University of Toronto Law and Economics Program

Magna Roundtable

March 3, 2011 4-6 pm

Bennett Lecture Hall
Faculty of Law, University of Toronto

The Faculty of law will be hosting a roundtable to discuss the collapse of Magna’s dual class share structure, one of the largest change-in-control transactions in Canadian history. Controlling shareholder Frank Stronach received consideration of roughly $1 billion in cash and stock for the sale of his Class B shares, which represented an unprecedented premium of approximately 1800%. The transaction attracted strong opposition from certain institutional shareholders, as well as from Staff of the Ontario Securities Commission (OSC). The OSC ordered the company to provide more disclosure for shareholders in June and, thereafter, the transaction was approved as a plan of arrangement by the Ontario Superior Court in August, 2010.

With generous support from the James Tory Fund for Studies in Business Law, the Roundtable will discuss both the corporate and securities law implications of the transaction. There is no charge to attend the event.

The discussion will moderated by Carol Hansell, Davies Ward Phillips & Vineberg LLP and the Honourable Frank Iacobucci, Torys LLP.

Program

4:00 Introductions and Opening remarks

Paper presentations:

Anita Anand:  "Was Magna contrary to the Public Interest?"
Edward Iacobucci: "Making Sense of Magna"

4:50   Commentaries:

James C. Tory, Torys
Jeremy Fraiberg, Osler
Ben Zarnett, Goodmans

5:20  Discussion

6:00  Close