Richard Steinberg

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Financial advisors are often critical to the success of an M&A transaction. Often, but perhaps not always. Should the fees payable to a financial advisor be denied if, through no fault of its own, an M&A transaction is completed without any involvement of the advisor? This question is the subject matter of Crew Gold[1] a decision of the Ontario Superior Court which was recently affirmed by the Ontario Court of Appeal. In M&A sell-side…
On March 31, 2015, the Canadian Securities Administrators issued their highly anticipated proposal to make the most significant changes to the Canadian take-over bid regime in years, one of the stated goals of which is to “rebalance the current dynamics” between bidders, boards and shareholders. The three principal changes would (i) mandate a 50% minimum tender requirement for all formal bids, (ii) require a ten-day extension of the bid once the minimum tender requirement is…
When the Ontario Court of Appeal speaks, it sets important policy for the securities industry.  On February 3, 2014, the industry was told that class actions claiming damages for secondary market misrepresentations are rendered easier to commence and continue. In Greene v. Canadian Imperial Bank of Commerce, a rarely assembled five‑member Court Bench overturned the Court’s earlier decision in Sharma v. Timminco and decided three other cases dealing with the same or similar issues. …