11:09 AM EDT, 03/24/2026 (MT Newswires) -- Spartan Delta ( DALXF ) on Tuesday said its board of directors adopted a shareholder-rights plan effective today.

"The Rights Plan is consistent with modern rights plans adopted by other Canadian public companies and has not been adopted in response to any specific proposal or intention to acquire control of Spartan," said the company.

In a statement the Western Canadian oil and gas producer noted that in the event of an unsolicited takeover bid in the future, the purpose of the rights plan is to provide the board and shareholders of Spartan with an adequate amount of time to evaluate such unsolicited offer, "explore value-enhancing alternatives, encourage potential bidders to treat Spartan shareholders fairly and provide full and fair value for the Spartan shares."

The company said the plan has been conditionally accepted by the Toronto Stock Exchange, subject to ratification by Spartan's shareholders at the 2026 annual general and special meeting, to be held in May.

The rights plan is expected to initially remain in effect for three years after formal shareholder ratification, added the company.

The company's shares were last seen up $0.66 at $12.63 on the Toronto Stock Exchange.

Price: 12.63, Change: +0.66, Percent Change: +5.51