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ARTICLE · 14 FEBRUARY 2025

Shareholder Activism In Canada: The Legal Framework

Fasken
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Shareholder activism is firmly entrenched in the Canadian corporate landscape, and Canada has proven fertile ground for dissidents. To assist both target companies and activists, we've prepared a concise.

CanadaCorporate/Commercial Law
Bradley Freelan
Bradley Freelan
Brad Moore
Brad Moore
Marie-Josée Neveu
Marie-Josée Neveu
Neil Kravitz
Neil Kravitz
Brandon Farber
Brandon Farber
Sarah Gingrich
Sarah Gingrich
Shanlee von Vegesack
Shanlee von Vegesack
Tracey Cohen
Tracey Cohen
Georald Ingborg
Georald Ingborg
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1. Overview

Shareholder activism is firmly entrenched in the Canadian corporate landscape, and Canada has proven fertile ground for dissidents. This guide provides a concise but comprehensive overview of key tactics and related legal issues fundamental to shareholder activism in Canada.

We begin by reviewing four critical issues applicable to activist stake-building and shareholder engagement. We next consider the offensive tactics available to an activist under Canadian law. We then consider potential target defensive strategies and other responses to a dissident campaign. This is followed by a review of how an activist may counter such target defensive tactics. We conclude with various additional legal issues for both targets and activists to consider.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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