AiT Advanced Information Technologies Corp. and United
Rentals, Inc. v. RAM Holdings, Inc.
Merger talks are not a reportable material change unless
parties are committed and success is likely, OSC panel
rules
Rejects position of OSC staff that AiT board should have
disclosed the interest shown in the company by 3M at an earlier
stage
Re AiT Advanced Information Technologies Corp.
Ontario Securities Commission
January 14, 2008 . unreported
W.S. Wigle Q.C. (Chair), H.P. Hands, C.S. Perry
In its widely anticipated AiT ruling, the Ontario Securities
Commission (OSC) held that the obligation to disclose a
potential merger as a "material change" under s. 75
of Ontario's Securities Act does not apply to
proposed mergers and acquisitions until the board believes that
the parties are "committed" to the transaction and
that completion is substantially likely.
