A pair of decisions on shareholder-rights plans by two securities regulators have cast light on how so-called "poison pills" will be dealt with in the lead-up to the Canadian Securities Administrators' newly proposed takeover bid regime.
The late November decision by the Alberta Securities Commission in Canadian Oil Sands and, earlier in the month, by BC Securities Commission in Red Eagle will go some way to answering two key questions: First, what should targets and acquirers involved in hostile bids do while the old rules remain in force and the new rules loom? And, second, what final form are the rules likely to take?
Lexpert contributor Julius Melnitzer reports at lexpert.ca/globe