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Cinram Adopts Poison Pill to Ward Off Hostile Takeovers

Cinram International Income Fund announced that it has adopted a unitholder rights plan, commonly called a poison pill, to give its board of trustees time to consider alternatives in the event of an unsolicited takeover bid.

Cinram trades on the TSX under the symbol CRW.UN

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Unedited press release follows:


TORONTO, Sept. 14 – Cinram International Income Fund (TSX: CRW.UN) (“Cinram”) today announced that its Board of Trustees has adopted a Unitholder Rights Plan. The purpose of the rights plan is to provide the Board with sufficient time to respond and to develop and implement alternatives in the event of an unsolicited bid for Cinram. The Board’s actions are not related to any specific acquisition proposal. Cinram is unaware of any take-over bid activity currently underway or proposed. The rights plan is also not intended to, and would not, hinder full and fair offers for Cinram that are made to all unitholders; in particular, the rights plan contains a “permitted bid” exclusion that makes it inapplicable to a take-over bid made for all units that is open for acceptance for at least 60 days and otherwise complies with the rights plan’s “permitted bid” requirements.

The adoption of the rights plan is subject to acceptance by the TSX.

About Cinram
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is one of the world’s largest providers of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiary. The Fund’s units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at