M&A Developments In Canada In 2003

The most significant M&A developments for Canada in 2003 occurred in the courtroom. The following is a brief overview of M&A activity and developments in Canada in 2003.

M&A activity in Canada is regulated under:

• Corporate Statutes.
Canadian corporations may be incorporated under a federal, provincial or territorial statute. These statutes regulate certain corporate transactions (including statutory amalgamations and plans of arrangement) and other extraordinary transactions (including the sale, lease or exchange of all or substantially all of the property of a corporation, liquidation and dissolution). Most statutes require that these transactions be approved by a special resolution of shareholders (66 2/3 % of the votes cast) and give shareholders rights to dissent and demand fair value for the shares held by them. Canadian courts have broad remedial powers under these statutes to intervene in respect of transactions that are oppressive or unfairly prejudicial to