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ARTICLE · 12 MAY 2010

The BCSC’s Lions Gate Decision

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On May 6, 2010 the British Columbia Securities Commission issued summary reasons for its decision on April 27, 2010 to cease trade the Lions Gate shareholder rights plan.

CanadaFinance and Banking
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Article by Warren B. Learmonth , Graeme Martindale , Fred R. Pletcher and David R. Surat

On May 6, 2010 the British Columbia Securities Commission issued summary reasons for its decision on April 27, 2010 to cease trade the Lions Gate shareholder rights plan.

Although the panel's full reasons will be released at a later date, it is clear that the BCSC has firmly endorsed the position that a shareholder rights plan, or poison pill, is a temporary measure that will be tolerated only for as long as it assists a board of directors to discharge its fiduciary duties "by giving it time to, among other things, seek to improve the bid, or generate competitive bids or alternative transactions."

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