Clients trust Aaron to deliver strategic solutions for their critical business transactions.
Aaron’s practice focuses on public and private mergers and acquisitions, capital markets and securities, and corporate governance. Canadian and international businesses, boards and investors spanning a wide range of industry sectors – including mining, technology, life sciences and financial services – count on Aaron for his business-minded and results-oriented approach to their complex legal issues.
A seasoned and strategic practitioner, Aaron has advised on some of the country’s most high-profile domestic and cross-border transactions, including contested matters such as unsolicited takeover bids and proxy contests with wide-ranging experience advising bidders/activists as well as targets and target boards.
Well versed in corporate governance, Aaron is also regularly called upon to advise boards and board special committees on transactional matters as well as internal investigations and complex governance issues.
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Agnico Eagle Mines Limited
Acting for Agnico Eagle Mines Limited in its joint topping bid with Pan American Silver Corp. for the acquisition of Yamana Gold Inc., pursuant to which Pan American would acquire all of the issued and outstanding common shares of Yamana and Agnico Eagle would acquire Yamana's Canadian assets (including its interest in the Canadian Malartic mine).
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Points.com Inc.
Acted for Points.com Inc., the global leader in powering loyalty commerce, in its sale by plan of arrangement to Plusgrade Parent L.P. in an all-cash transaction valuing Points at US$385 million.
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Mantle Ridge LP
Acted for Mantle Ridge LP in its accumulation of a material equity stake in Dollar Tree and subsequent engagement with Dollar Tree culminating in an agreement to appoint seven new directors, including Richard Dreiling, as executive chair, and Paul Hilal, founder and CEO of Mantle Ridge LP, as vice chair.
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Elliott Investment Management L.P.
Acting for Elliott Investment Management L.P. in its shareholder engagement with Kinross Gold Corporation regarding capital allocation.
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Elliott Investment Management L.P.
Acted for Elliott Investment Management L.P. in its accumulation of a material stake in Suncor Energy and subsequent engagement with Suncor culminating in an agreement (i) to appoint three new directors immediately with a potential fourth to be added depending on Suncor's performance against its peers, (ii) to participate on Suncor's CEO search committee, and (iii) to form a board committee to conduct a strategic review of Suncor's downstream retail business.
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IAMGold Corporation
Acted for IAMGold Corporation in its engagement with Resource Capital Fund and subsequent entry into a Collaboration Agreement to appoint additional independent directors to the board.
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SEMAFO Inc.
Acted as counsel to SEMAFO Inc. in its US$2.1-billion business combination with Endeavour Mining Corporation by way of plan of arrangement under the Business Corporations Act (Québec).
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BMO Capital Markets
Acting for BMO Capital Markets, in connection with its formal valuation and fairness opinion to the special committee of Aris Gold Corporation, regarding Aris Gold's merger with GCM Mining Corp. to create a leading American gold producer.
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Nova Metrix LLC
Acted for Nova Metrix LLC in the sale of its subsidiary, FISO Technologies Inc., to Resonetics LLC, a portfolio company of GTCR.
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Generac Holdings Inc.
Acted as Canadian counsel to Generac Holdings Inc., a leading energy technology company, in its US$770-million acquisition of ecobee Inc., a leader in sustainable smart home solutions.
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RIV Capital Inc.
Acted for RIV Capital Inc., an acquisition and investment company specializing in cannabis, in connection with the US$150-million strategic investment by The Hawthorne Collective, a subsidiary of The Scotts Miracle-Gro Company.
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Greenhill & Co. Canada, Ltd.
Acting for Greenhill & Co. Canada, Ltd., in its provision of a long form fairness opinion to the board of directors of Score Media and Gaming, Inc. (theScore), a leading digital media and sports betting and technology company, in theScore's acquisition by Penn National Gaming, Inc. for approximately US$2 billion in cash and stock.
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IAMGold Corporation
Acted for IAMGold Corporation in negotiating and entering into a voting support agreement in connection with the acquisition by Dundee Precious Metals Inc. of all of the outstanding shares of INV Metals Inc. not already owned by Dundee Precious Metals.
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Roxgold Inc.
Acted for Roxgold Inc. in its C$1.1-billion business combination with Fortuna Silver Mines Inc. to create a premier growth-oriented global intermediate gold and silver producer.
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Rothschild & Co.
Advised Rothschild & Co. in its provision of a long form fairness opinion to the special committee and board of directors of GT Gold Corp. in GT Gold's acquisition by Newmont Corporation for approximately $393 million.
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Aleafia Health Inc.
Advised the board of directors of Aleafia Health Inc., a Canadian cannabis company, in connection with an agreement between Aleafia and shareholders representing 15.6% of the shares to appoint two directors and enter into customary standstill and voting covenants.
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Jefferies LLC
Acted for Jefferies LLC, as financial advisor to Aphria Inc., in the merger of Aphria and Tilray, Inc. to create the world's largest global cannabis company based on pro forma revenue.
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Special Committee of RIV Capital Inc. (formerly Canopy Rivers Inc.)
