Maple Leaf Foods is keeping alive its takeover attempt of Schneider Corporation.
It has launched an appeal of last month’s Ontario court decision, which threw out Maple Leaf’s and minority shareholders’ claims that they should be able to break the Schneider family’s deal with Smithfield Foods of Virginia.
Maple Leaf executive vice-president Tom Muir said the company thinks there are grounds to appeal.
“Appealing the judgment is the right thing for us to do for our shareholders and for the majority of Schneider Corporation’s shareholders,” said Muir.
Maple Leaf has extended its $29 per share offer until June 16. The Schneider family agreed to sell its share of the company to Smithfield for $25 per share in a stock swap deal.
Some Schneider shareholders argued they should have the right to vote on the Schneider family’s deal with Smithfield, because Maple Leaf was offering more money.
