RE:Smoothwater seeks leave to appeal to Supreme Court of CanadaUnless you've seen something else, all they're doing so far is considering all legal options, including an appeal to the SCC. An SCC appeal can take years to be heard, beginning with a decision on whether to hear the it in the first place. According to comments by a that senior lawyer for Lawson Lundell, which someone posted here a few months back, the principles at issue may warrant an SCC hearing.
But seems to me the possibility of an SCC hearing raises big questions. Would the merger be prevented from proceeding pending the outcome? If so, would an unsuccessful appeal make Smoothwater liable for related costs, in addition to legal costs, incurred by AOS and MQL, which could be multiples of Smoothwater's investment in AOS to date? What if the merger is allowed to proceed, and the court later grants Smoothwater's appeal? A completed merger could not be undone.
I just don't know, but I think Smoothwater would be playing in a different and potentially extremely high stakes arena.