Stephen Halperin and Jonathan Lampe quoted in "Engage the activist", Canadian Lawyer Magazine
|Area||Corporate Finance and Securities|
Excerpts from "Engage the activist", by Jennifer Brown:
“You need to groom your relationships with shareholders,” said Jonathan Lampe of Goodmans LLP speaking at a panel on cross-border M&As hosted by the firm. “I think there are a lot of companies out there if they spent some time looking at themselves, they would admit they are candidates in this environment.”
“Shareholder activism is in a fairly well-developed state in this country and it is, to some degree, it is being applied in the same way in the U.S. but even more so,” said Goodmans partner Stephen Halperin. “It’s actually easier, from a legal perspective, to be an activist in Canada than it is in the United States. One reason is the complete ineffectiveness of staggered boards.”
Unlike in the U.S., Halperin explained, Canadian law allows shareholders effectively to recall directors at will, at any time, and it only takes shareholders with five per cent of company stock to do that and call for their removal.
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