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OSC Signals Change of Approach to Poison Pills |
September 23, 2009
Previously published on September 22, 2009
In its recent decision in Neo Material Technologies Inc., the Ontario Securities Commission has signalled that it may be changing its approach to poison pills and takeover bids. The result of the Neo decision is that the board of a target company may now be able to "just say no" to a hostile takeover bid that the target board concludes, on reasonable grounds, is not in the long-term best interests of the target corporation.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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