Effective May 9, 2016, take-over bids for Canadian issuers will
be subject to a minimum 105-day deposit period. Attempting to
strike a balance between their
original proposal and comments received, the
Canadian Securities Administrators (CSA) have
published final amendments to the Canadian
take-over bid regime (Take-Over Bid Amendments) which, in addition
to the longer 105-day bid period, will impose a minimum tender
condition and a mandatory 10-day extension to the bid period after
the tender condition is satisfied. Other than the change to the
minimum bid period, the final Take-Over Bid Amendments generally
reflect the CSA's original proposal.
Three key features
Aimed at providing target boards with increased time to respond
to take-over bids and seek out value-maximizing alternatives while
facilitating shareholders' ability to make voluntary, informed
and coordinated tender decisions without coercion, the Take-Over
Bid Amendments are comprised of the
