Toronto securities and M&A lawyers Aaron Atkinson and Bradley Freelan are featured in a story on "Hostile bids in Canada less successful than once thought" (PDF)* Fasken Martineau’s newly released 2015 Canadian Hostile Take-Over Bid Study. The lawyers are co-authors of the study. This is the second major piece of empirical deal research that Fasken Martineau has issued in the last few years. In January 2013, the firm released findings from their ground-breaking Canadian Proxy Contest Study and an update to the study in 2014.
“With securities regulators poised to issue new rules to help boards of Canadian companies fend off hostile takeovers, a new study says 28 per cent of firms have actually been able to emerge independent after facing an unsolicited bid under the current rule. “The findings, from a study of hostile bids over the past decade conducted by Fasken Martineau DuMoulin LLP, appears to question the conventional wisdom around corporate takeovers in Canada, which holds that the current rules leave companies too vulnerable and that almost all targets “put in play” by a hostile bid end up sold off.”
“That was definitely a surprise to us,” said Aaron Atkinson, a lawyer at Fasken Martineau who co-authored the study, which looked at 143 hostile bids dating back to 2005.
“I am not sure we want to say there is no problem, but maybe the problem is not as large as people would perceive,” said Fasken Martineau partner Bradley Freelan, the other co-author of the study.
*Reproduced with the permission of The Globe and Mail