Acted as counsel to the special committee of RIV Capital Inc. (formerly Canopy Rivers Inc.), a venture capital firm specializing in cannabis, in its plan of arrangement with Canopy Growth Corporation, involving the collapse of its dual-class share structure and the transfer of three of its portfolio assets for a total transaction value of approximately $297 million.
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Glanbia plc
Acted for Glanbia plc, a global nutrition group, in its acquisition of Foodarom Group, a Québec-based specialist flavours solutions business.
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Turquoise Hill Resources Ltd.
Acted for Turquoise Hill Resources Ltd. in connection with Pentwater Capital Management's activist campaign and proxy contest with respect to Turquoise Hill's contested 2020 annual and special meeting.
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BMO Capital Markets
Acted for BMO Capital Markets, in its fairness opinion to the board of directors of Equinox Gold Corp., regarding its plan of arrangement with Leagold Mining Corporation.
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Mantle Ridge LP
Acted for Mantle Ridge LP in its accumulation of a material equity stake in Aramark and subsequent agreement with Aramark providing for the appointment of 6 new directors, including John Zillmer who was also appointed CEO, and Paul Hilal, founder and CEO of Mantle Ridge LP, who was also appointed as Vice Chairman of the board.
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BMO Capital Markets
Acted for BMO Capital Markets in connection with substantial issuer bids by each of Power Corporation and Power Financial Corporation by way of a modified Dutch auction.
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Lundin Mining Corporation
Acted for Lundin Mining Corporation in its A$4.3-million subscription for 14.3% of the shares of PolarX Limited, which secures an option for Lundin Mining to earn a 51% interest in PolarX's Stellar Project by staged spending of US$24 million on exploration and staged payments to PolarX of US$20 million over three years.
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M&G Investment Management Limited
Acted for M&G Investment Management Limited, a U.K.-based investment manager with US$338 billion of assets under management, in its proxy campaign with respect to Methanex Corporation at the company's 2019 annual general meeting. The contest was successfully settled with M&G gaining two seats on the board of Methanex.
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Cornerstone Capital Resources Inc.
Acting for Cornerstone Capital Resources Inc. in its proposed merger with SolGold plc pursuant to a court-approved plan of arrangement, consolidating ownership of the Cascabel project in northern Ecuador.
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Cornerstone Capital Resources Inc.
Acted for Cornerstone Capital Resources Inc. in its successful defence of the hostile bid launched by SolGold plc for Cornerstone, including Cornerstone's proposed requisition of a meeting of SolGold to change the board of SolGold.
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SPS Commerce, Inc.
Acted for SPS Commerce, Inc., an American retail cloud services company, in its US$49-million acquisition of InterTrade Systems Inc., a Canadian SaaS commerce technology solutions company, from mdf commerce inc.
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Camac Partners, LLC
Acted for Camac Partners, LLC, in its shareholder engagement with Gold Reserve Inc. regarding board composition, governance and strategic matters.
Guide
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Davies Governance Insights – September 2022, contributor
Sept. 06, 2022 - Davies Governance Insights analyzes the top trends and issues most important to Canadian public companies and provides practical guidance for boards to meet these challenges head on. In this edition: Ten Regulatory and Judicial Developments That GCs and Boards Need to...
In the News
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10 Years After: The Proxy Contest at Pacific Railway Reverberates to This Day
June 09, 2022 - In this article originally published in Insightia Monthly, Patricia Olasker and Aaron Atkinson, who acted on opposing sides of the Pershing Square/Canadian Pacific proxy contest, reflect on the lasting impact of the landmark event a decade on. Download the article.
Guide
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Public Mergers and Acquisitions in Canada: Overview, co-author
Nov. 01, 2021 - Practical Law – Mergers and Acquisitions Global Guide (Thomson Reuters)
Read the chapter.
Guide
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Canadian Mergers & Acquisitions: A Guide for Foreign Investment Banks and Bidders, 9th Edition
June 01, 2021 - Davies’ Canadian Mergers & Acquisitions draws on our multijurisdictional M&A experience to offer clear guidance on both the legal framework and the practical aspects of Canadian mergers and acquisitions, including critical tax and regulatory considerations. The recently updated guide is...
Guide
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Davies Governance Insights 2020, contributor
Oct. 05, 2020 - Davies Governance Insights 2020 provides a comprehensive analysis of the trends and developments that have shaped the corporate governance landscape and those that are expected to define the next decade. Against the backdrop of the COVID-19 crisis, this year’s report explores key issues...
Bulletin
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Davies Highlights Concerns with Proposals to Modernize Ontario’s Capital Markets
Sept. 09, 2020 - Davies has submitted a comprehensive comment letter to the Capital Markets Modernization Taskforce (Taskforce) in response to the consultation report published by the Taskforce on July 9, 2020 (Report). The Taskforce was formed by the Ontario government in February 2020 with a mandate to review...
In the News
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Aaron Atkinson Discusses the Future of Hostile Bids with The Globe and Mail
June 18, 2020 - Following the recent publication of Davies’ report, The Hostile Bid Is Dead. Long Live the Hostile Bid?, The Globe and Mail featured partner and author Aaron Atkinson for his insights on what lies ahead for Canadian public M&A activity in the post-pandemic world. The Davies report...
