“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.
BMO Capital Markets
Acted as Canadian and U.S. counsel to BMO Capital Markets in an at-the-market equity offering by cannabis company Organigram Holdings Inc. in Canada and the United States under the multijurisdictional disclosure system.
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.
Acted for Lazard Ltd., as financial advisor to Cronos Group, a globally diversified and vertically integrated cannabis company, in the $2.4-billion acquisition of a 45% equity stake in Cronos by Altria Group, Inc.
Redwood Holdings, LLC
Acted for Redwood Holdings, LLC, in its US$300-million sale of U.S.-based Lord Jones, a luxury brand CBD business, to Cronos Group Inc., a Canadian publicly traded licensed cannabis producer.
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.
In the News
Patricia Olasker Speaks to M&A by Reorg on Possible Activist Push for More Mining M&A
June 22, 2020 - With deal-making in the global mining sector continuing amid COVID-19, M&A by Reorg (available to subscribers) featured Patricia Olasker for her insights on a possible push for more consolidation by activist investors once the pandemic subsides – and the challenges the current climate may...
OSC Provides Guidance on Special Committees and Disclosure in Conflict of Interest Transactions: The HBC Privatization Part II
Feb. 27, 2020 - The Ontario Securities Commission recently released its reasons in In the Matter of The Catalyst Group Inc. in respect of the privatization proposal for Hudson’s Bay Company (HBC) by a group of majority shareholders led by HBC executive chairman Richard Baker. The decision highlights the...
OSC Articulates Expectations of Special Committees in Conflict of Interest Transactions: The HBC Privatization
Dec. 20, 2019 - On December 19, 2019, the Ontario Securities Commission issued an order requiring Hudson’s Bay Company (HBC) to postpone its shareholders’ meeting called to consider a privatization proposal by a group of majority shareholders led by HBC executive chairman Richard Baker and to amend its information...
In the News
Patricia Olasker Discusses Cross-Border Cannabis Connection in Law 360
Dec. 06, 2019 - A year after the legalization of recreational cannabis in Canada, Law 360 turned to Patricia Olasker for her expert insights on how the interplay between the Canadian and U.S. markets is playing a major role in the evolution of the cannabis sector. In the article (available to subscribers),...
Canadian Securities Authorities Address Cannabis Issuers’ Conflicts of Interest
Nov. 13, 2019 - Staff of the securities regulatory authorities in Ontario, British Columbia, Québec, New Brunswick, Saskatchewan, Manitoba and Nova Scotia (collectively, Staff) has released CSA Multilateral Staff Notice 51-359 ‒ Corporate Governance Related Disclosure Expectations for Reporting Issuers in the...
In the News
Patricia Olasker Interviewed by Activist Insight on Activist Investor Paul Hilal
Oct. 28, 2019 - Activist Insight Monthly recently interviewed Patricia Olasker for an article on the campaigning history and style of activist investor Paul Hilal of Mantle Ridge, with whom Davies has worked since Paul’s campaign involving Canadian Pacific Railway. Patricia commented that although...
In the News
Patricia Olasker Speaks to Mergermarket About Factors Affecting M&A in Canada
Oct. 25, 2019 - A recent article in Mergermarket featured Patricia Olasker’s perspectives on M&A in Canada and whether the United States-Mexico-Canada Agreement (USMCA) has had an impact. “Yes, M&A is down in Canada,” Patricia states. Regarding the possible causes, she explains, “We blame trade wars, Trump,...
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...
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,...
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...
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
IFLR1000: Women Leaders (2020)
The Legal 500 Canada—Capital Markets (Leading Lawyer); Corporate and M&A (Leading Lawyer)
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: Agribusiness and Cannabis
Lexpert Special Edition: Finance and M&A
Lexpert Special Edition: Mining
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: Capital Markets—Debt and Equity; Who’s Who Legal: M&A and Governance—Mergers and Acquisitions; Corporate Governance (Global Elite Thought Leader); Who’s Who Legal: Mining; Who’s Who Legal: Thought Leaders—M&A and Governance
Expert Guides’ Women in Business Law; Expert Guides—Capital Markets; Mergers and Acquisitions