Baffinland Iron Mines Successful in Valuation Proceeding
The Superior Court of Justice (Commercial List) ruled in favour of Baffinland Iron Mines Corporation in a valuation proceeding to value the shares held by shareholders who dissented from a post-takeover plan of arrangement. Baffinland operates one of the most northern mines in the world on Baffin Island, Nunavut.
The dissenting shareholders sought a valuation price about six times the successful takeover bid price. The Court agreed with Baffinland’s position that the takeover bid price represented fair value for the dissenting shareholders’ shares.
Aird & Berlis represented Baffinland with a team comprising Steve Tenai, Miranda Spence and Adam West (Litigation & Dispute Resolution).