News & Analysis as of

Takeover Bids Target Company

Davies Ward Phillips & Vineberg LLP

Taking AIM at the Mithaq Decision: A Critique

In a perplexing decision, Mithaq Canada Inc (Re), the Ontario Capital Markets Tribunal upheld a defensive private placement by a target corporation completed in the face of a hostile bid, effectively denying shareholders the...more

Bennett Jones LLP

Capital Markets Tribunal Keeps High Bar to Establish Improper Defensive Private Placement

Bennett Jones LLP on

On March 11, 2024, the Ontario Capital Markets Tribunal (Tribunal) released its reasons for dismissing Mithaq Capital Inc.'s (Mithaq) application on December 14, 2023, to cease trade a private placement that Aimia Inc....more

Latham & Watkins LLP

Recent Developments for UK PLCs - November Edition

Latham & Watkins LLP on

On 16 October 2023, Nikhil Rathi, Chief Executive of the FCA, delivered a speech at the City Dinner at Mansion House which describes the FCA’s work in supporting international competitiveness and growth. Amongst other things,...more

BCLP

The Takeover Panel Publishes Changes to Rule 21 (Restrictions on Frustrating Action)

BCLP on

Following on from its earlier consultation, the Code Committee of the Takeover Panel has published its amendments to Rule 21 of the Code which take effect on 11 December 2023 and apply to on-going transactions which straddle...more

Davies Ward Phillips & Vineberg LLP

Canadian Mergers & Acquisitions: A Guide for Investment Banks, Bidders and Boards, 10th edition

Davies’ Canadian Mergers & Acquisitions guide draws on our substantial cross-border M&A experience to offer guidance on both the legal framework and practical aspects of Canadian mergers and acquisitions, including critical...more

Latham & Watkins LLP

The Rise of the Competitive Scheme and Other Developments for Private Equity P2P Bidders

Latham & Watkins LLP on

Private equity’s growing appetite for UK-listed targets comes with the need for Takeover Code-savvy dealmakers. Amid stiff competition for attractive private targets, PE firms are competing more regularly against...more

Hogan Lovells

Significant restrictions for share exchange offers under German takeover law

Hogan Lovells on

Under German takeover law the bidder in a voluntary public takeover is given two options with regard to what the bidder offers the shareholders of the target company as compensation for their shares. ...more

BCLP

Takeover Panel consultation – conditions to offers and the offer timetable

BCLP on

This consultation paper proposes a number of amendments to (i) simplify the offer timetable under the Code (ii) provide certainty that once a firm offer has been announced it will not lapse or be withdrawn without good reason...more

Bennett Jones LLP

Securities Commissions Provide Guidance on New Canadian Takeover Rules in Hostile Cannabis Bid

Bennett Jones LLP on

For close to three months, M&A lawyers and other capital markets participants had been anxiously awaiting the release of written reasons from the Ontario Securities Commission (“OSC”) and the Financial and Consumer Affairs...more

A&O Shearman

Changes to the UK Takeover Code—Asset Sales and Other Matters

A&O Shearman on

On 8 January 2018, changes were made to the U.K. Takeover Code (the “Code”) which: (i) for the first time, expand the application of the Code to certain “asset” transactions taking place in “offer situations”, (ii) require...more

Blake, Cassels & Graydon LLP

Fundamental Changes to Take-over Bid Regime One Step Closer With Release of Draft Amendments

On March 31, 2015, the Canadian Securities Administrators (CSA) released draft amendments to Canada’s take over bid regulatory regime. As previously announced by the CSA in September 2014, the amendments will increase the...more

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