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Lock-Up Agreement Not Part Of Take-Over Bid, Therefore Not In Breach Of Collateral Benefit And Identical Consideration Rules.

Publication: Mondaq Business Briefing
Publication Date: 28-MAR-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Lock-Up Agreement Not Part Of Take-Over Bid, Therefore Not In Breach Of Collateral Benefit And Identical Consideration Rules.(Ashton Mining of Canada Inc. v. Stornoway Diamond Corp.)

Article Excerpt
Ashton Mining of Canada Inc. v. Stornoway Diamond Corp. (2006), 21 B.L.R. (4th) 171 (B.C. Court of Appeal) - September 13, 2006

This was an application for leave to appeal a decision of the British Columbia Securities Commission (the "Panel"), which had dismissed Ashton Mining of Canada Inc.'s application for a regulatory order in connection with a corporate takeover bid.

Ashton was a TSX-listed diamond exploration company and had a market capitalization of approximately $100 million. Rio Tinto plc had acquired an indirect 52% interest in Ashton as an incidental result of...

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