Is Meditrust permitted to continue to pursue a consolidated merger of two of its subsidiaries?
Prince Edward Island, Canada
The following excerpt is from CMT et al. v. Government of PEI et al., 2019 PESC 40 (CanLII):
Meditrust submits that, because it was at the apex of a single economic entity, the rule in Foss v. Harbottle does not preclude it from maintaining this action. Meditrust points out that it completely controlled the subsidiaries, that its control of them was augmented by the unanimous shareholders' agreement, and was reflected in the consolidated financial statements for the business.
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