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Tag Archives: OSC

Dolly Varden Reasons Deliver Highly Anticipated Guidance for Assessing Tactical Private Placements under the New Take-Over Bid Regime

Posted in Public M&A, Shareholders, Strategy

The Ontario Securities Commission (OSC) and the British Columbia Securities Commission (BCSC) have released joint reasons for their decisions in the Dolly Varden dispute. As expected, these reasons provide capital markets participants with guidance (including a framework) for assessing the future use of private placements as a defensive tactic (i.e. so-called “tactical” private placements) under Canada’s new harmonized take-over bid regime (New Bid Regime) that came into effect on May 9, 2016.

For more information about the New Bid Regime, see our previous article, Canada’s New Take-Over Bid Rules Seek to Level the Playing Field. Continue Reading

Shareholder Rights Plans – A Priority for the OSC

Posted in Public M&A, Shareholders

On June 28, 2012, the Ontario Securities Commission published OSC Notice 11-767 – Notice of Statement of Priorities for Financial Year to End March 31, 2013. Tucked in with the OSC’s goal to deliver strong investor protection, the OSC states that it will reconsider the current regulatory requirements governing shareholders’ rights plans to reflect recent market and governance developments. We know that the OSC has been informally canvassing market participants for views on the appropriate regulation of poison pills and that a plan is in the works. And as noted in our blog post from last November, Naizam Kanji, … Continue Reading