“She blends exceptional legal talent with an acute understanding of her clients’ business needs. She has an extremely sophisticated understanding of regulatory issues, terrific problem solving skills and the uncanny ability to anticipate potential problems down the road and ward them off.”
Client – Chambers Canada 2017
Patricia acts on many of Canada’s most complex mergers and acquisitions. Acquirers, targets and investors, in Canada and abroad, rely on her unparalleled expertise. She was lead counsel for Burger King Worldwide Inc. in its US$12.5-billion acquisition of Tim Hortons and for McKesson Corporation in its $3-billion acquisition of Rexall.
Clients appreciate Patricia’s extensive experience in advising parties on both sides of shareholder activism issues. Boards of directors, special committees and activist shareholders regularly consult her on their corporate governance and transaction-specific matters. She acted as lead counsel for Pershing Square Capital Management in its landmark campaign to change the board and management of Canadian Pacific Railway.
Known for her ability to develop innovative financing instruments, Patricia advises clients on public market derivatives and structured debt and equity products.
An adjunct professor at Osgoode Hall Law School, Patricia teaches the Advanced Business Law Workshop on mergers and acquisitions and the Regulation of the Canadian Cannabis Industry course. She is the founder of AIDSbeat, the Toronto legal community’s largest charity event.
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.
CIBC Capital Markets and Eight Capital
Acted for CIBC Capital Markets and Eight Capital as joint bookrunners, in the public offering of approximately $55 million of subordinated voting shares of Canopy Rivers Inc., an investment and operating platform structured to pursue investment opportunities in the emerging global cannabis sector, and the concurrent private placement, on an agency basis, of $30 million of subordinated voting shares of Canopy Rivers to Canopy Growth Corporation.
Shareholders of MedReleaf Corp.
Advised the shareholders of MedReleaf Corp. in catalyzing the sale of MedReleaf to Aurora Cannabis Inc., bringing together two of Canada's largest cannabis companies, in an all-share transaction valued at approximately $3.2 billion.
Morgan Stanley, J.P. Morgan and Deutsche Bank Securities Inc.
Acted as Canadian counsel to a syndicate of underwriters, led by Morgan Stanley, J.P. Morgan and Deutsche Bank Securities, in a US$950-million offering of The Stars Group Inc.'s common shares by way of a treasury and secondary offering in Canada and the United States under the multijurisdictional disclosure system. The net proceeds from the treasury offering were, together with debt financing and cash on hand, to fund the acquisition of Sky Betting & Gaming.
Oaktree Capital Management, L.P.
Acted for Oaktree Capital Management, L.P., in its opposition to the $475-million acquisition of Québec-based Tembec Inc. by Florida-based Rayonier Advanced Materials Inc.
Syndicate of underwriters, led by CIBC Capital Markets and RBC Capital Markets
Acted as Canadian counsel for a syndicate of underwriters, managed by CIBC World Markets Inc., Jefferies Securities, Inc., RBC Dominion Securities Inc. and Robert W. Baird & Co. Incorporated, in connection with the $125-million initial public offering and secondary offering of an aggregate of 10,900,000 Class A subordinate voting shares of Freshii Inc., a Canadian healthy fast-casual franchise. The offering was the first Canadian initial public offering on the Toronto Stock Exchange in 2017.
Acted for McKesson Corporation, a leading international healthcare services and information technology company, in connection with its $3-billion acquisition of Rexall and Rexall Pharma Plus, which operate approximately 470 pharmacies in Canada, from Katz Group, one of Canada's largest privately owned enterprises.
Luminus Management, LLC
Acted for Luminus Management, LLC in connection with its $49 million strategic investment in common shares (resulting in a 16.7% aggregate equity interest) and 10% senior secured high yield notes of Delphi Energy Corp. and negotiation of an investor rights agreement with the issuer.
In the News
Patricia Olasker Discusses Cannabis Industry Shakeout with Mergermarket
July 17, 2019 - In a recent interview with Mergermarket (subscribers only), Patricia Olasker discusses structural changes to the cannabis industry and their likely impact. With the 2018 U.S. Farm Bill decriminalizing hemp, U.S. -based investors and banks are funding hemp and CBD companies, reducing their reliance...
