With the recent election of seven nominees to the board of CP Rail, Bill Ackman and Pershing Square demonstrated in dramatic fashion that no Canadian company is immune from the rough-and-tumble world of proxy battles. Mason Capital also illustrated this recently with its successful opposition to the proposed share conversion of Telus Corp. Shareholder activism… → Read More
5 Things US Activist Investors Need to Know about Canada
Posted in Public M&A, Shareholders, StrategyTake-over Bid vs Plan of Arrangement: Top 10 Considerations
Posted in Public M&A, StrategyAcquisitions of public companies in Canada almost always take the form of either a take-over bid or court-approved plan of arrangement. Choosing between the two is highly dependent on the facts of each case. It’s not uncommon for bidders to start with one structure and then to flip over to the other as the deal… → Read More
SEC Will Not Challenge Court Decision on Proxy Access
Posted in ShareholdersThe U.S. Securities and Exchange Commission (SEC) announced last week that it will not seek a court rehearing on the validity of its proposed “proxy access” rules, which were rejected by the U.S. Court of Appeals in July. Under the rules, a company would have been required to include on its proxy a board candidate nominated… → Read More
Dissident Ambush of a Shareholders’ Meeting – Tactics to Consider
Posted in Public M&AA common technique by dissidents seeking to replace a board of directors is to nominate a rival slate of directors from the floor at the company’s annual meeting. The dissident group might succeed because the target company has not had time to round up support from friendly shareholders who did not bother to vote. The… → Read More
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