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2026 Shareholder Activism in Canada: The Legal Framework

Fasken
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Overview

Capital Markets and Mergers & Acquisitions

Shareholder activism is firmly entrenched in the Canadian corporate landscape, and Canada has proven fertile ground for dissidents. To assist both target companies and activists, we’ve prepared a concise but comprehensive overview of the key tactics and related legal issues that are critical to shareholder activism in Canada.

 

 

Our guide spotlights the different maneuvers either side can expect – and should prepare for – during an activist campaign. We’ve also tackled these issues from a practical perspective, highlighting the offensive strategies available to activists as well as the defensive tactics available to targets.

Public companies and their directors will also benefit from our Directors' Handbook: Shareholder Activism, which focuses specifically on strategies available to boards looking to bolster their defences against dissident campaigns.

For Fasken’s other M&A and corporate governance thought leadership, visit our Capital Markets and Mergers & Acquisitions Knowledge Centre and subscribe.

Contact the Authors

For more information or to discuss a particular matter, please contact us.

Contact the Authors

Authors

  • Bradley A. Freelan, Partner | Mergers & Acquisitions, Toronto, ON, +1 416 865 4423, [email protected]
  • Brad Moore, Partner | Litigation and Dispute Resolution, Toronto, ON, +1 416 865 4550, [email protected]
  • Marie-Josée Neveu, Partner | Chair of the Partnership Board, Montréal, QC, +1 514 397 4304, [email protected]
  • Neil Kravitz, Partner | Co-lead, Corporate, Co-lead, Cross Border and International Practice, Montréal, QC, +1 514 397 7551, [email protected]
  • Brandon Farber, Partner | Insolvency & Restructuring, Montréal, QC, +1 514 397 5179, [email protected]
  • Sarah Gingrich, Partner | CO-LEADER, CAPITAL MARKETS AND MERGERS & ACQUISITIONS (CM AND M&A), Calgary, AB, +1 587 233 4103, [email protected]
  • Shanlee von Vegesack, CFA, Partner | Capital Markets, Mergers & Acquisitions, Calgary, AB | Vancouver, BC, +1 604 631 4952, [email protected]
  • Tracey M. Cohen, KC, FCIArb, Partner | Commercial Litigation, Vancouver, BC, +1 604 631 3149, [email protected]
  • Georald Ingborg, KC, Partner | Mining, Vancouver, BC, +1 604 631 3225, [email protected]
Bradley Freelan Toronto Lawyer Bradley A. Freelan Partner | Mergers & Acquisitions Toronto, ON +1 416 865 4423
Brad Moore Toronto Lawyer Brad Moore Partner | Litigation and Dispute Resolution Toronto, ON +1 416 865 4550
Marie-Josée Neveu, Partner | Chair of the Partnership Board Marie-Josée Neveu Partner | Chair of the Partnership Board Montréal, QC +1 514 397 4304
Neil Kravitz Associé/Partner Montréal Neil Kravitz Partner | Co-lead, Corporate, Co-lead, Cross Border and International Practice Montréal, QC +1 514 397 7551
Brandon Farber Avocat/Associate Montréal Brandon Farber Partner | Insolvency & Restructuring Montréal, QC +1 514 397 5179
Sarah Gingrich, Partner | CO-LEADER, CAPITAL MARKETS AND MERGERS & ACQUISITIONS (CM AND M&A) Sarah Gingrich Partner | CO-LEADER, CAPITAL MARKETS AND MERGERS & ACQUISITIONS (CM AND M&A) Calgary, AB +1 587 233 4103
Shanlee von Vegesack Calgary Lawyer Shanlee von Vegesack, CFA Partner | Capital Markets, Mergers & Acquisitions Calgary, AB Vancouver, BC +1 604 631 4952
Tracey M. Cohen, Partner | Commercial Litigation Tracey M. Cohen, KC, FCIArb Partner | Commercial Litigation Vancouver, BC +1 604 631 3149