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ARTICLE · 13 DECEMBER 2011

Regulators Consider Policy That Would Allow Poison Pills To Remain Unchallenged

Stikeman Elliott LLP
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On November 1, I had the opportunity to participate in a panel discussion on M&A Trends and Outlooks during OSC Dialogue 2011.

CanadaFinance and Banking
William Braithwaite
William Braithwaite
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On November 1, I had the opportunity to participate in a panel discussion on M&A Trends and Outlooks during OSC Dialogue 2011 (which we've discussed previously on this blog). The panel also included James Turner (Vice-Chair of the OSC) and Naizam Kanji (Deputy Director of Corporate Finance at the OSC). Of particular interest was the discussion of poison pills.

Mr. Kanji reported that the OSC is currently considering adopting a standalone rule on shareholder rights plans that would allow poison pills to remain unchallenged if approved by shareholders. While the content of pills would be minimally regulated, shareholders would have to be able to remove the pill on a "majority of the minority" vote (requiring a bidder to launch a proxy battle or proceed with a permitted bid).

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