Tag archives: Shareholder activism

M&A Activity: 2020 Outlook

Monica Wong (Toronto)By Monica Wong (Toronto) on Posted in M&A
J.P. Morgan’s “2020 Global M&A Outlook” (the Report) reviews what we can expect with regards to M&A activity this year. Some of the key takeaways from the Report include: Anticipated Trends in International M&A: We can expect to see an increase in the global M&A market due to greater geopolitical certainty and financially competitive opportunities … Continue reading

A pragmatic approach to climate risk

Troy Ungerman (Toronto)By Troy Ungerman (Toronto) on Posted in Environment, Governance and directors' liability
Climate change is a reality we cannot ignore. Media report season after season record-breaking heat, drought, bushfires, etc. The impact on businesses is real, and investors are increasingly pushing for more detailed disclosure on climate change-related issues. According to the Wall Street Journal, companies are expected to face 75 climate-related shareholder proposals this AGM season. … Continue reading

Holding up the deal: the threat of “bumpitrage” to M&A

Trevor Zeyl (Toronto)By Trevor Zeyl (Toronto) on Posted in M&A
Considering the robust global M&A markets of the last few years, it is unsurprising that activist investors have increasingly sought to leverage these transactions for their own gain. To that end, shareholder activists have developed a variety of M&A-related strategies. Most commonly, they either seek to catalyze transactions by pressuring companies into a merger or … Continue reading

Look to the future: a tip for analyzing corporate culture in an era of evolving shareholder activism

Troy Ungerman (Toronto)By Troy Ungerman (Toronto) on Posted in Governance and directors' liability, M&A
2018 promises to be a year in which corporate culture will likely become an even more important focal point for investors and activists. There’s no denying that social media has drastically altered the dynamic for public companies. Today, shareholders are increasingly calling upon corporations to take public stances on various social (and sometimes political) issues, … Continue reading

Canadian Securities Administrators are seeking comments on soliciting dealer arrangements

Trevor Zeyl (Toronto)By Trevor Zeyl (Toronto) on Posted in Antitrust, competition and regulatory, Governance and directors' liability, M&A
The Canadian Securities Administrators (the “CSA”) have issued CSA Staff Notice 61-303 and Request for Comment – Soliciting Dealer Arrangements (the “Notice”) on the use of soliciting dealer arrangements. “Soliciting dealer arrangements” generally refer to agreements entered into between issuers and investment dealers under which the issuer agrees to pay to the dealers a fee … Continue reading

Shareholder activism in M&A

Trevor Zeyl (Toronto)By Trevor Zeyl (Toronto) on Posted in Governance and directors' liability, M&A
As noted by Kingsdale Advisors in a recently published report, corporate directors and their legal advisors continue to pay insufficient attention to shareholder activism in M&A. The authors of the 2017 special report caution that not only have shareholder activists been emboldened by post-financial crisis legislative changes that afford shareholders greater say, but that these investors … Continue reading

What can companies learn from PE sharks?

Jacob Cawker (Toronto)By Jacob Cawker (Toronto) on Posted in Corporate finance, Financial institutions, Pharmaceuticals and life sciences, Technology and innovation
Divestment is one strategy that a corporation can use to unlock funds for future growth and create long‑term shareholder value. According to a recent E&Y study, a successful divestment must meet three criteria: (i) it must create a positive impact on the valuation multiple of the remaining company; (ii) it must generate a sale price … Continue reading

What can private companies learn from shareholder activism? Our top 5 tips for companies and boards

Andrea BrewerBy Andrea Brewer on Posted in Corporate finance, Governance and directors' liability
As a new year begins, it is always a good time to take stock of the successes of the past year and look forward to doing even better in 2015. Shareholder activism will continue to be a “hot topic” for publicly listed issuers in 2015, but what lessons from the activism arena translate to companies … Continue reading

Pre-emptive Defensive Tactics Against Dissidents’ Ambush

By guestauthor on Posted in Governance and directors' liability
This post was contributed by Walied Soliman, Partner, Norton Rose Canada, and Evelyn Li, Associate, Norton Rose Canada A scan of recent business headlines suggests shareholder activism continues to rise, and even the who’s who of deep-rooted Canadian businesses are not immune. While preparing for the upcoming proxy season, whether or not your company is at … Continue reading
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