Empty Voting Revisited: The Telus Saga
Copenhagen Business School - Department of Law; University of Oxford - Faculty of Law
March 8, 2013
Journal of International Banking and Financial Law, 2013, Forthcoming
Oxford Legal Studies Research Paper No. 18/2013
The recent conflict between Canadian telecommunications provider Telus and US-based hedge fund Mason Capital is the most recent illustration of 'empty voting' – a strategy whereby activist investors eliminate their risk exposure to shares in target companies to pursue idiosyncratic motives. As courts are struggling to find adequate solutions, regulators worldwide are called upon to provide reliable tools to this threat to shareholder voting.
Number of Pages in PDF File: 9
Keywords: empty voting, hidden ownership, Telus, dual-class shares, arbitrage, activist, hedge funds
JEL Classification: G32, G34, G38, K22, L22
Date posted: March 12, 2013 ; Last revised: April 26, 2013
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