Teresa is a partner at Farris LLP. Teresa has extensive experience in securities litigation and regulation. Teresa has been involved in numerous shareholder disputes, hostile takeover bids, proxy fights, contested plans of arrangement and securities class actions. Teresa has represented clients during investigations and enforcement hearings before various provincial securities commissions and IIROC. Teresa is a co-author of CLE’s award winning text, British Columbia Business Disputes. Teresa was recognized as Benchmark’s Top 250 Women in Litigation and Top 50 Women in Litigation in Canada. She is also recognized as a litigation star by Benchmark Canada and was shortlisted for Canada’s Securities Litigator of the Year. She is recognized in Chambers Canada, and in The Best Lawyers in Canada in the area of securities law.
Despite the COVID-19 pandemic, shareholder activism is alive and well in Canada with respect to both board- and transaction-related proxy fights. Laurel Hill Advisory Group, in its 2020 Trends in Corporate Governance Report, reports that in 2020 to date there have been 10 board-related proxy fights, primarily in micro-cap mining companies, (consistent with 2019, but down from the high of 15 in 2018) with a minimum dissident win rate of 40% over the last four years.
Intrexon Corporation (Intrexon) completed its acquisition of Okanagan Specialty Fruits Inc. (OSF) by way of statutory plan of arrangement pursuant to which a wholly-owned subsidiary of Intrexon acquired all the securities of OSF for US$41 million. OSF shareholders received US$31 million in Intrexon common stock and US$10 million in upfront cash, subject to certain escrow hold-back.
Tekmira Pharmaceuticals Corporation (“Tekmira”) completed a merger of equals with OnCore Biopharma, Inc. (“OnCore”) whereby OnCore merged with a wholly-owned subsidiary of Tekmira. As a result of the merger, stockholders of OnCore hold approximately fifty per cent (50%) of the total number of outstanding shares of capital stock of Tekmira. The implied market value of the combined company, based on the closing price of Tekmira common shares on the NASDAQ Global Market on January 9, 2015, was approximately USD$750 million and at time of closing USD$964 million.