Dealing with multiple personalities in M&A
|Area||Corporate Finance and Securities, Mergers and Acquisitions|
Article originally published in the Canadian Lawyer Magazine, October 2016
Excerpt from "Dealing with multiple personalities in M&A ":
Defensive tactics in the M&A world have a way of maintaining centre stage at all times, even when it appears that the hook has come out, the curtains have been drawn and the ushers are scraping gum off the seats. Amendments to the takeover bid rules earlier this year effectively neutered the utility of shareholder rights plans (“poison pills”). That might have pushed the topic off the front burner, but defensive tactics embody the spirit of that old saying: “If at first you don’t succeed, maybe skydiving is not for you.” In the wake of those rules changes, there has been increased focus on another potential form of defensive response to a hostile bid: private placements. That issue was at the centre of the recent joint decision of the Ontario and British Columbia securities regulators in connection with the proposed hostile bid by Hecla Mining Co. for Dolly Varden Silver Corp.