A New Perspective On Poison Pills In Canada

Law360, New York (October 8, 2009, 2:58 PM EDT) -- It is a long-standing proposition of Canadian securities laws that, unlike in Delaware, boards of Canadian public companies cannot implement permanent structural defences to ward off unsolicited acquisition proposals.

Until recently, Canadian securities regulators have expressed the view that unrestricted auctions in the face of change of control offers produce the most desirable results and will take action if defensive tactics, such as a shareholder rights plan (poison pill), are employed by a target board to deny shareholders the ability to respond to a bid....
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