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ARTICLE · 23 SEPTEMBER 2014

The CSA Proposes A New Harmonized Take-Over Bid Approach

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The CSA announced the publication of CSA Staff Notice 62-306, which contemplates a new harmonized regulatory approach to the Canadian take-over bid regime.

CanadaCorporate/Commercial Law
J. Paul D. Barbeau
J. Paul D. Barbeau
James T. McClary
James T. McClary
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On September 11, 2014, the Canadian Securities Administrators (CSA) announced the publication of CSA Staff Notice 62-306, which contemplates a new harmonized regulatory approach to the Canadian take-over bid regime.

Background

In March 2013, the CSA and the Authorité des marchés financiers (AMF) published separate consultation papers advocating competing approaches to the regulation of defensive tactics and reform of the existing take-over bid regime. Both proposals sought to address concerns that the existing regulatory regime had become too friendly to hostile bidders.

In general, the original CSA proposal would have permitted shareholder rights plans if approved by a majority of target shareholders within a mandated period of time. The AMF advocated replacing National Policy 62-202 Takeover Bids – Defensive Tactics with a policy of deference to decisions of target boards made in compliance with their fiduciary duties. The AMF also recommended amending the

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