"The Lions Gate Poison Pill Case – British Columbia Breaks Ranks with Alberta and Ontario", Securities Source – Securities Law Newsletter, Westlaw Canada, July 2010
Date:
July 1 2010
The British Columbia Securities Commission has declined to adopt the somewhat more target-friendly approach to the regulation of shareholder rights plans (poison pills) indicated in decisions of the Alberta and Ontario securities regulators in the past three years. In the recent case of Re Icahn Partners LP and Lions Gate Entertainment Corp., the BC Commission rejected any departure from the stance taken by the regulators in Canadian poison pill decisions from the first case in 1991 until 2007 when the Alberta Securities Commission allowed a poison pill to block a hostile bid indefinitely. The Ontario Securities Commission made a similar decision to that of Alberta in 2009. Prior to 2007, poison pills were only permitted, at most, to delay completion of a hostile bid on a temporary basis.
Republished with permission.
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