MINNEAPOLIS — The Valspar Corp. said its board of directors has adopted a shareholder rights plan designed to protect the company against hostile takeovers and “further the long-term interests of Valspar shareholders.” Under the plan, shareholders will be given the right to acquire additional Valspar common shares in the event an individual or group acquires 15% or more of the company’s common shares. The company said the action was not being taken “in response to or in anticipation of any specific or proposed change in control of Valspar.”

Richard M. Rompala, chairman, president and CEO, said the rights plan “strengthens the ability of Valspar to protect the interests of its shareholders by encouraging any prospective purchaser to negotiate with the board of directors prior to attempting a takeover.” The action also ensures that “all shareholders receive a fair price and are treated equally in the event of a takeover,” he said.