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Shareholder Activism


Shareholder activism defence requires a dedicated team of corporate and litigation experts with extensive expertise and experience. Our contested situations team has earned a reputation for providing practical, results-oriented advice and thought leadership.
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Overview

Shareholder activism is now firmly entrenched in the corporate landscape. Companies of all sizes and in all industries can be the target of shareholder activists seeking changes to leadership, strategy and corporate/capital structure.

We work with boards of directors, special committees and management to identify and address potential vulnerabilities to reduce the risk of being a target of shareholder activism. Should a company find itself the target of an activist campaign, our team provides strategic, governance and communications advice as well as assistance with presentations to proxy advisory firms and preparation of proxy materials and meeting logistics.

Download the latest edition our Directors Handbook Canadian Proxy Context Study, subscribe to our blog, “Timely Disclosure” or contact any of our lawyers for answers to your questions about how we can help you defend against shareholder activism or other contested situations.

Team

Primary Contact
  • Bradley A. Freelan, Partner | Mergers & Acquisitions, Toronto, ON, +1 416 865 4423, [email protected]
Bradley Freelan Toronto Lawyer Bradley A. Freelan Partner | Mergers & Acquisitions Toronto, ON +1 416 865 4423

Experience

  • Guyana Goldfields Inc. acquired by Zijin Mining Group Co., Ltd. for aggregate proceeds of C$323 million, [Deal - Guyana Goldfields Inc.], Guyana Goldfields acquired by Hong Kong based Zijin after multiple public offers for the company
  • Waterton Precious Metals Bid Corp successfully defends dissent proceeding brought by minority shareholder., [Case - Chaparral Gold Corp.], Waterton's successful in shareholder dissent proceeding
  • Lion Point Capital enters into Cooperation Agreement with Sierra Wireless, [Deal - Lion Point Capital], On April 16, 2020 Sierra Wireless, Inc. (“Sierra Wireless”) the leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy, announced that it entered into an agreement with Lion Point Capital, LP (“Lion Point”), an investment firm ...
  • Titan Minerals Successfully Completes Its Unsolicited Take-Over Bid For All Of the Shares of Core Gold, [Deal - Titan Minerals Limited], On February 7, 2020 Titan Minerals Ltd. (Titan), an ASX listed Australian copper and gold company with assets in Peru, announced that it has successfully completed its unsolicited share exchange take-over bid launched on September 30, 2019 for all of the issued and outstanding common shares of Co...
  • Aphria announces successful takeover bid defence, [Deal - Aphria Inc.], On January 23, 2019, Green Growth Brands (“GGB”) launched a hostile bid (the “GGB Bid”) to acquire all of the outstanding common shares of Aphria (“Aphria”). On February 6, 2019, Aphria filed and mailed its directors’ circular recommending that Aphria shareholders reject the GGB Bid. On April 15,...
  • China's Zijin Mining to buy Canada's Nevsun for approximately C$1.86 billion, [Deal - Zijin Mining Group], On September 4, 2018, Zijin Mining Group Co. (SSE: 601899; SEHK: 2899) (“Zijin”) a Chinese company which specializes in gold, copper, zinc and other mineral resource exploration and development, announced that it had made a friendly offer to buy Vancouver-based, Nevsun Resources Ltd. (NYSE: NSU; ...
  • Rainy Day Investments wins proxy fight for DAVIDsTEA, [Deal - Rainy Day Investments Ltd.], On June 14, 2018, at the annual meeting of DAVIDsTEA Inc. held in Montreal, seven persons nominated by Rainy Day Investments Ltd. were elected to the Board of Directors of DAVIDsTEA in a contested Board election.  DAVIDsTEA is a Canadian corporation listed on Nasdaq (Nasdaq: DTEA).Rainy Day Inves...
  • Successfully represented the members of a special committee of directors in a case resulting from a takeover bid, [Case - Confidential Client], Successfully represented the former members of the independent committee of the Boralex Power Income Fund in response to an action for damages brought by the O’Leary Funds, former unitholders in the Boralex Power Income Fund. The action arose out of the acquisition of the Boralex Power Income Fun...
  • Chemtrade Logistics Income Fund's hostile takeover of Canexus Corporation, [Deal - Bank of Montréal], Matter valued at CDN$900 million. It was also one of the first financings of a hostile takeover bid in Canada in many years.

Knowledge

  • AI in the Boardroom: The Good, the Bad, and the Complex Balance Directors Must Navigate, 6/11/2026
  • Share Buy-Backs, Shareholder Activism, Takeover Bids and IPOs: CSA Proposes Sweeping Changes to Canadian Securities Law, 5/21/2026
  • 2026 Shareholder Activism in Canada: The Legal Framework, 2/3/2026
  • As Trade Tensions Rise, Canadian Lawmakers Should Better Protect Investors in Canadian Public Companies, 3/20/2025
  • As Proxy Season Begins, What Constitutes a Proxy “Solicitation”?, 2/20/2025
  • Shareholder Activism in Canada: The Legal Framework, 2/4/2025
  • When Might Shareholders Attract Fiduciary Duties Under a Shareholder Agreement? Guidance from Delaware Relevant to Private Equity and Venture Capital in Canada, 10/23/2024
  • “Joint Actors” in Shareholder Activism: Did Canada Just Get More “Activist Friendly”?, 4/18/2024
  • “One True Rule” Reigns Again in Public M&A: Court of Appeal Awards Dissenting Shareholders Significant Premium, 3/5/2024
  • “Joint Actors” in Shareholder Activism: The Importance of a “Common Specific Purpose”, 2/22/2024

Events

  • Proxy Season Preview: Regulatory & Disclosure Updates and The Evolution of ESG: The Agenda for Change, 1/13/2022
  • Proxy Season Preview: Recent Developments in Corporate Governance and the Importance of ESG Considerations, 1/14/2021

News

  • Fasken Issues 2022 Canadian PIPE Deal Point Study, 5/2/2023
  • ReOrg Research quotes Brad Freelan in an article on Shareholder Activism in the Mining Industry, 6/18/2020
  • Miningweekly.com mentions Fasken in an article about proxy contests in Canada, 2/22/2019

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