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Canada - March 15 2013
A newly-proposed Canadian Securities Administrators (CSA) rule on shareholder rights plans and an alternative proposal on defensive tactics from the…
Canada, USA - January 30 2013
A trio of Delaware Court of Chancery rulings in 2012 have re-emphasized a target board’s duty to stay informed of material information throughout all…
Canada - June 14 2012
The hostile bid for Fibrek Inc. (Fibrek) by Resolute Forest Products Inc. (formerly AbitibiBowater Inc.) (Resolute) which unfolded over the course of November, 2011 to May, 2012 and the decision of the Quebec Bureau de Decision et Revision (the Bureau) in relation to a subsequent white knight bid by Mercer International Inc. (Mercer) puts target company boards on alert about circumstances in which steps taken by them in the face of unsolicited take-over bids may be overturned by a securities tribunal exercising its public interest jurisdiction.
Canada, USA - May 10 2012
Taking a page from Ontario’s playbook, highly respected Delaware Chancellor Leo Strine Jr. recently found that a confidentiality agreement could temporarily block a subsequent hostile bid and proxy contest, even in the absence of an explicit standstill provision.
