RE:RE:RE:RE:WSP CEO hints bold opportunities ahead So sell Atkins. I am sure the folks are fed up just as shareholders are and want to be out..
Atkins existed on a stand-alone basis and can easily be sold as such. JFL should not object to an outright sale of Atkins (if a good proposal in on the table. It is not a charity fund).
SNC would keep the Canadian consulting business except Nuclear, sell the concessions including the 407, complete the LSTK, acquire other consulting firms and/or most likely be sold in due course.
Either way the stock will move up to 40$ in 2022, 50$ In 2023, 60$ in 2023,.. excellent returns..
The board has to approve such a sale if it maximizes shareholders value.
https://www.osler.com/osler/media/Osler/reports/corporate-governance/Directors-Responsibilities-in-Canada.pdf
The Supreme Court of Canada held that in considering the corporation’s interests, it may be legitimate in some circumstances for directors to consider the interests of shareholders, creditors, employees, consumers, governments, the environment and other stakeholders, with no single priority rule applicable. The court noted that a significant focus for the board in the context of a take-over bid, as the board considers the interests of all stakeholders, is considering whether the potential transaction will maximize shareholder value.
...
unless the board considers other courses of action to achieve the best value reasonably available to shareholders in the circumstances.
2. Investment Canada Act
The Investment Canada Act (“ICA”) is Canada’s statute of general application governing the acquisition of control of Canadian businesses by non-Canadians. Jurisdiction over investments rests with the Department of Innovation, Science and Economic Development Canada (“ISED”) and reviews are carried out
by the Investment Review Division (the “IRD”) within this department.6 The department will carry out the review and then make a recommendation to the Minister of ISED who has the ultimate decision making authority. The ICA review process can be highly political; nevertheless, most acquisitions under the ICA are ultimately allowed to proceed with undertakings from the purchaser.
Government will assess the compatibility of the investment with national industrial, economic and cultural policies, taking into consideration industrial, economic and cultural policy objectives enunciated by the government or legislature of any province likely to be significantly affected by the investment;