M&A: What To Expect In 2013

In each of these decisions, the actions taken by the target boards were seen by regulators as constituting (or potentially constituting) inappropriate interference by those target boards in the takeover process. The actions taken by the regulators in both cases appear to reflect the prevailing view of many Canadian securities regulators that the role of directors, while important, should be strictly limited both in terms of time and available tactics, and that ultimately decisions regarding whether or not to accept a hostile bid should be left to shareholders, not directors.

In 2013, new rules on the use of shareholder rights plans may be coming which give target boards more power