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The Financial Post quotes Daniel Batista in an article about Hecla Mining Co. launching a hostile take-over bid for Varden Silver Corp.

Fasken
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“Drew Hasselback: Are private placements the new poison pills?” by Drew Hasselback, The Financial Post

The Financial Post quotes Toronto partner Daniel Batista in an article about Hecla Mining Co. launching a hostile take-over bid for Varden Silver Corp.

Daniel Batista, an M&A lawyer with Fasken Martineau DuMoulin LLP in Toronto says he expects more target companies to consider private placements as a defensive tactic, so long as boards can demonstrate the share sale has a business purpose other than thwarting the unwanted bid.

“I think the regulators have clearly signaled that they are hesitant to use their public interest power to stop a private placement in this sort of context because they are concerned that they will be fettering the discretion of directors to act in accordance with their business judgement,” he said.

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