"Supreme Court’s BCE Reasons Tie Up Some Loose Ends – But Not Too Tightly", Securities Source – Securities Law Newsletter, Westlaw eCarswell, February 2009
Date:
February 1 2009
The Supreme Court of Canada's eagerly anticipated reasons in the case of BCE Inc. v. 1976 Debentureholders, 2008 SCC 69, have provided some clarification to the judicial interpretation of the fiduciary duty of corporate directors in Canada in the mergers and acquisitions context. In particular, the business judgment rule likely is now more firmly entrenched than ever before, and it may be even more difficult than previously to challenge a board's business decisions in the absence of a clear demonstration of bad faith or wanton recklessness.
Republished with permission.
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