The full article is available at:http://agoracom.com/ir/freewest/forums/discussion/topics/371090-just-vote-no-for-take-over/messages/1237671#message (thanks Mark)
Here was the decision of the OSC:
the OSC concluded that the board’s decision that it was in the long-term best interests of the
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the strong vote of shareholders’ ratifying the pill following the unsolicited bid; (This will be determined soon)
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the bid undervalued the assets and business prospects of the target; (could be very long debate on this one)
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the bid would provide the bidder with effective control without paying a premium; (premium is over 100% so far, probably will be much higher when it is all said and done)
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the bid would have an adverse effect on liquidity; and (actually, the opposite, more liquidity)
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the bidder was a financial (not strategic) buyer whose intentions for the business were unclear. (We are a strategic, not financial buyer)
So Noront may have legal recourse if FWR keeps its poison. I really hope it never comes to this though!!
G.
