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CCCA_V6No4_Col-DealDevelop-FIN_CCCA_V6No4 11/27/12 12:48 PM Page 45 LML Payment Systems AND Details: LML Payment Systems Inc. announced the signing of a defini- tive agreement whereby Digital River Inc. will acquire LML Payment Systems Inc. in an all-cash transaction valued at US$3.45 per share, or an aggregate purchase price of approximately US$103-million. The acquisition joins two complementary card-not-present payments busi- nesses, positioning Digital River to build its online payment processing business further. Collectively, the companies will handle more than $20 billion in online transactions for tens of thousands of companies across a broad range of industries, including software, consumer electronics, Bernard Pinsky, Stewart Muglich, Nigel Cave, Clark Wilson LLP Clark Wilson LLP Borden Ladner government, utilities, event registration and mobile payments. Closing of Gervais LLP the transaction is expected in late Q4, 2012 or early Q1, 2013. Date: Announced Sept. 24, 2012. On the deal: For LML Payment Systems Inc.: Bernard Pinsky, Stewart Muglich, Ethan Minsky, Craig Rollins and Victor Dudas, Clark Wilson LLP. For Digital River: Nigel Cave, Warren Learmonth, Gabe Somjen, Randy Morphy, Andy Roy, Borden Ladner Gervais LLP. Compiled by Gina Fusco. If you would like to see your company’s deals listed in a future edition of Deals & Developments, send the details to gina.fusco@rogers.com. What towatch Continued from page 37 through the feedback and decide how to morales en terme de bonnes pratiques. Si Proxy Advisory Firms” — outlining the proceed: a draft set of policies, perhaps, a vous signez un code comme celui-là, il major concerns associated with PAFs and national or multilateral instrument — or devient très difficile de faire quoi que ce soit, inviting commentary until August 20, 2012. no regulation at all. qui sort de son cadre ». The 50-odd responses, which can be seen In the meantime, it’s a game of “wait- on the Ontario Securities Commis-sion and-see” for corporate counsel, particularly Les agences de conseil en vote website, are fairly polarized, says Geoff those who work for publicly traded compa- Au printemps, la saison des procurations Creighton, between issuers generally unhap- nies or investment management companies. pourrait prendre une tournure différente, tan- py with the performance of unregulated In the event that some kind of regulation dis que les autorités canadiennes en valeurs PAFs on the one hand and on the other, comes into force, there may be increased mobilières déterminent s’il faut réglementer institutional investors, “who say, ‘Look, we’re costs or new processes for issuers engaging les agences de conseil en vote. Ces firmes qui sophisticated consumers and we view [PAF with PAFs. “Read the consultation paper révisent les rapports ou projets de résolution recommendations] as a source of research and skim through some of the comments to et font des recommandations sur la manière just like we view anything else as a source of get a sense of the debate and on what side de voter, la plupart du temps pour des clients research. And we pay for those recommen- your organization might fall,” suggests institutionnels. Et tandis que la demande pour dations. And what we don’t want is for you Creighton. “Brief yourself now so you leurs services augmente, leur influence suit la to layer on unnecessary regulation that will understand the issues and you’re ready to même tendance, et soulève des questions. increase our costs.” comment on a timely basis when the CSA À la suite d’une consultation amorcée en The next step, says Creighton, who is does come forward with proposals.” juin, les ACVM se prononceront sur la senior VP, general counsel and secretary nature de cette influence et sur des questions and chief compliance officer at IGM Susan Goldberg is a freelance writer based in connexes telles que la qualité des services ou Financial Inc., will be for the CSA to wade Thunder Bay. les conflits d’intérêts. HIVER 2012 CCCA Canadian Corporate Counsel Association 45