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Toronto securities and M&A lawyers Aaron Atkinson and Bradley Freelan are featured in a story on “New takeover rules would give boards more time to fight back”. 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.
Canadian regulators have proposed new rules on hostile takeover bids that will give company directors more time to find alternatives to an unwanted takeover.
“These last two proposals seem reasonable in an effort to reduce the coercive pressure on shareholders who fear if they don't accept an offer, they may miss out altogether,” said Aaron J. Atkinson, a partner at Fasken Martineau DuMoulin LLP.
“Bidders face increased costs and increased risk during the bidding process because of the 120-day rule, said Bradley Freelan,” a corporate and securities lawyer with Fasken Martineau.