Pat Koval's practice focuses on corporate and securities law, with emphasis on corporate finance (including investment funds), mergers and acquisitions, and governance.
Pat regularly acts for issuers and investment dealers in structuring international, cross-border and domestic public and private financings of equity, debt and other securities, and in the design of enhanced or new financial products and services. She has extensive experience in acting for sponsors, managers and distributors of REITs, listed closed-end funds, ETFs, hedge funds, principal-protected notes, mutual funds, pooled funds and other structured products. In particular, Pat has over 20 years of experience in REITs. She led the team that created the Canadian REIT structure in 1993 and she has since represented many Canadian, cross-border and international REIT issuers and their sponsors and managers, as well as investment dealers, in IPOs and public and private equity and debt financings. In IPOs, most recently, Pat led the team representing the underwriters in the Agellan REIT IPO.
Pat also regularly acts for issuers, financial advisers and potential acquirors in structuring acquisitions, dispositions and reorganizations, including takeover bids, arrangements, privately negotiated acquisitions and going private transactions, as well as for issuers or dissidents in proxy contests for control. She has led a significant number of domestic and cross-border public takeover bids, negotiated acquisitions and proxy contests. Recent M&A transactions include representing: Hindalco Industries in its acquisition of Novelis; K+S Aktiengesellschaft in the Canadian aspects of its acquisition of Morton International; and Aditya Birla Group in the Canadian aspects of its acquisition of Columbian Chemicals. Recent proxy contests include acting for the dissidents in the proxy contest for control of the management of the Citadel Group Funds, and for management of Helix BioPharma in its proxy contest. Pat has taught a senior course on M&A and proxy contests at University of Toronto Law School for many years, and she co-teaches a similar course in the University's Global Professional Master of Laws programme.
Pat has extensive experience in advising on governance matters, including for public companies, investment funds, REITs and non-profit corporations. In the REIT area, she has extensive experience in dealing with external management issues and internalizations. She regularly advises on shareholder activism matters.
Pat is also the co-founder and co-chair of the firm's India Group and she is a member of the Board of Directors of the Canada-India Business Council. With her integrated expertise, Pat is also active in the developing area of climate change.