08/15/2026
🚢 CASE EVIDENCE EP.01|REAL CASE | When 99.4% Support Still Wasn’t Enough
Can a cross-border transaction still be stopped after shareholder support, court approval and competition clearance?
✔️ Yes.
In 2017, CCCC International proposed to acquire Canadian infrastructure company Aecon at C$20.37 per share, representing an enterprise value of approximately C$1.51 billion.
Approximately 99.4% of the votes cast supported the transaction. The court approved the arrangement, and the Canadian Competition Bureau issued a No-Action Letter.
Yet one independent regulatory gate remained:
National Security Review under the Investment Canada Act.
On 23 May 2018, the Canadian government ordered that the investment not proceed, and the proposed acquisition was subsequently terminated.
The lesson is simple:
Passing one regulatory gate does not automatically clear the next.
Before committing substantial capital, businesses should understand the investor and control structure, the target business, sector sensitivity, transaction route and every regulatory decision point that may affect the outcome.
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