Canada-based organic foods producer SunOpta Inc. said Thursday it has formed a special committee of directors and started a strategic review to boost shareholder value.
Additionally, SunOpta has engaged Genuity Capital Markets as financial adviser in an effort to identify ways of enhancing shareholder value.
"Despite record revenue and strong internal growth and operating performance, the company's shares trade at a discount to its historical valuation benchmarks" SunOpta chairman Jeremy Kendall said in a statement.
The review will encompass an assessment of the company's business plan, growth strategy and market valuation, including the potential sale of noncore businesses or assets. It will also assess the company's capital structure.
The special committee includes Kendall, Lead Director Robert Fetherstonhaugh, and Chief Executive and President Steve Bromley.
SunOpta also said its board of directors plans to implement a shareholder rights plan aimed at giving the company time to develop and implement alternatives to a potential unsolicited bid for control of the company.
The plan would be confirmed at the company's 2009 shareholders' meeting, the company said.
U.S.-traded shares of SunOpta added a penny to $7.06 in morning trading.
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