In the News
Patricia Olasker Speaks to The Globe and Mail about the Implications of the CannTrust Investigation
July 16, 2019 - In an interview with The Globe and Mail (subscribers only), Patricia Olasker commented on the impact of Health Canada’s investigation into CannTrust for regulatory non-compliance as a result of cultivating cannabis in unlicensed rooms. “Any lawyer you talk to will say they have a number of...
In the News
Patricia Olasker Speaks About Shareholder Activism in Canada on The Activist Insight Podcast
June 27, 2019 - In an interview with The Activist Insight Podcast, Patricia Olasker speaks about the current climate of shareholder activism in Canada – most notably in the cannabis and mining sectors – and how companies can defend themselves against short-selling attacks. While the nascent cannabis...
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...
You Must Build It Before They Will Come: Health Canada Announces Significant Change to Cannabis Licensing Process
May 10, 2019 - In a significant departure from past practice, Health Canada will now require prospective applicants for cannabis cultivation, processing or medical sales licences to have fully built regulatory-compliant facilities before it will review and process their licence applications. Health Canada expects...
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...
In the News
Patricia Olasker Speaks to Lexpert on Growth of Cannabis Industry
May 01, 2019 - In an article published in the Lexpert Special Edition – Canada’s Leading Corporate Lawyers, Patricia Olasker shares her thoughts on the evolution and future of M&A in Canada’s cannabis sector. “It’s certainly a very exciting” period in cannabis M&A, Patricia says, adding that because the...
In the News
Patricia Olasker Discusses Shifting Trends in Cannabis Activism with Corp Gov
Apr. 05, 2019 - In an interview with Corp Gov, Davies partner Patricia Olasker shared her predictions on how she expects activism and dealmaking activity in the cannabis industry to evolve over the next year and the types of companies that might find themselves in the crosshairs. Patricia points out that...
In the News
Patricia Olasker Speaks to The Globe and Mail About Dealmaking Trends in the Canadian Cannabis Industry
Mar. 05, 2019 - In an article (available to subscribers) published this week in The Globe and Mail, Davies partner Patricia Olasker shared her insights about the changing M&A landscape in the Canadian cannabis space. In contrast to the focus on domestic acquisitions one year ago, cannabis dealmakers are...
Canadian Club Toronto, Shareholder Activism Panel, “Is Your Company Safe?”; Toronto, ON
Mar. 04, 2019
Chambers Global: The World’s Leading Lawyers for Business—Corporate/M&A (Band 1)
Chambers Canada: Canada’s Leading Lawyers for Business—Corporate/Commercial: Ontario (Band 1)
IFLR1000: The Guide to the World’s Leading Financial Law Firms—Capital Markets: Equity; Mergers and Acquisitions
The Legal 500 Canada—Capital Markets (Leading Lawyer); Corporate and M&A (Leading Lawyer); Energy: Mining (Recommended)
WXN—Canada’s Most Powerful Women: Top 100 Award (2009 and 2017)
Canadian Lawyer Magazine—Canada’s Top 25 Most Influential Lawyers: Corporate-Commercial Law
The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada—Corporate Finance and Securities; Corporate Commercial; Mergers and Acquisitions
Lexpert Special Edition Leading Canadian Lawyers in Global Mining
Report on Business/Lexpert Special Edition Canada’s Leading Corporate Lawyers
Lexpert Guide to US/Canada Cross-Border Lawyers in Canada—Mergers & Acquisitions
Lexpert Zenith Award—Celebrating Women Leaders in the Legal Profession
The Canadian Legal Lexpert Directory—Corporate Finance and Securities (Most Frequently Recommended); Corporate Commercial Law (Most Frequently Recommended); Mergers and Acquisitions (Most Frequently Recommended); Mining
Lexpert Magazine—Canada’s Top 25 Women Lawyers
The Best Lawyers in Canada—Corporate Governance Law; Corporate Law; Mergers and Acquisitions Law (Lawyer of the Year 2020, Toronto); Mining Law; Securities Law
Who’s Who Legal: Canada—Capital Markets (Most Highly Regarded); Corporate Governance; Mergers and Acquisitions (Most Highly Regarded); Mining; Who’s Who Legal: Corporate—Corporate Governance; Mergers and Acquisitions; Who’s Who Legal: Capital Markets—Debt and Equity; Who’s Who Legal: Mining
Expert Guides’ Women in Business Law; Expert Guides—Capital Markets; Mergers and Acquisitions