Regulation of Defensive Tactics

The following Canadian M&A Perspectives blog post by David Woollcombe and Leslie Milroy

Resolute’ s battle for ownership of 100% of Fibrek Inc. recently came to an end with a friendly “white knight” offer from Mercer being withdrawn after a lengthy court battle. Resolute’s hostile bid for Fibrek was successful, notwithstanding that Fibrek’s board had endorsed Mercer’s offer at a 40% premium to the hostile bid. The Fibrek saga causes us to ask what Canadian regulators are trying to achieve with the regulation of defensive tactics, and where they may go next.

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