Slim's tag-along / mandatory-offer play
Does not transferThis needs a listed security, a completed change of control, and a securities regulator that compels the acquirer to extend the same terms to everyone else. A private Ontario corporation has none of those. There is no CVM, no OPA, no statutory follow-on offer. Buying a minority position in a private company gives you no automatic right to exit alongside a controlling seller.
The real lesson underneathTag-along is a contract, not a statute, outside public markets. The protection Slim bought for $17.4m is the protection a private shareholder either drafted into the unanimous shareholders' agreement years ago or does not have. The adjacent question for your own cap table is whether minority holders have tag-along rights at all, and — the part that is usually wrong — what price reference those rights point to. Braskem's OPA is contestable precisely because the control block was paid in debentures with no stated cash value; a USA that says "same price and terms" without defining how non-cash consideration is valued has the identical hole.
First step this weekPull Geomechanica's shareholders' agreement and share register and read three things: whether tag-along and drag-along exist, what triggers them, and how they value non-cash consideration. If there is no USA at all, that is the finding. This is a lawyer's question, not a tax question.