August 02, 2017
Torys’ co-head of M&A John Emanoilidis spoke to Listed magazine regarding the British Columbia and Ontario Securities Commissions’ joint Hecla Mining hearing.
The latest edition of Listed summarizes the decision of the two securities commissions, in which they rejected Hecla’s argument that an “abusive defense tactic” was used by Dolly Varden Silver Corp in Hecla’s hostile takeover attempt. Dolly Varden proposed a $6 million private placement, announced after Hecla indicated it would issue a bid but before a formal offer was tabled.
The commissions ruled the private placement was instituted for non-defensive business purposes.
John told Listed the ruling was important because “regulators used the opportunity to develop an analytical framework and recognized that private placements may serve valid corporate objectives.”
You can read the full article on page 29 of Listed's Summer 2017 edition.
To learn more about Hecla and our take on the changing landscape of Canadian M&A in our article A New Era of Canadian Defensive Tactics.