| | McCarthy Tétrault LLP - Publications - The Validity of "Irrevocable" Lockup Agreements: The Case of Cogeco Cable ... (Site not responding. Last check: 2007-10-19) |
 | | The bid was conditional on, among other things, that Cogeco acquire under the bid at least 90% of both the multiple and subordinate voting shares of CFCF and that CFCF terminate the agreement it had recently entered with Vidéotron to sell to the latter its cable division. |
 | | On April 28, 1996, the board of directors of CFCF mailed to shareholders a circular in response to both the Vidéotron bid and the amended Cogeco bid pursuant to which the board declined to recommend either bid. |
 | | The Court found that Cogeco did, indeed, have standing as a petitioner in its capacity as a shareholder of CFCF (it held at the relevant time 1,184,900 subordinate voting shares of CFCF, representing approximately 9.4% of the outstanding subordinate voting shares), although not in its capacity as a competing bidder. |
| www.mccarthy.ca /pubs/publication.asp?pub_code=753 (2133 words) |