Alexander P. Gorka

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Ontario Capital Markets Tribunal clarifies considerations for a private placement in the face of an unsolicited takeover bid in Aimia

Mar 11, 2024 | lexology.com | Alexander P. Gorka |Teresa Tomchak |James Brown |Brett Anderson |Jeremy Fraiberg |William Heisey

On March 11, 2024, the Ontario Capital Markets Tribunal (Tribunal) released the reasons [PDF] for its order dated December 14, 2023 dismissing the application of Mithaq Capital Inc. (Mithaq) to cease trade a private placement that Aimia Inc. (Aimia) completed in October 2023[i]. Mithaq asserted that the private placement was an improper defensive tactic designed to thwart its takeover bid for Aimia.

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