Rare is the precedent-setting securities case that emerges from the Yukon Court of Appeal. The recent attempted arrangement between InterOil Corp. and Exxon Mobile Corp., however, has given rise to such a case. The decision contains a welcome judicial pronouncement on fairness opinions in the context of corporate mergers.
InterOil was set to merge with another corporation before Exxon came forward with a “white knight” offer. InterOil’s financial adviser, Morgan Stanley, provided it with a fairness opinion stating that the merger (which was structured as an arrangement) was fair from a financial point of view.
While fairness opinions are common in merger transactions, their purpose may be legitimately questioned. Should…
Electricity - There’s Something Happening Here, What it is ain’t Exactly Clear: Calgary Herald Op-Ed
It was quite the week for Alberta electricity policy. There’s no shortage of changes, but what are we to make of it all?
Moreover, what do some of these things even mean? What the heck is a capacity market? And the real question on everyone’s mind: are Alberta electricity bills about to skyrocket like those in Ontario?
Many will draw the connection between Ontario and Alberta. They share the objectives of reducing emissions by shutting down coal and increasing renewables, such as solar and wind. But the policies to get there are critically different. So let’s move past the rhetoric and dig a little deeper into the policies.
Let’s start with renewables. Ontario made a costly mistake selecting the prices for their…
Putting a toll on Toronto’s expressways may be the biggest policy idea of the year – perhaps the decade – in Toronto. If the city approves the plan and gets the design of the toll right, it will mean lower property taxes and reduced traffic congestion.
Mayor John Tory announced on Thursday he will support the introduction of tolls on the Gardiner Expressway and Don Valley Parkway, the two major expressways into the downtown core. It is now up to City Council to decide whether to support him. Here is why they should.
The toll will not be double taxation. Far from it. Gas taxes, vehicle licences and other revenues from drivers have covered less than 70 per cent of roadway expenses across Canada since 2008…
