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ARTICLE · 08 MARCH 2016

Canada Implements New Take-Over Bid Rules

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The New Rules will come into effect on May 9, 2016, provided that implementation in Ontario may be delayed beyond that date until the relevant legislation is proclaimed into force.

CanadaCorporate/Commercial Law
J. Paul D. Barbeau
J. Paul D. Barbeau
Brent Kraus
Brent Kraus
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The Canadian Securities Administrators Implement New Rules to Strengthen the Ability of Target Issuers and their Shareholders to Respond to Hostile Take-Over Bids

Following a lengthy process involving each of the securities commissions in Canada, industry participants and the legal community, on February 25, 2016, the Canadian Securities Administrators (CSA) adopted amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and changes to National Policy 62-203 Take-Over Bids and Issuer Bids (the New Rules). The New Rules represent a significant departure from the historic take-over bid regime in Canada. Under the New Rules, shareholders will have a greater ability to make informed tender decisions and target boards will be provided with more time to identify and pursue alternative transactions and/or other defensive measures. The New Rules will come into effect on May 9, 2016, provided that implementation in Ontario may be delayed beyond that date

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