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OSC Refuses To Cease Trade Poison Pill: Shareholder Rights Plan Maintained In The Face Of A Hostile Partial Bid.

Publication: Mondaq Business Briefing
Publication Date: 16-SEP-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: OSC Refuses To Cease Trade Poison Pill: Shareholder Rights Plan Maintained In The Face Of A Hostile Partial Bid.(Neo Material Technologies Inc. and Pala Investments Holdings Limited into securities fraud cases)

Article Excerpt
In the Matter of Neo Material Technologies Inc. et al is a recent decision of the Ontario Securities Commission dismissing an application by a hostile bidder seeking to cease trade a target's tactical shareholder rights plan that had been adopted in the face of an unsolicited partial bid. This decision is of significant interest to boards of directors of potential targets because it represents a departure from earlier decisions where securities commissions have primarily focused on whether the time had come in the circumstances to set aside a shareholder rights plan. The OSC released this decision on May 11, 2009, noting that full...

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