Category: Mergers & Acquisitions

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​Augusta’s Rights Plan – BCSC Releases Reasons for Decision

July 8, 2014

On June 27, 2014, the British Columbia Securities Commission (BCSC) released the reasons for its May 2, 2014 decision declining to immediately cease trade the shareholder rights plan (also known as a “poison pill”) of Augusta Resource Corporation (Augusta) in the face of a hostile take-over bid for Augusta made by HudBay Minerals Inc. (Hudbay). In its decision, the BCSC…

​Augusta’s Rights Plan – BCSC Releases Reasons for Decision

July 8, 2014

On June 27, 2014, the British Columbia Securities Commission (BCSC) released the reasons for its May 2, 2014 decision declining to immediately cease trade the shareholder rights plan (also known as a “poison pill”) of Augusta Resource Corporation (Augusta) in the face of a hostile take-over bid for Augusta made by HudBay Minerals Inc. (Hudbay). In its decision, the BCSC…

All’s Fair: Ontario Court Affirms Fairness Opinion Practice

June 12, 2014

  Two recent decisions of the Ontario Superior Court of Justice, Commercial List have clarified the role of fairness opinions in M&A transactions undertaken by way of plan of arrangement.  These decisions follow the uncertainty created by the court’s decision in Champion Iron Mines Limited (Re). Please see our previous Blakes Bulletin: Courts Are Not ‘Rubber Stamps’ for Approving Plans of Arrangement:…

Augusta’s Rights Plan – A Hard Pill for Hudbay to Swallow

May 6, 2014

  On May 2, 2014, the British Columbia Securities Commission (BCSC) issued an oral decision declining to immediately cease trade the shareholder rights plan (also known as a “poison pill”) of Augusta Resource Corporation (Augusta) and allowing it to remain in place until July 15, 2014, which will be an unusually long 156 days from the announcement of the hostile…

Courts Are Not ‘Rubber Stamps’ for Approving Plans of Arrangement: Ontario Judge

April 9, 2014

  On March 28, 2014, the Ontario Superior Court of Justice issued a decision relevant to the forms of fairness opinion commonly rendered by financial advisers in connection with plan of arrangement transactions, and affirming the substantive adjudicative role a court will play in approving such transactions.     PLAN OF ARRANGEMENT APPROVAL   In Champion Iron Mines Limited (Re), Justice…

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