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ARTICLE · 12 SEPTEMBER 2014

CSA Finds Antidote For Poison Pill Debate

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Canadian securities regulators have agreed on a common cure for the differing views on regulating a traditional M&A defensive tactic.

CanadaCorporate/Commercial Law
Gordon Raman
Gordon Raman
David Surat
David Surat
Colin Cameron-Vendrig
Colin Cameron-Vendrig
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With a longer deposit period and a 50% minimum tender condition, Canadian securities regulators have agreed on a common cure for the differing views on regulating a traditional M&A defensive tactic.

The Canadian Securities Administrators (CSA) have resolved their competing views on the regulation of security holders rights plans (commonly known as poison pills) and have announced a proposed harmonized framework.

The CSA announced on September 11, 2014 that it will be publishing for comments amendments to the take-over bid regime to:

  • Change the minimum deposit period so that the minimum period that a take-over bid must remain open is increased from 35 days to 120 days, provided that:

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