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ARTICLE · 17 MARCH 2008

Overview Of Recent Developments In Canadian Take-Over Bid Regime

Osler, Hoskin & Harcourt LLP
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Canadian securities regulators have announced regulatory initiatives to harmonize and consolidate existing rules governing take-over bids and issuer bids.

CanadaCorporate/Commercial Law
Emmanuel Pressman
Emmanuel Pressman
Jeremy Fraiberg
Jeremy Fraiberg
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Structure of New Bid Regime

The Canadian securities regulators have announced that regulatory initiatives designed to harmonize and consolidate existing rules governing take-over bids and issuer bids in Canada will come into force on, and accordingly apply to bids commenced after, February 1, 2008. At that time, the new Canadian bid regime will become a product of three regulatory measures:



  • Multilateral Instrument 62-104 – Take-over Bids and Issuer Bids will govern the conduct of take-over bids and issuer bids in all provinces and territories in Canada, except Ontario;
  • Part XX of the Securities Act (Ontario) and OSC Rule 62-504 – Take-over Bids and Issuer Bids will govern the conduct of take-over bids and issuer bids in Ontario only; and

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