ARTICLE · 24 SEPTEMBER 2014

CSA Proposes Dramatic Changes To Take-Over Bid Rules In Canada: A Good Day For Target Companies

DLA Piper

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A significant proposal regarding the take-over bid regime in Canada was released on September 11, 2014 by the Canadian Securities Administrators.

CanadaCorporate/Commercial Law

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A significant proposal regarding the take-over bid regime in Canada was released on September 11, 2014 by the Canadian Securities Administrators (CSA). The CSA and the Autorité des marchés financiers (AMF) in Quebec had previously released competing proposals in March 2013 on how shareholder rights plans and take-over bid defensive tactics should be dealt with by securities regulators. See our previous bulletin on the 2013 proposals. Following a review of comments on the 2013 proposals, the CSA, including the AMF, have abandoned their earlier proposals and are now proposing to develop a new harmonized take-over bid regime in Canada.

Proposal Aims to Balance Power Between Target Boards and Bidders

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