“Extremely knowledgeable” with a “prodigious ability to accumulate and distill information and keep the process moving.”
Client – Chambers Global 2016
Jennifer advises acquirers, targets, investors, boards and special committees on contested and friendly public and private mergers and acquisitions, shareholder activism and engagement, equity and debt financings, and private equity matters. She regularly counsels on securities law and public reporting, both in ordinary course and complex situations. Widely regarded for her expertise in corporate governance, Jennifer guides management, boards and committees on the full array of corporate governance issues and best practices, including in response to shareholder activism and transactional matters. Jennifer has also been involved in some of the highest profile domestic and cross-border contested situations, including take-over bids and proxy contests.
Clients choose Jennifer’s business-minded approach for complex transactions, especially those involving assets and operations in multiple jurisdictions. Her experience spans a wide range of industries – including mining and energy, retail, financial services, pharmaceutical, private equity, real estate and manufacturing.
Jennifer teaches the corporate transactions course at Osgoode Hall Law School’s Professional Development LLM program. She is also a member of the Securities Advisory Committee of the OSC.
Acted for TransAlta Corporation in the strategic partnership with Brookfield Renewable Partners and its institutional partners, and the associated $750-million investment by Brookfield in TransAlta to advance TransAlta's transition to clean energy. The investment will occur in two tranches (i) $350 million in the form of exchangeable debentures at first closing expected in May 2019; and (ii) $400 million in the form of redeemable preferred shares at second closing expected in October 2020.
Acted for TransAlta Corporation in connection with the activist campaign, threatened proxy contest and contested meeting by Mangrove Partners and Bluescape Energy Partners with respect to TransAlta's 2019 annual and special meeting.
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.
Agnico Eagle Mines Limited
Acted for Agnico Eagle Mines Limited in connection with its $3.9-billion acquisition with Yamana Gold Inc. of Osisko Mining Corporation. The transaction involved the formation of a 50-50 partnership between Agnico Eagle and Yamana which will hold and operate the Canadian Malartic mine. The transaction also resulted in a spin-out of a new TSX-listed company called Osisko Gold Royalties Ltd. which will continue to hold a 5% royalty interest in the Canadian Malartic gold property as well as exploration assets in Mexico.
Waratah Capital Advisors Ltd.
Acted for Waratah Capital in the formation of the Royalty Capital Limited Partnerships, each of which invests in Lithium Royalty Corporation.
Agnico Eagle Mines Limited
Acted for Agnico Eagle Mines Limited in its acquisition of all of the exploration assets of Canadian Malartic Corporation, including the Kirkland Lake and Hammond Reef projects, for an aggregate purchase price of US$325 million.
Northleaf Capital Partners
Acted for Northleaf Capital Partners in connection with the establishment of a US$1.4-billion Northleaf global private credit program and Northleaf's related acquisition, through a new Northleaf-managed investment fund, of a 16% equity stake in Antares Holdings from CPPIB Credit Investments Inc.
Barrick Gold Corporation
Acted for Barrick Gold Corporation in its sale to Royal Gold, Inc. of a portfolio of royalties on 72 properties located in six different countries in exchange for US$150 million cash and a significant reduction in certain royalties otherwise payable to Royal Gold on properties owned by Barrick.
Khan Resources Inc.
Acted for Khan Resources Inc. in its unsolicited share exchange takeover bid for Western Prospector Group Ltd.
Mistango River Resources Inc. and Orefinders Resources Inc.
Appointed by the Ontario Superior Court of Justice on application by shareholder activist Orefinders Resources Inc. to act as Independent Chair of the adjourned contested annual shareholders' meeting of Mistango River Resources Inc., at which Orefinders replaced the four-person board of directors with four new directors nominated by Orefinders, including its principals Stephen Stewart and Alex Stewart.
Canadian Directors Should Heed Recent U.S. Caremark Litigation
June 05, 2020 - Over the past year there has been a noticeable uptick in claims permitted by Delaware courts alleging a failure by directors to make a good faith effort to monitor corporate operations – otherwise known as a Caremark claim.1 A Caremark claim is founded on the principle that...
Directors’ Duties and Governance Best Practices in Response to COVID-19
Mar. 30, 2020 - The COVID-19 pandemic is presenting many unique challenges to directors in their efforts to strike the right balance between fulfilling their oversight responsibilities and allowing management to run the day-to-day operations. Finding this balance can be difficult for directors as the impact of the...
Let’s Get Practical: Moving to Virtual AGMs in Response to COVID-19
Mar. 23, 2020 - As the COVID-19 global health pandemic continues, companies are having to respond to a constantly evolving situation. For Canadian and U.S. public companies, this includes having to make quick decisions about when and how to hold their 2020 annual shareholder meetings (AGMs), while at the same...
In the News
Jennifer Longhurst Quoted in The Globe and Mail’s Board Games Report
Nov. 26, 2019 - Davies partner Jennifer Longhurst’s expert insights on board diversity were featured this week in an article published by The Globe and Mail as part of its annual Board Games coverage. Jennifer notes that some companies may struggle to comply with the new federal rules coming into effect...
Skytop Strategies, Shareholder Activism Conference, “When to Settle, When to Fight: The Expert’s Playbook”; New York, NY
Nov. 19, 2019
Davies Governance Insights 2019, lead co-author
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...
Business Roundtable Issues Expanded “Corporate Purpose” Statement, with Commitment to All Stakeholder Interests
Aug. 27, 2019 - The Business Roundtable, an association of CEOs of major U.S. corporations, recently issued its “Statement on the Purpose of the Corporation. ” The statement underscores the Business Roundtable’s commitment to all stakeholders of corporations, including their customers, employees, suppliers,...
Canadian Securities Regulators Provide Guidance on Climate Disclosure
Aug. 08, 2019 - In recent years, awareness of the potential impacts of climate change on issuers has heightened both in Canada and internationally. As the risks of, and potential opportunities associated with, climate change become better understood, investors and other stakeholders continue to press for greater...
The (Not So) Long Arm of the OSC: Commission Declines Jurisdiction in Public Interest Dispute
June 07, 2019 - In declining jurisdiction in a proceeding initiated by an activist shareholder, the Ontario Securities Commission (OSC) articulated its approach to long-arm regulation. The recently released reasons in In the Matter of Mangrove Partners and In the Matter of TransAlta Corporation1 provide...
University of Toronto Spring Roundtable, The Program on Ethics in Law and Business, “Lawyers’ Duties in an Age of Shareholder Activism”; Toronto, ON
May 02, 2019
Lexpert Special Edition: Finance and M&A
Lexpert Special Edition: Mining
Lexpert Zenith Award—Mid-Career Excellence in M&A (2018)
The Canadian Legal Lexpert Directory—Corporate Commercial Law; Corporate Finance and Securities; Mergers and Acquisitions
Canadian Dealmakers—Deal Team of the Year (2007)