M&A: Shareholder Activism

In 2012, the business pages were replete with headlines describing high profile examples of shareholder activism upsetting the status quo in blue chip Canadian companies in the M&A context and otherwise. Most notable was Pershing Square Capital Management's success in replacing the board of directors, and then the Chief Executive Officer, of Canadian Pacific Railway Limited in the largest proxy battle ever waged involving a Canadian company. Other important examples of shareholder activism in Canada last year include:

• The ongoing attempts by JANA Partners LLC to encourage Agrium Inc. to sell its retail division, and more recently JANA's proposal to replace certain directors of Agrium.