• OSC Signals Change of Approach to Poison Pills
  • September 23, 2009 | Author: James C. Tory
  • Law Firm: Torys LLP - Toronto Office
  • 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.