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Bennett Jones LLP

Capital Markets Tribunal Keeps High Bar to Establish Improper Defensive Private Placement

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On March 11, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for dismissing Mithaq Capital Inc.'s (Mithaq) application on December 14, 2023, to cease trade a private placement that Aimia Inc....more

Cozen O'Connor

BCSC Guidance on Joint Actors in Proxy Contests and Early Warning Disclosure Requirements

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On December 22, 2023, the British Columbia Securities Commission (the BCSC) rendered a decision in NorthWest Copper Corp. (Re) clarifying when parties are considered to be “acting jointly or in concert” and the appropriate...more

Davies Ward Phillips & Vineberg LLP

In a Win for Shareholders, B.C. Securities Commission Provides Joint Actor Guidance for Proxy Contests

Important guidance on “acting jointly or in concert” in a proxy contest was provided by the British Columbia Securities Commission (Commission) in NorthWest Copper Corp. (December 22, 2023). The Commission declined to find a...more

Davies Ward Phillips & Vineberg LLP

Canadian Mergers & Acquisitions: A Guide for Investment Banks, Bidders and Boards, 10th edition

Davies’ Canadian Mergers & Acquisitions guide draws on our substantial cross-border M&A experience to offer guidance on both the legal framework and practical aspects of Canadian mergers and acquisitions, including critical...more

Blake, Cassels & Graydon LLP

La CVMO rejette une demande de dispense de l’obligation de dépôt minimal applicable aux offres publiques d’achat

La Commission des valeurs mobilières de l’Ontario (la « CVMO ») a récemment rendu publique sa décision à l’égard d’une demande de dispense de l’obligation de dépôt minimal en vertu des règles canadiennes relatives aux offres...more

Blake, Cassels & Graydon LLP

Take-Over Bid Rules Not Made to Be Broken – OSC Rejects Requested Relief from Minimum Tender Requirement

The Ontario Securities Commission (the OSC) recently released its decision rejecting a request from ESW Capital, LLC (ESW) for relief from the minimum tender requirement under Canadian take-over bid rules (the Relief) in...more

Blake, Cassels & Graydon LLP

Mach Group “Mini Tender” Offer to Buy Montreal-Based Airline Won’t Fly: Quebec Financial Markets Tribunal

On August 11, 2019, Quebec’s financial markets administrative tribunal (TAMF), by a majority decision, invoked its public interest jurisdiction to cease trade Mach Group Inc.’s offer (Mach Offer) to acquire 19.5 per cent of...more

Blake, Cassels & Graydon LLP

Canadian Mergers and Acquisitions: FAQs and 2019 Trends

The Blakes Canadian Mergers and Acquisitions: FAQs and 2019 Trends answers frequently asked questions regarding the regulation of public M&A in Canada and provides an outlook for what 2019 may hold based on significant...more

Bennett Jones LLP

Securities Commissions Provide Guidance on New Canadian Takeover Rules in Hostile Cannabis Bid

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For close to three months, M&A lawyers and other capital markets participants had been anxiously awaiting the release of written reasons from the Ontario Securities Commission (“OSC”) and the Financial and Consumer Affairs...more

Blake, Cassels & Graydon LLP

Mergers & Acquisitions: Trends to Watch in 2017

Canadian M&A activity rose once again in 2016, surpassing a record-breaking 2015 to become the most active year in Canadian deal-making history. In terms of deal value, 2016 will be second only to the peak of 2007....more

Blake, Cassels & Graydon LLP

New Law on Defensive Tactics: Balancing Business Judgment and Shareholder Choice

On October 24, 2016, the Securities Commissions of British Columbia (BCSC) and Ontario (OSC, together with the BCSC, the Commissions) released the reasons for their decision in Re Hecla Mining. The Commissions had previously...more

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