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ARTICLE · 07 JUNE 2010

New Policy Could Breathe Life into Antitrust Poison Pills

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On June 2, 2010, the Canadian Competition Bureau (Bureau) published its policy on information sharing in the context of hostile or unsolicited take-over transactions.

CanadaAntitrust/Competition Law
Blakes Foreign Investment Group
Blakes Foreign Investment Group
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Competition, Antitrust & Foreign Investment, June 2010

On June 2, 2010, the Canadian Competition Bureau (Bureau) published its policy on information sharing in the context of hostile or unsolicited take-over transactions. To view the policy relating to hostile transactions, click here. The new policy has the potential to fuel the use of "antitrust poison pills" in hostile take-over bids. It should be noted that like other Bureau policies, the new policy is not law, but rather summarizes the Bureau's current views on this issue.

To frame the issue: on the one hand, bidders often wish to commence a Bureau review as soon as possible to take competition-related bid conditions off the table. On the other hand, targets often wish to know the status of the Bureau's review, both to evaluate possible competing bids, and in some – albeit rare – circumstances to fuel take-over defences

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