Mergers and Acquisitions Mergers and Acquisitions

Poison pills under the new bid regime: lessons & questions flowing from Canada’s largest cannabis M&A deal to date

On March 15, 2018, the OSC and the Financial Consumer Affairs Authority of Saskatchewan issued their reasons for the Aurora-CanniMed decision.

Québec Court of Appeal harmonizes Canadian law by prohibiting pre-leave discovery in securities class actions

A Québec Court of Appeal decision in Amaya inc. c. Derome harmonizes the law across Canadian provinces with regard to the prohibition against...

Securities regulators referee the Aurora hostile bid for CanniMed

On December 22, 2017, the Ontario Securities Commission (the OSC) and the FCAAS made an order cease trading the shareholder rights plan adopted by...

Livent decision and the scope of auditor liability

In a significant decision on December 20, 2017, the Supreme Court of Canada provided important guidance on the scope of responsibility of auditors in...

Top public M&A and proxy contest developments in 2017

While the number of Canadian M&A transactions this year has been slightly higher than in 2016, the total value of deals is somewhat lower.

Securities Commission staff raise the bar for conflict transactions

Staff of the securities regulatory authorities in each of Ontario, Québec, Alberta, Manitoba and New Brunswick have indicated that they intend to...

Supreme Court clarifies test for personal liability of directors for oppressive conduct

In its decision released today in Wilson v Alharayeri, the Supreme Court of Canada affirmed the test as to when liability may be assigned to...

The Eco Oro decision – OSC invokes broad jurisdiction in effectively neutralizing a private placement

The Ontario Securities Commission recently released its reasons for overturning a decision by the Toronto Stock Exchange conditionally approving a...

Canada signs multilateral tax agreement

Canada and 67 other jurisdictions signed the OECD’s multilateral tax convention (referred to as the multilateral instrument or “MLI”) on...