New rights plan and defensive tactics proposals shift Canadian M&A landscape *

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…

Co-authors: Jeremy Fraiberg, Emmanuel Pressman, Douglas Bryce, Clay Horner, Alexander Gorka, Donald Gilchrist.

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A call to arms on empty voting! *

Canada - August 2 2012
The proxy battle over the TELUS proposal to eliminate its dual class share structure earlier this year underlines the need for regulatory action on empty voting.

Co-authors: Jeremy Fraiberg, Andrew MacDougall.

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Quebec tribunal concludes Fibrek Inc. response to unsolicited bid went too far *

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.

Co-authors: Ward A. Sellers, Emmanuel Pressman.

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Developments in Canadian poison pill jurisprudence *

Canada - January 19 2012
In a rather active year for hostile M&A activity in Canada, there were only two shareholder rights plan decisions.

Co-authors: Emmanuel Pressman, Alexander Gorka, Donald Gilchrist.

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The role of litigation in M&A tactics and strategy - greater than ever *

Canada - January 13 2011
New situations as well as differences in viewpoints among provincial securities commissions, and between the commissions and the courts, will continue to shape the framework in which M&A transactions take place.

Co-authors: Mark Gelowitz.

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