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The take-over bid regime after two years

Author(s): Jeremy Fraiberg, Douglas Marshall

Dec 18, 2018

It has now been over two years since Canada’s take-over bid regime was revamped to provide for a minimum 105-day bid period, a mandatory 50% minimum tender condition and a 10-day extension once the minimum tender condition has been satisfied.

There were a number of unanswered questions about the new regime following its adoption.  Two key questions were (i) whether the 105-day minimum bid period would have a chilling effect on hostile bids; and (ii) how would rights plans be treated by securities regulators under the new regime?

Developments in 2018 may suggest answers to both of these questions...


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