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ARTICLE · 04 NOVEMBER 2014

Canadian Securities Regulators Propose Harmonized Reforms To Take-Over Bid Rules

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On September 11, 2014, the Canadian Securities Administrators proposed a new, harmonized approach to the take-over bid rules in force throughout Canada.

CanadaCorporate/Commercial Law
Alexis Bowie
Alexis Bowie
Anita Kim
Anita Kim
Jamie Litchen
Jamie Litchen
Joel McElravy
Joel McElravy
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On September 11, 2014, the Canadian Securities Administrators proposed a new, harmonized approach to the take-over bid rules in force throughout Canada (the "Concept Proposal").

The Concept Proposal seeks to facilitate informed, co-ordinated and voluntary tendering to a take-over bid by a target company's shareholders and to provide its board of directors with additional time to respond to a hostile bid. These proposed reforms are expected to address a perceived power imbalance in the existing take-over bid rules that is said to favour hostile bidders over the boards of directors of target companies.

The key features of the Concept Proposal are:

Additional time to select a better or competing offer

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