• The Ontario Securities Commission Rejects Deference to Target Boards in Poison Pill Decisions
  • January 18, 2011 | Authors: Melanie M. Bradley; Michael Waters
  • Law Firm: Borden Ladner Gervais LLP - Vancouver Office
  • The Ontario Securities Commission’s reasons in Baffinland Iron Mines Corporation clearly rejected the proposition that securities commissions should defer to the business judgment of a target board of directors in deciding whether to cease trade a shareholder rights plan (also known as a poison pill). This decision should clarify some of the confusion arising from the OSC’s earlier decision in Neo Material Technologies Inc. and the British Columbia Securities Commission’s decision in Lions Gate Entertainment Corp.