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ARTICLE · 14 MARCH 2014

A Practical Take On Québec’s New Anti-Takeover Measures

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The Government of Québec stated its intention to implement recommendations made in the report of its Task Force on the Protection of Québec Businesses.

CanadaCorporate/Commercial Law
John Emanoilidis
John Emanoilidis
Andrew Gray
Andrew Gray
Sophia Tolias
Sophia Tolias
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In connection with tabling its February 20, 2014 budget, the Government of Québec stated its intention to implement recommendations made in the report of its Task Force on the Protection of Québec Businesses (Task Force). The Task Force recommends providing Québec corporations with significant tools to resist hostile takeover bids. If the measures proposed by the Task Force are implemented, together with the Québec securities regulator's proposal on defensive measures currently under review, the result may be that Québec-incorporated corporations will be harder to acquire under a pro-target takeover bid regime that would be unprecedented in Canada. While the intended effect of Québec's new measures would be to build a takeover bid "firewall" surrounding Québec corporations, the reality is that before these tools are available to Québec directors, several hurdles must be overcome. And at least in the short term, Québec's measures are likely to have limited impact in

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