John Emanoilidis Provides Insight on 120-Day Poison Pill for the Financial Post

October 09, 2015

Canadian Oil Sands Limited has adopted a 120-day poison pill in response to Suncor Energy Inc.’s unsolicited takeover, drawing debate on whether securities regulators will permit targets to benefit from such an extended 120-day minimum bid period ahead of the implementation of forthcoming changes to Canada’s takeover bid rules. Partner and co-head of the firm's M&A Practice John Emanoilidis was sought for comment by the Financial Post on this latest development related to Canada’s new “just say slow” bid regime. Below is an excerpt of the article—and for our M&A practitioners’ full take on the “just say slow” regime, click here.

The new plan requires any would-be suitor to provide a minimum 120-day expiration date, and also includes a poison pill that allows existing shareholders to buy stock at a discount if Suncor buys up more than 20 per cent of its float.

Torys LLP partner John Emanoilidis, who co-heads the firm’s mergers and acquisitions practice, calls the current situation a “transition period” and said securities regulators “didn’t indicate how they would deal with rights plans in this interim period.”

To read the full article, click here.


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