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ARTICLE · 19 SEPTEMBER 2014

Canadian Securities Regulators Propose Harmonized Approach To Regulating Take-Over Bids

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The stated goal of the CSA's proposed amendments is to rebalance the current dynamics between hostile bidders and target boards.

CanadaCorporate/Commercial Law
Michael Gans
Michael Gans
Richard Turner
Richard Turner
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On September 11, 2014, the Canadian Securities Administrators (CSA) announced that they have reached agreement on a harmonized approach to updating the regulation of take-over bids in Canada and will be proposing amendments to the legislation, instruments and rules that make up Canada's take-over bid regulatory regime to implement such policy.

The stated goal of the CSA's proposed amendments is to rebalance the current dynamics between hostile bidders and target boards by facilitating the ability of shareholders to make voluntary, informed and coordinated tender decisions and providing target boards with additional time to respond to hostile bids.

PROPOSAL

The proposed amendments would require that all formal take-over bids:

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