Fasken Martineau’s 2015 Canadian Hostile Take-Over Bid Study sets out the results of a ten-year empirical analysis of hostile take-over bids in Canada.
Key findings include: When initiating a public contest for control, a hostile bidder was successful more than half the time; however, a change of control was by no means inevitable, with targets of these bids remaining independent almost 30% of the time.
The study contains additional findings on certain factors that impact outcomes, namely, competition, bidder tactics, shareholder rights plans and board recommendation, and should be of interest to all participants in Canada’s thriving M&A market. Read more in our 2015 Canadian Hostile Take-Over Bid Study.