Guide
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The Hostile Bid Is Dead. Long Live the Hostile Bid?
June 15, 2020 - With much of the world focused on the immediacy of the COVID-19 pandemic, including its heavy human and economic toll, we have cast our eyes optimistically on the (near, we hope) future when companies regain sufficient confidence to re-enter the public M&A market in large numbers. Although...
In the News
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Aaron Atkinson Highlights Need for Improved Corporate Communications in Globe and Mail Op-ed
Jan. 02, 2020 - In an op-ed published in The Globe and Mail, Davies partner Aaron Atkinson sets out communications strategies that boards and management teams can adopt to avoid corporate scandal and promote better decision-making. Read the full article.
Speaking Engagement
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Osgoode Professional Development, Advising the Public Company Board of Directors, “Shareholder Activism & Engagement: Strategies and Approaches”; Toronto, ON
Oct. 22, 2019
Guide
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Davies Governance Insights 2019, contributor
Oct. 03, 2019 - Davies Governance Insights 2019 is a comprehensive report that analyzes the governance trends and issues most important to Canadian public companies. Now in its ninth edition, Governance Insights is designed to be a playbook for navigating the diverse and complex challenges facing...
Speaking Engagement
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Osgoode Professional Development, Intensive Course in Canadian Securities Law and Practice, “Mergers & Acquisitions—The Essentials and Emerging Issues”; Toronto, ON
June 12, 2019
Bulletin
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Policy Prevails over Fine Print: Successful Ambush in British Columbia Clarifies the Use of Blank Proxies
May 06, 2019 - A recent decision of the British Columbia Supreme Court in Russell v Synex International Inc. (Synex) validated a dissident’s floor nomination and the subsequent election of an entirely new board. Notably, the dissident cast his votes using the authority given to him by...
Speaking Engagement
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Moderator, 13D Monitor, Active-Passive Investor Summit, “Serving on a Board as a Result of an Activist's Initiative”; New York, NY
Apr. 16, 2019
Bulletin
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The InterOil Saga Continues: Yukon Court of Appeal Asked to Rule on “Fair Value”
Mar. 21, 2019 - ExxonMobil has filed a notice of appeal to the Yukon Court of Appeal, appealing the lower court’s decision in Carlock v ExxonMobil Canada Holdings ULC. In the decision under appeal, the Yukon Supreme Court sided with dissenting shareholders in determining that the fair value of an...
Bulletin
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Canadian Court Awards Significant Premium to Negotiated Deal Price in Determining “Fair Value”
Feb. 27, 2019 - Note: On March 18, 2019, ExxonMobil filed a notice of appeal to the Yukon Court of Appeal. We will be watching the progress of the appeal and will report on the decision once it is released. The 2017 acquisition of InterOil by ExxonMobil continues to generate cases of interest to...
Speaking Engagement
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The Canadian Institute of Chartered Business Valuators, 2017 National Business Valuation Conference, “Dual Class Share Structures and Double-Edged Swords: Observations on Value and Governance”; Québec City, QC
June 15, 2017
Speaking Engagement
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The Canadian Investor Relations Institute, “Responding to an Activist Shareholder: The Playbook”; Toronto, ON
Jan. 26, 2016
Speaking Engagement
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Activist Investing in Canada 2015 Conference, “Proxy Contests and Hostile Take-Over Bids in Canada: A Look at the Facts”; Toronto, ON
Oct. 06, 2015
Speaking Engagement
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Chartered Professional Accountants of Canada, Directors Source Webinar Series, “Special Committees: Bulletproofing Your Process”; Toronto, ON
Oct. 30, 2013
Speaking Engagement
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Canadian Bar Association, “Panel on Shareholder Activism”; Montréal, QC
Sept. 23, 2013
Speaking Engagement
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Finance Executives International Canada, National Conference, “Activist Investing”; Lake Louise, AB
June 06, 2013
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Chambers Canada: Canada’s Leading Lawyers for Business—Corporate/Commercial: Ontario
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IFLR1000: The Guide to the World’s Leading Financial Law Firms—Mergers and Acquisitions
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The Legal 500 Canada—Corporate and M&A (Leading Individual)
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The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada—Corporate Commercial Law; Corporate Finance & Securities; Mergers and Acquisitions
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Lexpert Special Edition: Agribusiness and Cannabis
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Lexpert Special Edition: Finance and M&A
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Lexpert Special Edition: Mining
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Lexpert Special Edition: Technology and Health Sciences
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The Canadian Legal Lexpert Directory—Corporate Commercial Law (Most Frequently Recommended); Corporate Finance and Securities (Most Frequently Recommended); Corporate Mid-Market (Most Frequently Recommended); Mergers and Acquisitions (Most Frequently Recommended); Mining; Private Equity
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The Best Lawyers in Canada—Corporate Governance Practice; Leveraged Buyouts and Private Equity Law; Mergers and Acquisitions Law; Securities Law
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Lexpert Rising Stars: Leading Lawyers Under 40
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Who’s Who Legal: Canada—Capital Markets