Amendments To Takeover Bid Regime

On February 25, 2016, the Canadian Securities Administrators ("CSA") announced the adoption of amendments (the "Amendments") to Canada's takeover bid regulations as set out in National Instrument 62-104 – Takeover Bids and Issuer Bids ("NI 62-104"). The Amendments, expected to come into force on May 9, 2016, substantially conform to the proposed amendments to the takeover regime published by the CSA in March of 2015. However, notably, the 120 day minimum bid period proposed in March has been lessened to 105 days (the "Minimum Bid Period"), which is still a significant increase from the 35 day period under the current regime.

This softening of the Minimum Bid Period reflects an apparent compromise by the CSA, taking into account concerns and comments it received in response to its March 2015 proposals. The feedback received included indications of a preference, by some jurisdictions and participants, for a 90 day minimum bid period. Concerns were raised that the