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OSC Spider Decision Muddies the Waters for Rights Plans


Lawyer Jonathan Feldman, Sheldon Freeman, Neill May
Area Corporate Finance and Securities


On July 2, 2010, the Ontario Securities Commission released a decision concerning a challenge to the shareholder rights plan (or "poison pill") of Spider Resources Inc. Full reasons have not yet been released, and when they are they may shed light on the implications of the decision. For now, parties involved in or considering engagement in public M&A transactions are left with uncertainty, as the Spider decision is difficult to reconcile with earlier "poison pill" cases.

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