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Obama Signs Law To Help Streamline IPOs, Simplify Reporting And Facilitate Private Market Trading
A new law recently signed by President Obama—known as the FAST Act and related mostly to transportation and infrastructure—will help streamline IPOs by emerging growth companies (EGCs).
26 Jan 2016
Streamlined Rights Offering Regime Proposed By Canadian Securities Regulators
A streamlined rights offering regime has been proposed by Canadian securities regulators with the objective of increasing the appeal of rights offerings as a financing method.
22 Jan 2015
TSX Formalizes Position On Equity Compensation Plans For Target Employees And Tightens Backdoor Listing Rules
The Toronto Stock Exchange is formalizing its position on equity compensation plans for target employees in connection with M&A transactions.
10 Oct 2014
Initial Public Offerings in Canada - A Business Law Guide
The decision to go public is a significant milestone for a company. "Going public" refers to the process by which a private company becomes a public company. The most common procedure for going public is completing an initial public offering (IPO) of securities to the public.
16 Mar 2011
Toronto Stock Exchange May Permit Listing Of SPACs
The TSX is proposing to permit the listing of special purpose acquisition corporations. SPACs are shell companies that raise capital in an IPO with a mandate to acquire an operating business within a specified period of time.
7 Sep 2008
Quebec Court Of Appeal’s BCE Decision May Affect Corporate Governance And Investor Communications
The Quebec Court of Appeal has decided that the proposed privatization of BCE Inc. is not fair and reasonable to Bell Canada bondholders. The Court’s decision has potential implications for the process company directors must follow in making decisions about significant corporate transactions.
3 Jun 2008
The Supreme Court Of Canada’s Decision In "Danier"
The Supreme Court of Canada established three important principles in its decision in "Kerr v. Danier Leather Inc."
19 Oct 2007
Cross-Border Liquidity For US Issuers
Since mid-2001, the Canadian equity new-issue market has been dominated by income fund issuers and their like. For anyone who has even a passing familiarity with the Canadian capital market, this is an obvious observation; however, it may still be news or at least interesting for US issuers and their advisers to learn something about the liquidity options that may be available to them in the Canadian market.
United States
6 Jul 2007
Emerging Trends In Deal-Protection Techniques
It has become common practice to include a fiduciary out in negotiated merger transactions. When directors of a target authorize these transactions and bind the company to support them, they are, at least to some degree, usurping for themselves a power that ultimately belongs to the shareholders — namely, the right to choose when and to whom to sell control.
16 Nov 2006
Danier Overturned
The Ontario Court of Appeal has affirmed the "business judgment rule" in the context of management’s financial forecasts in an IPO prospectus. In Kerr v. Danier Leather Inc., the Court found that a forecast made by senior management is an exercise in business judgment and that courts should not second-guess management’s opinions as long as they fall within a "range of reasonableness".
23 Dec 2005
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