Shareholder Activism

BD&P's Securities lawyers work closely with their clients evaluating shareholder proposals and demands, including advising management, boards of directors and committees of the board on all available strategic alternatives and working to neutralize the proposals or demands, secure a negotiated settlement or wage a successful proxy fight. We are increasingly involved in advising clients on understanding and planning for activism issues before they arise and developing response plans and strategies when they do.

Recent Representative Shareholder Activism Matters

  • Counsel to the board of directors of a $10 billion market capitalization TSX listed company in connection with its preparation and response planning initiatives for shareholder activism.
  • Counsel to the management and board of directors of a $8 billion market capitalization TSX listed company in connection with its preparation and response planning initiatives for shareholder activism.
  • Counsel to a $100 million market capitalization TSX listed company with respect to minority shareholder activism, defence of a threatened hostile takeover bid and a proxy contest in regards to director appointments.
  • Counsel to management and the board of a $400 million market capitalization TSX listed company in its negotiation and settlement with an activist shareholder.
  • Counsel to the independent directors and special committee of Canexus Corporation in connection with activist campaign initiated by West Face Capital Inc. and FrontFour Capital Group LLC, its hostile takeover defence and ultimate friendly take-over by Chemtrade Logistics Income Fund.
  • Counsel to Bellatrix Exploration Ltd. in negotiation of a settlement with fund Orange Capital LLC to settle potential disputes prior to commencement of a proxy contest or other hostile action.
  • Counsel to management and the board of an $8 billion market capitalization TSX/NYSE listed company in their negotiation with an activist shareholder.
  • Counsel to management and the board of directors of a $1 billion market capitalization TSX listed company in its negotiation with an activist shareholder.
  • Counsel to the independent directors of a $15 billion market capitalization TSX/NYSE listed company with respect to institution shareholder activism and, ultimately, a change of control transaction. Activism was not publicly disclosed.