A recent rise in Canada's shareholder activism faces a reality check next month when a new law that gives more powers to investors to pick board nominees will be put to the test and could spur more campaigns this year, lawyers say.
Luxor is opposing Ritchie Bros' $6 billion acquisition of IAA IncActivist hedge funds are likely to be further emboldened after bets on M&A deals globally landed them an outsized 8.5% gain in January, making them the best-performing strategy for the month, after losing 17.23% on average in 2022, showed data from Hedge Fund Research.
Canadian campaigns were more successful in the preceding four years, with a rate of 34% in 2021 and 43% in 2018.
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