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Shareholder Activism Defensive Tactics Attract OSC’s Attention

November-20-2015

Lawyer Jonathan Feldman, Michael Partridge
Area Corporate Finance and Securities

Summary

Shareholder activism continues to evolve in Canada. As the tactics of activists have become increasingly sophisticated, boards have responded by expanding and refining their defensive tactics. A recent example is the growing popularity of contractual restrictions on transferring shares to certain classes of shareholders, including specific activists. This new strategy has attracted the attention of the Ontario Securities Commission (OSC) and may prompt regulatory intervention.

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