un prix nettement inférieur au prix du marché. Le plan prévoit des dispositions pour des « Offres Permises » qui n’activeraient pas le SRP.
Le Conseil souligne que cette adoption ne répond à aucune proposition ou menace spécifique d’acquisition. Le SRP nécessite l’acceptation de la Bourse de Toronto et la ratification des actionnaires dans les six mois suivant la date d’entrée en vigueur. Si les actionnaires n’approuvent pas le plan, celui-ci sera annulé ainsi que tous les droits en cours.
Bausch Health (NYSE:BHC)(TSX:BHC) hat die Einführung eines Aktionärsrechtsplans (SRP) mit Wirksamkeit ab dem 14. April 2025 angekündigt. Der Plan soll eine faire und gleiche Behandlung der Aktionäre bei unaufgeforderten Übernahmeversuchen oder Kontrollübernahmen, einschließlich "schleichender" Übernahmen, sicherstellen.
Gemäß dem SRP wird jedem ausstehenden Stammaktie ein Recht zugeordnet. Wird der Plan ausgelöst, können Rechteinhaber (außer dem Erwerber) zusätzliche Unternehmensanteile zu einem erheblichen Abschlag zum Marktpreis erwerben. Der Plan enthält Bestimmungen für "Zugelassene Gebote", die den SRP nicht aktivieren würden.
Der Vorstand betont, dass diese Einführung nicht als Reaktion auf ein konkretes Übernahmeangebot oder eine Bedrohung erfolgt. Der SRP bedarf der Zustimmung der Toronto Stock Exchange und der Ratifizierung durch die Aktionäre innerhalb von sechs Monaten ab dem Wirksamkeitsdatum. Wenn die Aktionäre den Plan nicht genehmigen, wird dieser zusammen mit allen ausstehenden Rechten aufgehoben.
- Implementation of shareholder protection mechanism against hostile takeovers
- Board maintains control over potential acquisition negotiations
- Shareholders get opportunity to purchase shares at significant discount if plan triggers
- Plan could potentially deter beneficial merger/acquisition opportunities
- Implementation suggests possible vulnerability to hostile takeovers
- Additional shareholder approval required within 6 months or plan terminates
Insights
Bausch Health's adoption of a Shareholder Rights Plan (SRP), commonly known as a "poison pill," represents a standard defensive maneuver in corporate governance. The timing is intriguing given there's no mentioned imminent threat, suggesting the board may be responding to market vulnerability due to the company's relatively low
The SRP's mechanics are straightforward but effective: if an unsolicited acquirer surpasses ownership thresholds, existing shareholders can purchase shares at significant discounts, diluting the acquirer's position. This prevents both hostile takeovers and "creeping acquisitions" where buyers gradually accumulate controlling positions without paying premium prices.
From a governance perspective, this balanced approach protects shareholder interests while maintaining board flexibility. The requirement for TSX approval and shareholder ratification within six months provides appropriate checks on board authority. This provision is particularly important as rights plans can sometimes entrench management at shareholders' expense.
While this development doesn't fundamentally alter Bausch Health's business trajectory, it signals the board's proactive stance on preserving shareholder value during potential control contests, creating a more orderly process for evaluating acquisition offers if they emerge.
LAVAL, QC / ACCESS Newswire / April 14, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the "Company" or "Bausch Health") announces today that its board of directors (the "Board") has approved the adoption of a shareholder rights plan (the "SRP") pursuant to a shareholder rights plan agreement entered into with TSX Trust Company, as rights agent, dated April 14, 2025 (the "Effective Date").
The SRP has been adopted to help ensure that all shareholders of the Company are treated fairly and equally in connection with any unsolicited take-over bid or other acquisition of control of the Company (including by way of a "creeping" take-over bid) and that the Board has the opportunity to identify, solicit, develop and negotiate value-enhancing alternatives to any unsolicited take-over bid or similar transaction. The SRP is not being adopted in response to any specific proposal or intention to acquire control of the Company, and the Board is not aware of any pending or threatened take-over bid for the Company.
Pursuant to the SRP, one right will attach to each common share of the Company outstanding as of the effective time under the SRP. Subject to the terms of the SRP, in the event that rights become exercisable under the SRP, holders of the rights (other than the acquiring person and its related parties) will be permitted to exercise their rights to purchase additional common shares of the Company at a substantial discount to the then market price of the Company's common shares. Taking up common shares pursuant to a "Permitted Bid" would not trigger the SRP.
The SRP is subject to the acceptance of the Toronto Stock Exchange and is subject to ratification by the shareholders of the Company within six months of its Effective Date. The Company will be seeking shareholder ratification of the Rights Plan on a to-be-determined date. If the SRP is not approved by the shareholders within six months of its adoption, the plan, together with the outstanding rights, will terminate and cease to be effective. The SRP is similar to shareholder rights plans adopted by other Canadian public companies and ratified by their shareholders.
A summary of the principal terms and conditions of the SRP will be set out in the Company's management information circular to be mailed to the Company's shareholders prior to the Meeting. A copy of the SRP will be available under the Company's profile on the SEDAR+ website at www.sedarplus.ca and the EDGAR website at www.sec.gov/edgar.
About Bausch Health
Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) is a global, diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb Corporation. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors.
Forward-Looking Statements About Bausch Health
This press release may contain forward-looking statements within the meaning of applicable securities laws, including the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may generally be identified by the use of the words "will," "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "subject to" and variations or similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the implementation of, and potential effects of implementing, the SRP, as well as acceptance of the TSX and ratification by the shareholders of the Company. Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the forward-looking statement will not occur. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business. Actual results are subject to other risks and uncertainties that relate more broadly to Bausch Health's overall business, including those more fully described in Bausch Health's most recent annual and quarterly reports and detailed from time to time in Bausch Health's other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. The Company undertakes no obligation to update any of these forward-looking statements to reflect events, information or circumstances after the date of this press release or to reflect actual outcomes, unless required by law.
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SOURCE: Bausch Health Companies Inc.
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FAQ
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