Capital Markets Tribunal Keeps High Bar to Establish Improper Defensive Private Placement
On March 11, 2024, the Ontario Capital Markets Tribunal Tribunal released its reasons for dismissing Mithaq Capital Inc.'s Mithaq application on December 14, 2023, to cease trade a private placement that Aimia Inc. Aimia completed in October 2023. Mithaq asserted that the private placement was conducted as an improper defensive tactic under National Policy 62-202—Take-Over Bids—Defensive Tactics of the Canadian Securities Administrators and was designed to thwart Mithaq's then-recently launched takeover bid for Aimia. Ultimately, the Tribunal found that the private placement was conducted ...
Source: bennettjones.com
