Amid division across the Canadian securities regulators, the Ontario Securities Commission appears determined to move forward with a best interest
In a significant decision, the British Columbia and Ontario securities commissions have upheld a contested private placement by the target of an
It was announced last week that the Ontario Securities Commission will be hosting a panel discussion on the potential imposition of a statutory
Securities regulation in Canada, with its 13 different securities jurisdictions, is sometimes politely referred to as a “mosaic”.
The Ontario Securities Commission issued an order this week in connection with a shareholder rights plan adopted by the board of directors of MOSAID Technologies Incorporated in response to a hostile bid made by Wi-LAN Inc.
Recent decisions of the Ontario Securities Commission and the British Columbia Securities Commission have led to some debate about the ability of a target board of directors to effectively use a shareholder rights plan to fend off a bidder in a hostile takeover bid.
The current Baffinland Iron Mines Corp. control contest, in which the Ontario Securities Commission (OSC) has intervened several times, raises yet again questions about the fundamental differences between securities regulation and corporate law.
The Ontario Securities Commission's reasons in Baffinland Iron Mines Corporation clearly rejected the proposition that securities commissions should defer to the business judgment of a target board of directors in deciding whether to cease trade a shareholder rights plan (also known as a poison pill).
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.
On July 27, 2010, the British Columbia Securities Commission (“BCSC”) issued its full majority reasons for its April 2010 decision to cease-trade the Lions Gate Entertainment Corp. shareholder rights plan (the “SRP”) adopted in response to a hostile bid made by a group of companies led by Carl Icahn.