Waterous Quenches Greenfire's Poison Pill

The take-over bid regime is explored in the Alberta Securities Commission's recently published written reasons in Re Greenfire, highlighting that the regime must be understood as a complete framework, where statutory exemptions are not loopholes to be disregarded but essential components of the regulatory structure.

What you need to know

• The Alberta Securities Commission (ASC) confirmed that defensive tactics, such as shareholder rights plans, cannot be used to block or undermine private transactions that comply with the take-over bid regime, including its statutory exemptions. The decision reinforces that these exemptions are a deliberate and integral part of the regime on which market participants are entitled to rely.