A&W Revenue Royalties Income Fund

Acting for A&W Revenue Royalties Income Fund in its strategic combination with A&W Food Services of Canada to create a leading publicly-traded quick-service restaurant company.

Blackstone Inc.

Acted for Blackstone in its US$3.5-billion take-private acquisition of Tricon Residential Inc., an owner, operator and developer of a portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto.

Camac Partners, LLC

Acted for Camac Partners, LLC in connection with its shareholder engagement with Rocky Mountain Liquor Inc. regarding board composition, governance and strategic matters, which culminated in an agreement to appoint two of Camac’s nominees to the Rocky Mountain board. 

Whitefort Capital Management, LP

Acting for Whitefort Capital Management, LP in its shareholder engagement with Arbutus Biopharma Corporation regarding strategic direction and capital allocation.

Aecon Group Inc.

Acted for Aecon Group Inc. in the C$150-million strategic preferred equity investment in Aecon Utilities Group Inc. by funds managed by the Power Opportunities strategy of Oaktree Capital Management, L.P. 

Legion Partners Asset Management

Acted for U.S. activist shareholder Legion Partners Asset Management in connection with its campaign for operational change and board seats on the board of Primo Water Corporation, a TSX-NYSE listed pure-play water solutions provider in North America and Europe. Legion’s campaign included the commencement by Legion of an oppression Application in the Superior Court of Ontario concerning the legality of Primo’s Advance Notice By-Laws. It culminated in an agreement to appoint two Legion nominees to the Primo board and Primo agreeing to adopt certain corporate governance enhancements, including changes to its advance notice bylaw provisions.

Lithium Royalty Corp

Acted for Lithium Royalty Corp. in its C$150-million initial public offering of common shares underwritten by a syndicate co-led by Canaccord Genuity Corp and Citigroup Global Markets Canada Inc.

Slate Asset Management

Acted for Slate Asset Management, the manager and a unitholder of Slate Office REIT, in connection with G2S2 Capital’s activist campaign for board seats at the 2024 annual meeting of unitholders of Slate Office REIT.

Agnico Eagle Mines Limited

Acted for Agnico Eagle Mines Limited in its joint topping bid with Pan American Silver Corp. for the US$4.8-billion acquisition of Yamana Gold Inc., pursuant to which Pan American acquired all of the issued and outstanding common shares of Yamana and Agnico Eagle acquired Yamana's Canadian assets (including its interest in the Canadian Malartic mine).

Camac Partners, LLC

Acted for Camac Partners, LLC, in its shareholder engagement with Gold Reserve Inc. regarding board composition, governance and strategic matters.

Elliott Investment Management L.P.

Acting for Elliott Investment Management L.P. in its shareholder engagement with Kinross Gold Corporation regarding capital allocation.

Taking AIM at the Mithaq Decision: A Critique

May 28, 2024 - The recent decision of the Ontario Capital Markets Tribunal to allow a defensive private placement amidst a battle for control places another nail in the coffin for hostile bids in Canada In a perplexing decision, Mithaq Canada Inc (Re), the Ontario Capital Markets Tribunal upheld...

Guide to Shareholder Activism and Proxy Contests in Canada

Nov. 16, 2023 - Davies’ Shareholder Activism and Proxy Contests in Canada guide draws on our market-leading expertise to offer our insights on the principal legal and practical considerations for both activists and target companies, as well as notable recent developments and key differences between...

As the Pandemic Abates, Activists Advance: Shareholder Activism Rebounds in Canada

Oct. 20, 2023 - Canadian shareholder activism continued its post-pandemic resurgence into the first half of 2023. Emerging trends include the “activist swarm,” where multiple—yet uncoordinated—activists converge on a single target with competing demands. Activism has also been on the rise in response to M&A...

Time (and Process) of the Essence: Ontario Court Accelerates Timing of Requisitioned Meeting

Feb. 08, 2023 - A recent decision of the Ontario Superior Court of Justice represents a rare victory for activists in overturning a target board’s proposed timing for setting a requisitioned meeting. While Canada is generally viewed as an activist-friendly jurisdiction, due in part to the relative ease with which...